Market Highlights
Wire rope is several strands of steel, synthetic, or natural fiber wire twisted into a helix forming a composite rope. Wire ropes are used for a wide range of applications in different industries, typically for hoisting, dragging, towing, rigging, mooring, anchoring, and structural purposes in oil & gas; mining; cranes & industrial; fishing & marine; and infrastructure, construction, and civil engineering.
The outbreak of the Covid-19 pandemic shivered the world economy. Almost every industry was severely impacted by the pandemic's wrath. Shortage of raw materials, partial lockdowns in several countries, supply chain disruption, and reduced demand were some of the major challenges that were faced. Wire ropes market, could not escape from such trends and witnessed a nosedive (-11%+ in 2020) amid the pandemic. However, the industry indicated signs of recovery in the year 2021 with the ramp-up in industrial demand. Overall, the wire ropes market is likely to rebound at a promising CAGR of 4.3% in the long run to reach US$ 7.4 Billion in 2027.
Market Segments' Analysis
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Segmentations
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List of Sub-Segments
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Dominant and Fastest-Growing Segments
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Industry Type
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Crane & Industrial, Oil & Gas, Mining, Fishing & Marine, and Structures
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Crane & Industrial is the largest and fastest-growing segment.
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Material Type
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Steel Rope and Synthetic Rope
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Steel Rope held the larger share and is also expected to witness excellent growth.
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End-User Type
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OE and Aftermarket
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OE segment held the larger share, whereas the aftermarket is expected to witness higher growth.
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Region
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North America, Europe, Asia-Pacific, and Rest of the World
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Asia-Pacific dominates the wire rope market and is also expected to grow at the fastest pace.
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Based on the industry type, the wire rope market is segmented as crane & industrial, oil & gas, mining, fishing & marine, and structures. Crane & industrial is expected to remain the largest and the fastest-growing industry type in the market during the forecast period, owing to the ongoing recovery in shipping, construction, and industrial demand in the post-pandemic business environments. In addition to that, increasing investments in infrastructure development and a trend towards high-rise buildings are likely to give additional impetus to the demand for wire ropes in the segment in the years to come.
Based on the material type, the market is segmented into steel ropes and synthetic ropes. Steel rope is expected to remain the dominant as well as the faster-growing material type in the market during the forecast period. As most applications such as hoisting, dragging, towing, rigging, and anchoring require high mechanical strength, steel rope is the preferred material type in these applications owing to its required properties and proven performance over the centuries.
In terms of regions, Asia-Pacific is expected to remain the largest market for wire ropes during the forecast period. China and India are the growth engines of the Asia-Pacific market, driven by huge economic development, rapid urbanization, increasing spending on infrastructure development, preferred manufacturing hub of several industries, and expanding shipping industry. The wire ropes market of the region is highly fragmented, owing to the presence of a large number of local players catering to the diverse needs of industrial customers. North America and Europe are also likely to create sizeable opportunities in the coming five years, driven by an expected rebound in construction, shipping, marine, oil & gas, and infrastructure industries.
Key Players
The market is highly populated with the presence of several local, regional, and global players. Most of the major players compete in some of the governing factors including price, product offerings, regional presence, etc. The following are the key players in the wire ropes market.
- Bridon-Bekaert (The Ropes Group)
- WireCo World Group
- KISWIRE Ltd.
- Teufelberger-Redaelli
- Usha Martin Limited
Research Methodology
This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s wire rope market realities and future market possibilities for the forecast period. The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.
This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.
Report Features
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market. The following are the key features of the report:
- Market structure: Overview, industry life cycle analysis, supply chain analysis.
- Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
- Market trend and forecast analysis.
- Market segment trend and forecast.
- Competitive landscape and dynamics: Market share, Product portfolio, New Product Launches, etc.
- Attractive market segments and associated growth opportunities.
- Emerging trends.
- Strategic growth opportunities for the existing and new players.
- Key success factors
The wire ropes market is segmented into the following categories.
Wire Ropes Market, by Industry Type
- Crane & Industrial (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Oil & Gas (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Mining (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Fishing & Marine (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Structures (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
Wire Ropes Market, by Material Type
- Steel Ropes (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Synthetic Ropes (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
Wire Ropes Market, by End-User Type
- OE (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Aftermarket (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
Wire Ropes Market, by Region
- North America (Country Analysis: The USA, Canada, and Mexico)
- Europe (Country Analysis: Germany, France, The UK, Russia, and Rest of Europe)
- Asia-Pacific (Country Analysis: Japan, China, India, and Rest of Asia-Pacific)
- Rest of the World (Country Analysis: Brazil, Saudi Arabia, and Others)
Report Customization Options
With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:
Company Profiling
- Detailed profiling of additional market players (up to three players)
- SWOT analysis of key players (up to three players)
Competitive Benchmarking
- Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances
Custom Research: Stratview research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com
