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    Wire Rope Market Growth Analysis | 2022-2027

    Wire Rope Market Growth Analysis | 2022-2027
    Report code - SR2121 Published On : Sep,2022 No. of Pages: 135
    Wire Rope Market Size, Share, Trend, Forecast, Competitive Analysis, and Growth Opportunit See more...

    Market Highlights

    The Wire Rope Market is likely to grow at a significant CAGR of 4.3%, in the long run, to reach US$ 7.4 Billion in 2027. 

    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. 

    Covid-19 Impact

    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.

    Segments Analysis


    List of Sub-Segments

    Dominant and Fastest-Growing Segments

    Industry Type

    Crane & Industrial, Oil & Gas, Mining, Fishing & Marine, and Structures

    Crane & Industrial is the largest and fastest-growing segment.

    Material Type

    Steel Rope and Synthetic Rope

    Steel Rope held the larger share and is also expected to witness excellent growth.

    End-User Type

    OE and Aftermarket

    OE segment held the larger share, whereas the aftermarket is expected to witness higher growth.


    North America, Europe, Asia-Pacific, and Rest of the World

    Asia-Pacific dominates the wire rope market and is also expected to grow at the fastest pace.


    By 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.

    By 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.

    Regional Analysis

    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 rope market:

    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.

    What Deliverables Will You Get in this Report?

    Key questions this report answers

    Relevant contents in the report

    How big is the sales opportunity?

    In-depth Analysis of the Wire Ropes Market

    How lucrative is the future?

    Market forecast and trend data and emerging trends

    Which regions offer the best sales opportunities?

    Global, regional, and country-level historical data and forecasts

    Which are the most attractive market segments?

    Market segment analysis and Forecast

    Which are the top players and their market positioning?

    Competitive landscape analysis, Market share analysis

    How complex is the business environment?

    Porter’s five forces analysis, PEST analysis, Life cycle analysis

    What are the factors affecting the market?

    Drivers & challenges

    Will I get the information on my specific requirement?

    10% free customization

    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


    A Bird's Eye View of the Market

    The wire rope market is estimated to grow at a significant CAGR of 4.3% over the next five years.

    Among several industries, crane & industrial is estimated to be the biggest demand generator for wire ropes during the forecast period. The ongoing recovery in shipping, construction, and industrial sectors along with significant investment towards infrastructure development and a trend toward high-rise buildings are driving the demand for wire ropes in the crane & industrial segment.

    The wire rope market is likely to reach US$ 7.4 Billion in 2027.

    The market is driven by the recovery in industrial demand in the post-pandemic business environment, an increase in investment towards infrastructure development, rapid urbanization and industrialization in developing economies, and expected economic growth across the globe.

    Bridon-Bekaert (The Ropes Group), WireCo World Group, KISWIRE Ltd., Teufelberger-Redaelli, and Usha Martin Limited are the leading players in the wire ropes market. The market is marked by the presence of a handful of leading players, some of whom are regional leaders, and regulate the entire market.

    Asia-Pacific is estimated to remain dominant in the wire ropes market in the foreseen future. The huge dominance of China in the construction, shipping, mining, manufacturing, and industrial sector and the exceptional growth of the Indian economy is likely to create new revenue pockets for both global and local players in the near future.

    The market is studied from 2016 - 2027.


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