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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.
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