Wire Rope Market is Forecasted to Reach US$ 7.4 Billion in 2027, Says Stratview Research

Stratview Research, a global market research firm, has launched a report on the global wire rope market, which provides a comprehensive outlook of the global and regional industry forecast, current & emerging trends, segment analysis, competitive landscape, & more

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Market Statistics:

Market Size in 2027: US$ 7.4 billion

Growth (CAGR): 4.3% during 2022-2027

Leading Industry Type: Crane & Industrial

Leading Material Type: Steel Rope

Leading End-User Type: OE

Leading Region: Asia-Pacific

Forecast Period: 2022-2027

Trend Period: 2016-2020

Base Year: 2021

Number of Segments Covered: 4

Number of Tables & Graphs: 100+

Country-Level Market Assessment: 20

Segment Insights on the Wire Rope Market:

The global wire rope market is segmented based on industry type, material type, end-user type, and region.

Based on 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 material type - The market is segmented into steel ropes and synthetic ropes. Steel rope is expected to remain the dominant as well as the fastest-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.

To know the most attractive segments, click here for a free sample of the report:

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Which Region Shows the Most Promising Growth Forecast and Opportunity?

The analysis suggests that Asia-Pacific is expected to remain the largest market for wire ropes during the forecast period. This growth outlook is majorly attributed to the following–

·      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.

Likewise, 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.

Wire Rope Market Drivers:

Some of the key drivers listed in the report are given below.

·      Recovery in industrial demand in the post-pandemic business environment

·      An increase in investment towards infrastructure development

·      Rapid urbanization and industrialization in developing economies

·      Expected economic growth across the globe

Top Companies in the Wire Rope Market:

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. Stratview Research has identified the following companies as the top market players:

• Bridon-Bekaert (The Ropes Group)
• WireCo World Group
• KISWIRE Ltd.
• Teufelberger-Redaelli
• Usha Martin Limited

What Unique Insights Does This Report Offer?

This report provides comprehensive insights into the market, answering critical questions like

-      How big is the sales opportunity?

-      Which regions offer the best sales opportunities?

-      Which are the most attractive market segments?

-      Which are the top players and their market positioning?

-      How complex is the business environment?

-      What are the factors affecting the market?

For Customization or Any Other Queries, get in Touch with our industry experts at sales@stratviewresearch.com

Related Reports:

-      Structure Ropes Market

-      Elevator Ropes Market

About us –

Stratview Research is a global market research firm that highly specializes in aerospace & defense, chemicals, and a few other industries.

It launches a limited number of reports annually on the above-mentioned specializations. Thorough analysis and accurate forecasts in this report enable the readers to take convincing business decisions.

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