The market for metallic rope cords is expected to grow at a significant pace throughout the forecast timeframe from 2020 to 2027.
Metallic rope cords refers to the several metallic strands which are twisted together to form a composite rope. These are used for lifting and hoisting in cranes and elevators, and for transmission of mechanical power among others. Initially, iron was commonly used but now steel is the primary material used for metallic rope cords. The kinds of steel used in making are stainless steel, galvanized, and coated.
The offshore mooring industry is driving significant demand of metallic rope cords in the market. The characteristics like toughness and superiority over other ropes made of metal chains or hemp is supporting the demand and usage of metallic ropes in the market across the industry verticals. The increasing demand for lightweight and high durability ropes along with the technological advancement and automation in the processes is bolstering the market growth. The rising number of projects associated with the coal mining, oil exploration, and drilling for other ores and minerals are boosting the demand of metallic rope cords in the market. Furthermore, the ongoing investment for the development of advance solutions for the end users and developing economies are further projected to create potential opportunities over the forecast period from 2020 to 2027.
On the other side, high price associated with the raw material and availability of advance material ropes is hindering the growth of metallic rope cords market across the globe.
The metallic rope cords market is segment on the basis of type, type of lay, application, and geography. Based on type, market is bifurcated into insulated metal rope and non-insulated metal rope. On the basis of type of lay, market is bifurcated into regular lay and lang lay. Metallic rope cords with the regular lay type represent rope in which the wires are twisted in one direction, and the strands in the opposite direction to form the rope. Moreover, the lang lay type of metallic rope cords are more flexible than regular lay ropes. These also have greater wearing surface per wire than regular lay ropes. Additionally, the metallic rope cords find application across industrial & crane, mining, oil & gas, construction, marine & fishing, and others.
Asia Pacific accounted for the maximum revenue share in the market
In 2019, Asia Pacific registered major revenue share in the market (%) and the region is also projected to maintain its dominance over the near future. Additionally, the region is even anticipated to exhibit fastest growth with major CAGR (%) throughout the estimated period. The rapid development across the industry verticals industrial & crane, mining, oil & gas, construction, and marine & fishing are bolstering the regional market value. The technological advancement, along with the rapid industrialization and increasing disposable income is supporting the regional market value. The major economies of the region including Japan, China and India are the major contributors to the regional market value. The presence of major players in the region like DSR, Kiswire, and Usha Martin is further propelling the regional market value. The strong presence of Marine industry in China is supporting the demand of metallic rope cords in the region.
Key Market Players
The players profiled in the report include Bekaert SA (Belgium), DSR (Korea), Gustav Wolf (Hungary), Katradis Marine Ropes Ind. S.A. (Greece), Kiswire (Korea), Pfeifer, Samson Rope Technologies, Inc. (US), Teufelberger Holding AG (Austria), Usha Martin (India), Wireco Worldgroup Inc., and others. The major market players were involved in mergers and acquisitions, partnerships & collaborations, and new product development for the expansion of market share (%).
Market By Type
Insulated Metal Rope
Non-Insulated Metal Rope
Market By Type Of Lay
Market By application
Industrial & Crane
Oil & Gas
Marine & Fishing
Market By Geography
• Rest of Europe
• South Korea
• Rest of Asia-Pacific
• Rest of Latin America
Middle East & Africa
• South Africa
• Rest of Middle East & Africa
The metallic rope cords refers to the several metallic strands that are twisted together to form a composite rope
Industrial and Crane is the leading segment by application
The offshore mooring industry is driving significant demand of metallic rope cords, characteristics like toughness and superiority over other ropes made of metal chains or hemp, increasing demand for lightweight and high durability ropes, technological advancement and automation in the processes, rising number of projects associated with the coal mining, oil exploration, and drilling for other ores and minerals are some of the factors driving the market growth.
Bekaert SA (Belgium), DSR (Korea), Gustav Wolf (Hungary), Katradis Marine Ropes Ind. S.A. (Greece), Kiswire (Korea), Pfeifer, Samson Rope Technologies, Inc. (US), Teufelberger Holding AG (Austria), Usha Martin (India), and Wireco Worldgroup Inc. are some of the prominent players in the market.
Asia Pacific held the highest market share in the metallic rope cords market.
Asia Pacific is expected to be the fastest growing market over the forecast period.