The global Steel Wire Rope & Plastic Rope Market size was USD 11.9 billion in 2021 and is expected to reach USD 17.5 billion by 2026, projecting a CAGR of 8.0% between 2021 and 2026. Steel wire ropes & plastic ropes are increasingly used in the marine & fishing, sports & leisure, oil & gas, industrial & crane, mining, construction and other end-use applications. The increasing demand of marine & fishing end-use application drives the demand for steel wire ropes & plastic ropes. However, the outbreak of COVID-19 has created ripples across various application industries leading to reduced demand for steel wire ropes & plastic ropes. Due to the lockdown scenario in Europe and North America, the demand for steel wire ropes & plastic ropes from sports & leisure, oil & gas, industrial & crane, mining, construction and other industries have declined sharply in 2020.
The marine & fishing is the largest application industry of steel wire ropes & plastic ropes in terms of value. The steel wire ropes & plastic ropes offer increased strength, temperature tolerance, high stiffness. These factors drive the demand of steel wire ropes & plastic ropes in variety of applications in marine & fishing end-use application.
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The China is the largest market for steel wire ropes & plastic ropes in the world, in terms of both value and volume. The trend is expected to be the same during the forecast period. The country is home to some of the major steel wire ropes & plastic ropes manufacturers. The growing sports & leisure, industrial & crane, and other end-use applications activities in the region are propelling the market for steel wire ropes & plastic ropes in the China. With Germany, the US, Spain, India being the most affected countries, the entire supply chain in the steel wire rope & plastic rope industry is disrupted globally. The lockdown of international borders has reduced the demand for steel wire ropes & plastic ropes in Europe and North America, and other regions of the world.
Steel wire ropes are segmented based on the type of lay whereas, plastic ropes on the basis of material type. The regular lay type steel wire ropes accounted for a largest share in the steel wire rope market. Whereas, polypropylene plastic ropes accounted the major market share in the plastic ropes market. The industrial & crane, and mining applications are two major consumers of steel wire ropes & plastic ropes due to high usages in various purposes.
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Due to the COVID-19 crisis, several players in the steel wire rope & plastic rope market have implemented various strategies. For instance, many companies are operating in staggered shifts or running at partials capacities.
