Rope Market Size Worth $2.69 Billion by 2027 | CAGR: 8.5%: Grand View Research, Inc.

SAN FRANCISCO, June 25, 2020 /PRNewswire/ --A The globalA rope marketA size is anticipated to reach USD 2.69 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 8.5% from 2020 to 2027. Growing awareness related to diverse application of ropes across the end-use industries is likely to drive the market over the forecast period. Increasing application ofA synthetic ropeA replacing steel wires across various industries is expected to fuel the market demand over the forecast period.Key suggestions from the report:

The industrial end-user segment accounted for the largest share of 45.5% in 2019 and is expected to witness the highest growth over the forecast period

By product, synthetic rope held a major share of about 32.0% in 2019 and is expected to maintain its lead in the next few years

APAC is expected to emerge as the fastest growing regional market in the forecast period

The market is characterized by intense competition due to presence of a number of domestic and international players.

Read 80 page research report with ToC on "Rope Market Size, Share & Trends Analysis Report By Product (Synthetic, Steel, Cotton), By End User (Commercial, Residential, Industrial), By Region, And Segment Forecasts, 2020 - 2027" at: addition, consumers are increasingly investing in home improvement or home remodeling projects to revamp their traditional household structure, which is likely to contribute to the market growth. According to the American Housing Survey studied by Harvard's Joint Center for Housing Studies, the home improvement industry size was valued at USD 383.3 billion in 2017.High demand generated by industrial activities has boosted the application of synthetic rope owing to prominent availability ofA synthetic fibers, thereby contributing to the global market growth. In addition, wide application of ropes in the maritime industry provides benefits in industrial operations. Rising displacement of hard fiber ropes with synthetic ropes has advanced at a rapid scale in developed countries owing to the commercial utilization of polyolefins fiber. The product also witnesses increasing application in cranes on account of properties, such as bend fatigue durability, high strength-to-weight ratio, and robust spooling capabilities.
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