Structure Ropes Market is Forecast to Reach US$ 442.6 Million in 2028, Says Stratview Research

The structure ropes market is likely to rise at a CAGR of 2.7% during 2023-2028, to reach US$ 442.6 million in 2028, states Stratview Research. 

DETROIT, Mich., Aug. 22, 2023 /PRNewswire/ -- Stratview Research, a global market research firm has launched a report on the structure ropes market which provides a comprehensive analysis of the global and regional industry forecast, current & emerging trends, segment analysis, and competitive landscape.

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Report Highlights

Segment Insights on Structure Ropes Market

The structure ropes market is segmented based on application type, material type, end-user type, and region.

Based on application type- The structure ropes market is segmented into bridges, roof structures, stayed masts and towers, and specialized structural projects. Bridge applications are expected to generate the maximum demand for structure ropes during the forecast period. Wire rope is a preferred lifting device for bridges, especially in the case of suspension bridges as the structure of the rope provides strength, flexibility, and the ability to handle bending stresses.

Based on material type - The structure ropes market is segmented into steel ropes and synthetic ropes. Steel ropes dominated the market in 2022 and are likely to grow at a healthy rate during the forecast period. They are stiffer and can withstand greater stress as compared to their synthetic counterparts, which has led to their widespread usage in the industry. Synthetic rope has gained some popularity in structure applications in recent years, but it is expected to hold a minor share of the market during the forecast period.

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Which Region Offers the Best Opportunity and Growth?

The report suggests that North America is expected to remain the largest market for structure ropes market during the forecast period.

This growth is majorly attributed to the following –

-  The USA leads the North American structure ropes market, owing to its massive infrastructure spending on both new construction and repair.

Europe holds the second-leading position in the market and is expected to maintain its position over the forecast period. Owing to rapid urbanization, expanding 5G infrastructure, and increasing investments in basic infrastructure requirements such as bridges and stadiums, Asia-Pacific is expected to witness the highest growth in the coming years.

Structure Ropes Market Drivers

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

-  Increasing investments in infrastructure projects (bridges and telecommunications), especially in emerging economies.

-  Rapid urbanization, a surge in the adoption of 5G networks, and the growing sports industry. 

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Top 10 Companies in Structure Ropes 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. The following are the key players in the structure ropes market.

• Teufelberger-Redaelli
• Kiswire Group
• WireCo WorldGroup
• Bridon-Bekaert The Ropes Group
• ArcelorMittal S.A.
• Bharat Wire Ropes Ltd.
• Fasten Group
• Fatzer AG
• Guizhao Wire Rope Incorporated
• Usha Martin Ltd

What Deliverables Will You Get in this Report?

Related reports which might be useful:

• Elevator Ropes Market
• Mining Ropes Market 

About us –

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

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