Ultra High Molecular Weight Polyethylene Rope Market
Report Description
Ultra high molecular weight polyethylene ropes provide high level of security and protection for the mooring of tanker vessels. UHMWPE ropes are smaller in volume, which makes them suitable for storage and handling. This rope does not allow chemical interaction and attack in marine and industrial applications, aquaculture, and commercial fishing, and it can be the ideal substitute for wire and steel in mooring lines of tanker vessels. Moreover, UHMWPE ropes have anti-microbial and moisture-resistant properties, which make them suitable for use in cables, sails, and rigging in yachting and lifting slings.
Key players in the market are adopting various business strategies such as new product development, in order to expand their product portfolio and strengthen their market presence at the global level.
Market Dynamics
Among product type, the 8 strands segment is expected to be the fastest growing in the market over the forecast period, as it is used in various applications such as military & aviation, mining, and others. Rising demand for UHMWPE ropes from the mining industry is expected to boost the 8 strands segment growth in the Ultra high molecular weight polyethylene ropes market during the forecast period.
Among application, the oil & gas segment is expected to account for the largest market share over the forecast period, owing to increasing oil & gas production across the globe. According to U.S. energy information administration on March 7, 2023. U.S. crude oil production in our forecast averages 11.7 million b/d in 2022 and 12.4 million b/d in 2023, which would surpass the record high set in 2019. U.S. retail gasoline prices in our forecast average $3.80 per gallon (gal) in 4Q22 and $3.57/gal in 2023. Retail diesel prices average $4.86/gal in 4Q22 and $4.29/gal in 2023.
Asia Pacific is expected to be the fastest-growing region in the market over the forecast period. Rapid growth in the aviation industry is expected to drive the growth of the ultra-high molecular weight polyethylene rope market in emerging economies such as India and China. For instance, according to India Brand Equity Foundation (IBEF), the Indian airline travel market was estimated at ~US$ 20 billion and is projected to double in size by FY27 due to improving airport infrastructure and growing access to passports. The Indian hotel market including domestic, inbound, and outbound was estimated at ~US$ 32 billion in FY20 and is expected to reach ~US$ 52 billion by FY27, driven by the surging demand from travelers and sustained efforts of travel agents to boost the market growth.
Key features of the study:
Detailed Segmentation:
“*” marked represents similar segmentation in other categories in the respective section.
Table of Contents
* Browse 24 market data tables* and 19 figures* on "Ultra High Molecular Weight Polyethylene Rope Market” - Global forecast to 2030.
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