The Global Ultra High Molecular Weight Polyethylene (UHMWPE) Rope Market was valued at US$ 279.0 Million in 2022, according to global ultra high molecular weight polyethylene (UHMWPE) rope market Report, by Product Type (3 strands, 8 strands, and 12 strands), by Application (Oil & Gas, Construction, Marine, Military & Aviation, Mining, and Others), and by Region (North America, Latin America, Asia Pacific, Europe, Middle East, and Africa), published by Coherent Market Insights.
The global ultra high molecular weight polyethylene (UHMWPE) rope market is projected to reach US$ 446.0 Million by 2030, exhibiting a CAGR of 5.31% during the forecast period. Ultra high molecular weight polyethylene (UHMWPE) ropes are majorly used in industries such as marine, oil & gas, and aerospace for efficient and safe lifting and dragging of heavy loads. Growth of end-use industries such as packaging, constructions across the globe is projected to fuel growth of the global ultra high molecular weight polyethylene ropes market over the forecast period. For instance, according to data released by the Organization of the Petroleum Exporting Countries (OPEC) global oil demand is expected to reach 104.8 million barrels a day (mb/d) by 2024. However, companies across the globe that manufacture synthetic ropes are opting for other low-cost materials such as polyester and propylene. Availability of substitutes is expected to restrain growth of the UHMWPE rope market.
To know the latest trends and insights prevalent in this market, click the link below:
Browse 24 market data tables* and 19 figures* on "UHMWPE Rope Market” - Global forecast to 2030.
Key Trends and Analysis of the Global UHMWPE Rope Market:
- Among product type, the 12 strands segment accounted for the largest market share in 2022 in the global UHMWPE rope market. This is owing to properties such as its excellent vibration damping and low friction coefficient, which makes it popular in shipbuilding, ocean transportation, and military & defense industries
- Among application, the marine segment is expected to be the fastest growing in the global UHMWPE rope during the forecast period. The specific gravity of UHMWPE is less than 1, which allows the rope to float on water easily, which in turn has increased its application in the marine industry such as docking and anchoring. Increasing seaborne trade across the globe is expected to increase the demand for UHMWPE rope over the forecast period. For instance, according to United Nations Conference on Trade and Development (UNCTAD), Review of Maritime Transport, the global seaborne trade, in terms of volume, is expected to increase at a rate of 3.8% from 2018 to 2023.
Key Takeaways of the Market:
- North America accounted for the largest market share of 35% in 2022 in the global UHMWPE rope market. This is attributed to the growth of various end-use industries such as oil & gas, construction, marine, and others. According to Deloitte report in 2022, The US engineering and construction industry began 2022 on a bright note after achieving strong growth of 8% in construction spending in 2021.
- Key players operating in the global UHMWPE rope market are focused on new product launches in order to strengthen their position in the market
- Major players operating in the global UHMWPE rope market include Marlow Ropes Ltd., Yangzhou Hyropes Co., Ltd., Taizhou Hongda Rope&Net Co., Ltd., Katradis Marine Ropes Ind. S.A., Samson Rope Technologies, Inc., Southern Ropes, Dynamica Ropes ApS, Cortland Limited, Teufelberger Holding AG, and Yale Cordage Inc.
