Wire-Rope Market Rises to New Heights with Projected CAGR of 5.4% through 2023-2030, Reports MarkWide Research
According to a recent report published by MarkWide Research, titled, “Wire-Rope Market,” the global market for wire ropes is experiencing robust growth prospects. With a projected Compound Annual Growth Rate (CAGR) of 5.4% over the forecast period from 2023 to 2030, the wire-rope market is poised for significant expansion.
Driving Factors Behind Wire-Rope Market Growth
- Construction Industry Boom: The global construction industry’s growth fuels the demand for wire ropes, used in various applications such as cranes and elevators.
- Oil and Gas Exploration: Wire ropes are essential for offshore drilling and exploration activities, contributing to market growth.
- Mining Operations: The mining sector relies on wire ropes for material handling and transportation, boosting market demand.
- Safety Regulations: Stringent safety regulations in industries like construction and mining necessitate the use of high-quality wire ropes, stimulating market growth.
Market Size and Projections
MarkWide Research’s analysis reveals that the wire-rope market was valued at $11.5 billion in 2022. With ongoing infrastructure development and industrialization, the market is expected to reach an estimated value of $17.2 billion by the end of 2030, representing a CAGR of 5.4% during the forecast period.
Regional Analysis
The Asia-Pacific region dominates the wire-rope market, with China, India, and Japan being significant consumers. North America and Europe also contribute substantially to market revenue, driven by their thriving construction and industrial sectors.
Competitive Landscape
Key players in the wire-rope market include:
- WireCo WorldGroup
- Bridon-Bekaert
- Kiswire Ltd.
- Usha Martin
- TISCO
- SWR Group
These companies offer a wide range of wire-rope products and cater to diverse industry requirements.
Future Outlook
The wire-rope market is set to scale new heights, driven by the expansion of critical industries like construction, mining, and oil and gas. As safety standards continue to evolve, manufacturers are expected to focus on developing advanced, high-performance wire ropes to meet industry demands.