The Fender Rope Market is estimated to be valued at US$ 492.6 Mn or Million in 2023 and is expected to exhibit a CAGR of 4.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Fender ropes, also known as dock ropes or mooring ropes, are heavy duty ropes used to berth ships or secure other vessels from impacts or abrasions alongside docks, jetties, or other boats/ships. They are made of durable synthetic materials like polypropylene or polyester that provide strength, resistance to seawater, and elasticity to absorb impacts. Fender ropes find applications in ports, shipyards, oil rigs, superyachts, and other places where large vessels need to be safely secured.
Market Dynamics:
Increasing seaborne trade activities is a key driver for the fender rope market growth. Around 90% of global trade is carried out via sea routes, with major ports handling heavy volumes of cargo ship calls on a daily basis. This high traffic necessitates efficient berthing and mooring solutions like fender ropes to safely secure vessels during loading/unloading operations. According to the United Nations Conference on Trade and Development (UNCTAD), seaborne trade volumes grew by an estimated 4.3% in 2021 from 2020 levels. Further growth of global trade is expected to augment demand for fender ropes from port authorities and shipping industry players over the forecast period.
Rising maritime tourism is another factor bolstering market expansion. Activities like recreational boating, yacht racing, and luxury cruise vacations have witnessed rising popularity worldwide in past decade. Superyachts, yacht marinas, and other tourism marine infrastructure require specialized high-grade fender ropes to protect boats and ensure seamless docking operations. According to Global Data, the superyacht industry was estimated at over USD 5 billion in 2020 and is projected to exceed USD 7 billion by 2025. This is expected to drive procurement of premium custom-made fender ropes.
Segment Analysis
The fender rope market is segmented into premium and non-premium ropes. The premium segment dominates the market owing to its greater flexibility and strength. Premium ropes made from high-tenacity polyester or nylon fibers have strong resistance to UV rays and corrosion in harsh marine environments.
PEST Analysis
Political: Stringent regulations regarding fender rope safety and material quality exist globally. Regional trade agreements enable greater sales across borders.
Economic: Rise in maritime trade and offshore energy exploration drive demand. Higher infrastructure spending on ports boosts market.
Social: Emphasis on safety of ships and crew members increases focus on high-quality ropes.
Technological: Advent of ropes made from advanced fibers with greater strength-to-weight ratio and durability aids market growth.
Key Takeaways
Global Fender Rope Market Demand is expected to witness high growth, exhibiting CAGR of 4.7% over the forecast period, due to increasing offshore and marine transport activities. The market size for 2023 is estimated at US$ 492.6 Mn.
The Asia Pacific region dominates the fender rope market owing to extensive port infrastructure development and rise of import-export dependent economies in countries such as China and India. Major port projects planned in the region will boost regional market growth.
Key players operating in the fender rope market are Samson Rope Technologies, Inc., Novabraid, New England Ropes, TEUFELBERGER Fiber Rope Corporation, Marlow Ropes Ltd., Langman Ropes, Southern Ropes, Lankhorst Ropes,Yale Cordage, Inc., FSE Robline, Gleistein Ropes, Hampidjan Group, English Braids Ltd., Gottifredi Maffioli, Liros GmbH. These players focus on introducing ropes made from advanced fibers with enhanced durability.
Read More- https://www.newsstatix.com/fender-rope-market-value-inisghts-and-forecast/
