The fishing & marine ropes market is estimated to grow at a healthy CAGR of 4.0% during the forecast period to reach a value of US$ 1.1 Billion in 2027.
Ropes play the most vital part while carrying out fishing. Generally, there are two ways in which fishing is carried out i.e., purse seining and trawling. Purse seining is a non-selective fishing method that involves a surrounding net, called seine, which captures everything that comes into its surrounding.
Trawling, on the other hand, is the more common method of fishing. It entails pulling a fishing net, which is attached to a boat, through the water. Fishing nets are attached and handled through ropes from the boats. Furthermore, marine plays a crucial role in a country's economy as it opens opportunities for global trade. Ropes are used in the marine industry for mooring and tug and towing. Mooring is the process of anchoring a ship to a fixed or floating element using ropes.
The sudden outbreak of the Covid-19 pandemic frazzled the world, resulting in massive supply chain disruption, a halt in manufacturing and production activities, lockdowns, and food shortages affecting all aspects of economic activity. The fishing and marine applications were no exception. Wire ropes used in the fishing and marine applications also witnessed a sharp decline in line with the industry average, falling by about 5% in 2020. However, as expected, the market recovered as the Covid-19 wave began to fade, with a 4.8% increase in 2021. Overall,
Based on the application type, the market is bifurcated into fishing and marine. Fishing, which is practiced in every corner of the world and contributes significantly to global food security, dominates the market. The fishing application segment is further bifurcated into purse seining and trawling. Purse seining and trawling are two different types of fishing methods, with trawling being the dominant one. Similarly, the marine application segment is further subdivided into mooring and tug & towing. The mooring application dominates the marine segment.
Based on the raw material type, the market is segmented into steel ropes and synthetic ropes. Steel rope is likely to hold a larger share of the market during the forecast period, whereas synthetic ropes are expected to witness higher growth during the same period. Steel ropes provide more load-bearing capacity; hence, preferred in applications involving heavy loads. Synthetic ropes are relatively lightweight and flexible.
Based on the end-user type, the market is segmented as OE and aftermarket. The aftermarket segment dominates the fishing & marine ropes market. Ropes have a limited life cycle in fishing and marine applications, necessitating regular replacement and maintenance, resulting in higher demand at the aftermarket level.
In terms of regions, Asia-Pacific is expected to remain the largest and fastest-growing market for fishing and marine ropes over the forecast period. The long coastline and low labor cost are the major factors behind the dominance of the region in the global market. China is the largest market for fishing and marine ropes across the globe and is likely to maintain its position during the forecast period as well. North America and Europe are also likely to offer substantial growth opportunities for the industry participants in the coming years.
There is now an estimated 5 trillion macro and micro pieces of plastic in our ocean and over 45,000 pieces in every square mile of ocean, weighing over 250,000 tonnes. The seas and oceans will soon reach crisis point if more efforts to reduce the plastic going into the ocean and take plastic out are not made.