The Global was valued at US$ 1.2 billion in 2022 and is projected to reach US$ 1.8 billion by 2029, growing at a CAGR of 6.5% during the forecast period (2023-2032). This growth is attributed to increasing construction activities, infrastructure development, and the rising demand from the marine industry.
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Market Overview
Galvanised steel rope, also known as galvanized steel wire rope, is a type of steel rope that has been coated with a layer of zinc to protect it from corrosion. This makes it ideal for use in harsh environments, such as marine and construction applications.
The global galvanised steel rope market is segmented by type, application, and region. By type, the market is segmented into:
- Single Strand
- Multi-Stranded
By application, the market is segmented into:
- Agriculture
- Shipping
- Manufacturing
- Engineering
- Construction
- Others
Key Market Drivers
- Growing construction industry: The construction industry is a major consumer of galvanised steel rope, as it is used in a variety of applications, such as scaffolding, suspension bridges, and lifting equipment.
- Increasing demand from the marine industry: Galvanised steel rope is also used extensively in the marine industry for applications such as mooring lines, rigging, and shipbuilding.
- Rising infrastructure development: Governments around the world are investing heavily in infrastructure development, such as roads, bridges, and railways, which is driving the demand for galvanised steel rope.
Regional Analysis
The Asia-Pacific region is the largest market for galvanised steel rope, accounting for over 40% of the global market share in 2022. This is due to the rapid economic growth and urbanization in countries such as China and India.
North America and Europe are also significant markets for galvanised steel rope, due to their developed construction and marine industries.
Key Players
The global galvanised steel rope market is highly competitive, with a number of key players. Some of the leading players include:
- SWR Ltd.
- Henan Suxiang Steel Cable
- Carl Stahl Sava Industries
- Ormiston Wire
- Mainco Wire Ropes
- Multifix
- Mahadev Industries
- Pinnacle Hardware
Market Trends
- Increasing adoption of high-strength galvanised steel rope: Manufacturers are developing high-strength galvanised steel rope to meet the growing demand for lighter and more durable products.
- Growing demand for customised products: Customers are increasingly demanding customised galvanised steel rope to meet their specific requirements.
- Rising popularity of pre-galvanised steel rope: Pre-galvanised steel rope is becoming increasingly popular as it offers a number of advantages over post-galvanised steel rope, such as better corrosion resistance and a more uniform coating.
Market Forecast
The global galvanised steel rope market is expected to continue to grow in the coming years, driven by the factors mentioned above. The market is expected to reach US$ 2.5 billion by 2032, growing at a CAGR of 7.2%.
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