by The Fender Rope Market is estimated to be valued at US$ 492.6 Mn 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 are specially designed ropes used on ships and boats to prevent damage from impact when berthing or mooring. They have unique properties including resistance to abrasion, UV damage, moisture absorption and rot. Fender ropes provide crucial protection, cushioning and friction control during docking maneuvers. They are crucial for maritime transportation and offshore activities.
Market key trends:
Technology innovations are driving growth of the fender rope market. Rope manufacturers are developing advanced polymers and coatings that prolong durability and performance of fender ropes even under harsh marine conditions. For instance, TEUFELBERGER offers UV-resistant Technora ropes coated with special polyurethane that provides protection for 5-7 years of usage. Similarly, Samson Rope Technologies provides abrasion-resistant polypropylene rope Jacklines coated with a durable polyurethane layer. Such innovations allow fender ropes to last 3-4 times longer than traditional materials. This reduces replacement and maintenance costs for end-users. Growing offshore activity worldwide coupled with technology advances will continue aiding expansion of the fender rope market during the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is low as the fender rope market requires high initial capital investments and it is a fragmented market with the presence of established players.
Bargaining power of buyers: The bargaining power of buyers is high as fender ropes are cost effective substitutes available. Buyers can switch to alternative products easily based on price changes.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as raw material suppliers like polyester, polypropylene are globally available. However, unique properties require continual long term relationship between buyers and suppliers.
Threat of new substitutes: The threat of new substitutes is moderate as synthetic substitutes are available but fender ropes have advantages over substitutes in terms of length of service.
Competitive rivalry: Intense due to the presence of multiple international players.
SWOT Analysis
Strength: Durable nature and ability to withstand extreme weather conditions. Provide safety to ships from collision damages.
Weakness: High replacement cost. Require skilled labor for installation and replacement.
Opportunity: Growing maritime trade and transportation. Increasing offshore and oil & gas activities driving demand.
Threats: Fluctuations in raw material prices. Stringent regulations regarding use of synthetic ropes.
Key Takeaways
Global Fender Rope Market Demand is expected to witness a CAGR of 4.7% over the forecast period, due to the increasing maritime trade activities globally. The market size for fender ropes is estimated to reach US$ 659.4 Mn by 2030.
Regionally, Asia Pacific dominates the global fender rope market and is expected to grow with the highest CAGR during the forecast period. This is attributed to the significant presence of shipping ports and increasing marine trade in countries like China, India and Japan.
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 are focusing on new product launches and strategic partnerships to gain competitive advantage in the market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
