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Capacity expansions and new product developments are the major growth strategies adopted by market players in Synthetic Rope Market
The strategies of capacity expansions and new product developments together accounted for the largest share of all growth strategies adopted by the market players between 2011 and 2016. Besides this, companies adopted various other strategies to enhance their market reach and expand their product portfolio to meet the demand for synthetic ropes from several end-use industries. Mergers & acquisitions, partnerships & agreements, and joint ventures were the other strategies adopted by the market players between 2011 and 2016. The market consists of a large number of private players who supply their products to various end-use industries. Cortland Limited (U.S.), WireCo World Group (U.S.), Samson Rope Technologies (U.S.), Marlow Ropes Ltd. (U.K.), and Teufelberger Holdings AG (Austria) are some of the key players in the synthetic ropes market.
Samson Rope Technologies, Cortland, and WireCo World Group were the active players in the global synthetic ropes market in the last five years. Cortland pursued expansions on a large scale, whereas WireCo was more focused on gaining competitive edge through adopting the strategy of mergers & acquisitions. In 2015, Samson expanded its distribution network in Australia, Americas, and Sweden. In the same year, Cortland expanded its new synthetic fiber testing and fabrication facility in Texas that focuses on destructive testing and recertification of synthetic fiber ropes and slings. Samson Rope focused mainly on introducing new products into the market to meet the demands of various end-use industries. It brought innovative crane rope products in the industries that use mobile cranes. Difficult operational conditions in some end-use industries have led to the development of new fabrications of synthetic ropes in the market between 2011 and 2016.
The synthetic rope market also witnessed some major merger & acquisition activities. In 2012, WireCo acquired a key player of the market, Lankhorst Euronete (Netherlands), having a wide product portfolio in synthetic ropes. By adopting these strategies, the market players tried to gain competitive advantages by enhancing their regional footprint.
Other strategies such as partnerships & agreements, joint ventures, and R&D activities were also adopted by the market players to strengthen their existing position in the market and increase market share. In 2015, Samson and United Offshore Services (UOS) (Netherlands) entered into a partnership agreement to supply Samson's high-performance synthetic ropes to Europe.
Synthetic Rope Market by Material Type (Polypropylene, Polyester, Nylon, Polyethylene, Specialty Fibers), End-Use Industry (Marine & Fishing, Oil & Gas, Construction, Cranes, Sports & Leisure, Others), and by Region - Global Forecast to 2021
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