Towing Ropes Market Forecast and CAGR
According to latest research by Fact.MR, towing ropes market is set to witness growth during assessment period of 2021-2031. Increasing demand to tug ships at harbors due to increasing foreign trade, towing vehicles out of mud/snow especially people living in cold areas are driving factors for demand of towing ropes and is forecasted to rise at significant rate over coming years.
What is Driving Demand for Towing Ropes?
Towing ropes are a versatile product that are used to tow a vehicle to a location or pull out of sand, snow, etc. They are also used for tugging ships to the shore to avoid them being drifted.
Therefore, they need high tensile force resistance and are now made up of various synthetic materials which are very light in weight and possess high tensile strength. To enhance the tensile strength, nylon and various other materials are used along with and braided with synthetic materials. Various hooks are provided for ease of use for varied purposes.
Growing shipping activities, trade, and commerce, people living in snow/sand regions need towing ropes to pull their vehicles out of snow/sand. Due to their high tensile strength, lightweight and varied applications towing ropes are in demand and it is forecasted that demand will continue to rise.
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Covid-19 Impact on Global Towing Ropes Market
During Covid-19 people had to stay at home due to strict lockdown and social-distancing measures prevailed by government of different regions. Due to this people lost jobs and there was a sudden economic crisis which decreased the spending power of people.
As people were not going out, the use of towing ropes decreased and therefore demand has seen a decrease. But demand for towing ropes in the shipping industry has been consistent.
Due to increasing urbanization and the government allowing import and export activities, people can order from the comfort of their homes. Trade and commerce of retail products were still in demand as people ordering the products via various e-commerce sites. This has led to increasing in shipping activity and demand is prevalent.
Regional regulatory bodies and government organizations have taken notable steps to tackle this pandemic crisis and fight in an efficient way. Governments across the globe are emphasizing to robust their infrastructure owing to break the chain of virus and prosper the global potential during the long run
Global Towing Ropes Geographical Outlook
Tow ropes are heavy duty ropes designed for towing, recovery of vehicles. They can withstand high tensile forces and are light in weight as compared to tow chains or cables. They are made up of various mixture of synthetic materials and fibers braided together to provide greater strength and tensile resistance.
North American market being the largest market for original equipment manufacturers has witnessed a high demand for towing ropes. The demand is expected to prevail in coming years as towing ropes are being used to various other purposes. Asia Pacific countries such as China and India are growing at a rapid rate. The manufacturing activities are highest and exporting is rising. As towing ropes are used to tug ships as well, their demand will be increased in countries with a higher shipping industry.
While Middle Eastern and African countries are expected to see a rise in demand as well. Increasing foreign trade and shipping activities propels the demand as towing ropes are required for tug ships and tugging of large container ships to the shore. The middle eastern region being a fairly desert place and increasing tourist activities such as desert safari tours stimulate the demand.
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Who are the Key Manufacturers of Towing Ropes?
The key manufacturers of towing ropes are
- Northern Strands
- WesLynn Enterprises
- Shanghai Jinli Special Rope Co. Ltd.
- Marlow Ropes Ltd
- Garware Technical Fibres
- Hercules Tow Ropes
While market for tow ropes is fragmented in majority of the regions, few renowned players play a key role in fulfilling demand for quality ropes. Small manufacturers of towing ropes provide the ropes mainly to local markets and suppliers.
Manufacturers having a vast portfolio of various types of ropes offering to specific segment of users usually catering to regional needs. With a few key manufacturers in the market, it is forecasted that fragmented market will change and many original equipment manufacturers will be available in majority of regions providing quality products.
Towing Ropes Market Report Highlights:
- Detailed overview of parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
An Adaptive Approach to Modern-day Research Needs
By Pull Capacity
- Below 1 Tons
- Below 2 Tons
- Below 3 Tons
- Above 3 Tons
- Traction Car
- Traction Goods
- North America
- US & Canada
- Latin America
- Brazil, Mexico, Argentina & Rest of Latin America
- Germany, France, Italy, Spain, U.K., Benelux, Russia, and Rest of Europe
- East Asia
- China, Japan, South Korea
- South Asia
- India, Thailand, Malaysia, Indonesia and Rest of South Asia
- Australia and New Zealand
- Middle East and Africa
- GCC Countries, Turkey, South Africa, and Rest of Middle East & Africa
- North America
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company.
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