Trawl ropes and nets are essential equipment used for commercial fishing. Trawl nets are large movable nets that are dragged along the sea floor by trawling boats to catch fish and other seafood. Trawl ropes are used to connect the trawl net to fishing boats and control its movement. The global fishing industry relies heavily on trawl nets and ropes to catch high volume fish species efficiently. Advances in material science have led to development of high strength, durable and long lasting synthetic trawl ropes and nets that can withstand harsh ocean conditions.
The global trawl ropes and nets market is estimated to be valued at US$ 359.05 Mn in 2023 and is expected to exhibit a CAGR of 5.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Rising demand from fishing industry for efficient fishing equipment remains a key driver for growth of the trawl ropes and nets market over the forecast period. According to the UN Food and Agriculture Organization, about 85% of world fish catches come from marine fisheries where bottom trawling is a commonly used fishing technique. Expanding commercial fishing activities especially in developing regions of Asia and Africa will continue necessitating demand for trawl ropes and nets. Furthermore, development of advanced synthetic materials such as polyamide, polyester and polypropylene enable manufacturing of durable yet lightweight trawl nets and ropes suitable for large scale fishing operations undertaken by trawlers. This is further estimated to support market growth over the forecast period.
SWOT Analysis
Strength: The trawl ropes and nets market has strong presence and dominance of major players globally. The major players operating in the market have huge global presence and dominance. Their vast experience and expertise in manufacturing of high quality trawl ropes and nets is their biggest strength. Innovation in designs and products is done regularly to cater changing needs of fisheries.
Weakness: Small players in the trawl ropes and nets market have limitation in terms of financial resources and global presence. Dependence on fishing industry cycles makes the market vulnerable to economic fluctuations. Raw material price volatility can adversely impact manufacturers margins.
Opportunity: Growing global seafood trade and demand for fish and other seafood products is driving considerable growth of fishing industry. This presents lucrative growth opportunities for manufacturers of trawl ropes and nets used in commercial fishing. Emerging markets in Asia Pacific and Latin America offers huge untapped market potential. Innovation in material and design of ropes and nets can further boost sustainable fishing practices.
Threats: Stringent regulations regarding fishing nets specifications poses compliance challenges. Rising concerns over depleting fish stock and imbalance in marine ecosystem also impacts business prospects. Trade barriers and policies unfavorable to fishing trade can restrict growth.
Key Takeaways
The global trawl ropes and nets market is expected to witness high growth over the forecast period of 2023 to 2030. The market size is projected to reach US$ 359.05 Mn in 2023 and expected to grow at a CAGR of 5.2% during the forecast period.
Asia Pacific region currently dominates the global trawl ropes and nets market with over 35% value share in 2023. China, Japan, India and countries in Southeast Asia have seen remarkable growth in commercial fishing which is driving huge demand for trawl ropes and nets in the region over the past few years.
Key players operating in the trawl ropes and nets market are Koninklijke DSM N.V.,Jaya Nets Sdn. Bhd,Nitto Seimo Co., Ltd,Hampidjan Group,Carlsen Net A/S,King Chou Marine Technology,Azuka Synthetics LLP,LFS Inc.,Akvaservis,Asia One Marine (HK),AIMI Ltd (UK).
