The Fender Rope Market is estimated to be valued at US$ 679.4 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 an important part of docking activities and are used to absorb the impact of boats when docking at ports. They come in different sizes and strengths based on vessel size. These ropes provide cushioning between boats and docks preventing damages to boats. They offer safety, durability, and elasticity.
Market key trends:
The rapidly growing maritime industry around the world is driving the demand for fender ropes significantly. Marine transportation plays a vital role in global trade. With rising seaborne trade volumes owing to increasing industrial and construction activities, demand for fender ropes is expected to rise remarkably over the forecast period. Additionally, growing maritime tourism is also augmenting the market growth. Recreational boating activities have witnessed an upsurge in recent years. Fender ropes ensure safety of recreational boats during docking. Further, development of stronger and more durable fender ropes using advanced fibers will favor the market expansion through 2030.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as the fender rope market is consolidated with few large players. However, the capital requirement for manufacturing fender ropes and establish distribution network acts as a barrier for new players.
Bargaining power of buyers: The bargaining power of buyers is high due to the availability of substitutes like fiber and polyester ropes. Buyers can switch to substitute products based on the pricing offered by established players.
Bargaining power of suppliers: The bargaining power of raw material suppliers is moderate as there are few substitute raw materials available for manufacturing fender ropes such as nylon, polyester and polypropylene.
Threat of new substitutes: The threat of substitutes is high as other synthetic ropes like nylon, polyester ropes can be used as substitutes for fender ropes.
Competitive rivalry: High due to presence of numerous global and regional players.
SWOT Analysis
Strengths: Robust demand from shipping and port industries. Durable and flexible material properties of fender ropes make them ideal for ship berthing operations.
Weaknesses: Fluctuating raw material prices affecting costs. Dependence on import of raw materials in some regions.
Opportunities: Growth in global maritime trade and port infrastructure investment in developing regions. Development of specialized fender ropes for heavy load applications and offshore industries.
Threats: Stringent regulations regarding material disposal amid high volatility in crude oil prices impacting polypropylene raw material costs. Increased competition from synthetic rope substitutes.
Key Takeaways
The global fender rope market size is expected to grow at a CAGR of 4.7% during 2023-2030, driven by growing maritime trade and investments in port infrastructure development across major economies.
Regional analysis: Asia Pacific is expected to retain its dominance in the global fender rope market over 2023-2030. This can be attributed to rapid growth of international seaborne trade, increasing energy needs, and investments in port and vessel construction in China, India, South Korea, and Japan. In Asia Pacific, the Chinese fender rope market accounted forlargest share of over 15% of the global market in 2023.
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 R
