Fender Rope Market Growth Accelerated by Increased Offshore Oil and Gas Exploration Activities

 

A fender rope is a type of rope commonly used for mooring and towing large ships and offshore oil and gas rigs. Fender ropes are made from durable synthetic fibers such as polyethylene, polypropylene, and polyester which offer superior strength, flexibility, and resistance to environmental degradation as compared to conventional natural fiber ropes. The growing offshore oil and gas exploration activities around the world have driven the demand for specialized ships and rigs that require heavy-duty mooring solutions. The global 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 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
The demand for fender ropes has been accelerated by increased offshore oil and gas exploration activities in recent years. Many countries globally have launched initiatives to boost oil and gas production from offshore reserves to ensure long-term energy security and reduce dependence on fossil fuel imports. This has led to significant investments in offshore rigs, drill ships, and floating production storage and offloading (FPSO) vessels. Ensuring safety and reliability of mooring systems for such specialized vessels operating in deep waters requires high-performance ropes made of durable synthetic materials. The development of larger offshore projects and fields located farther from coastlines is expected to drive the need for advanced fender ropes over the forecast period.

Segment Analysis
The global fender rope market is segmented based on material type into polyamide, polypropylene, polyethylene and others. Among these, the polyamide segment dominates the market and accounts for over 30% share. Polyamide offers high strength and durability and withstands tough environmental conditions on marine vessels. Thus it is widely used in manufacturing fender ropes.

Key Takeaways
 The global fender rope market is expected to witness high growth over the forecast period of 2023 to 2030. The market demand is driven by increasing maritime trade activities and expansion of ports and harbors across the world.

Regional analysis: The Asia Pacific region dominates the global fender rope market and is projected to grow at the fastest pace during the forecast period. The growth in the region is attributed to the presence of leading shipbuilding countries including China, Japan and South Korea. Additionally, growing seaborne trade between countries is augmenting the use of fender ropes in this region.

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.

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