Steel Rope Market, Global Outlook and Forecast 2025-2032
MARKET INSIGHTS
Global steel rope market size was valued at USD 7.33 billion in 2024 to USD 8.42 billion by 2032, exhibiting a CAGR of 2.3% during the forecast period.
Steel ropes are essential components in heavy-duty industries, composed of multiple steel wires twisted into strands around a core for enhanced strength and flexibility. These ropes are categorized by construction types, including right regular lay, right lang lay, left regular lay, and left lang lay, each optimized for specific load-bearing and fatigue resistance requirements. High-carbon steel and stainless steel remain the dominant materials due to their durability and tensile strength.
The market growth is primarily driven by increasing infrastructure investments, particularly in emerging economies like China and India, which account for 38.06% and 5.18% CAGR (2025–2031) of global demand, respectively. Industrial applications such as lifting equipment (44.15% market share) and mining operations further propel adoption. However, raw material price volatility—exemplified by 15% fluctuations in global steel prices in 2023—poses a challenge. Leading players like Kiswire, Bridon-Bekaert, and WireCo World Group are focusing on R&D to improve product longevity and cater to high-end sectors like offshore wind energy.
MARKET DYNAMICS
MARKET DRIVERS
Infrastructure Development Boom Accelerates Steel Rope Demand
Global construction sector's resurgence post-pandemic has created unprecedented demand for steel ropes, particularly in emerging economies. China's infrastructure investment grew by approximately 6% in 2023, fueling consumption of lifting and rigging equipment. With mega-projects like Indonesia's new capital city and India's highway expansion programs, the Asia-Pacific region now accounts for over 45% of global steel rope consumption. The mining sector's revival also contributes significantly, as copper and lithium extraction demands durable hauling solutions capable of withstanding extreme conditions. Manufacturers are responding with specialized products like corrosion-resistant galvanized ropes that demonstrate 30% longer service life in harsh environments.
Renewable Energy Sector Emerges as Key Growth Catalyst
Offshore wind farm installations reached record levels in 2023, with over 18 GW of new capacity added globally. This surge directly benefits steel rope manufacturers, as each wind turbine requires specialized mooring and lifting cables. The European Union's REPowerEU plan alone mandates 60 GW of offshore wind capacity by 2030, creating sustained demand for high-tensile steel ropes. Furthermore, solar farm construction increasingly utilizes steel rope-based tracking systems, which improve energy output by 15-20% compared to fixed installations. These renewable applications often require custom-engineered solutions, pushing manufacturers to develop more durable and lightweight composite rope technologies.
MARKET RESTRAINTS
Raw Material Price Volatility Squeezes Manufacturer Margins
Steel rope producers face mounting pressure from fluctuating steel prices, which swung erratically through 2023 with quarterly variations up to 22%. High-carbon steel wire rod, comprising 60-70% of production costs, remains vulnerable to geopolitical tensions and energy market shifts. The Russia-Ukraine conflict continues to disrupt global steel supply chains, while decarbonization policies in China have reduced domestic steel output by 5% year-over-year. Many manufacturers now implement price adjustment clauses in contracts, but these risk making products less competitive against synthetic alternatives like high-modulus polyethylene ropes in maritime applications.
Technical Limitations Hinder Adoption in Advanced Applications
While steel ropes dominate traditional lifting applications, they face growing competition from synthetic fiber ropes in weight-sensitive industries. Synthetic alternatives now capture nearly 30% of the deepwater mooring market where their buoyancy and corrosion resistance provide operational advantages. Steel rope manufacturers struggle to match these performance characteristics without substantially increasing product costs through exotic alloys or composite structures. Additionally, steel's inherent weight limits its use in emerging applications like drone-based material transport, where every kilogram of cable reduces payload capacity.
MARKET OPPORTUNITIES
Smart Technology Integration Opens New Value Propositions
Embedding sensor technologies into steel ropes presents a $1.2 billion revenue opportunity by 2027. Leading manufacturers now offer ropes with integrated fiber optics that monitor load, wear, and structural integrity in real-time. These smart ropes reduce unplanned downtime in critical applications like mine hoists and bridge suspensions by 40%. The oil and gas sector particularly values these innovations, as they enable predictive maintenance on deepwater drilling rigs where rope failure can cost over $1 million per day in lost production. Early adopters report 20% reductions in maintenance costs and 15% extensions in product lifespan through these monitoring systems.
Circular Economy Initiatives Create Sustainable Growth Pathways
Steel rope recycling rates have improved to 85% in Europe, creating lucrative secondary material streams. Modern recycling techniques now recover 92% of the original steel's tensile strength, making recycled-content ropes cost-competitive while reducing carbon footprints by 60%. Governments worldwide are implementing stricter sustainability regulations, with the EU's Ecodesign Directive mandating minimum recycled content for industrial equipment. Forward-thinking manufacturers establish closed-loop supply chains where end-of-life ropes become feedstock for new production, capturing value while meeting ESG targets. This circular approach also provides insulation against raw material price shocks, stabilizing margins in volatile markets.
MARKET TRENDS
High-Performance Cross-Twist Steel Ropes Driving Market Growth
Global steel rope market is witnessing significant expansion, projected to grow from $7333 million in 2024 to $8422 million by 2031 at a CAGR of 2.3%. Cross-twist steel wire ropes dominate this growth, holding a 76.63% sales share anticipated by 2031. Their dominance stems from superior fatigue resistance and stability—critical for demanding applications like heavy lifting and mining operations. While traditional twisted ropes remain prevalent, manufacturers are investing in advanced coating technologies and optimized twisting processes to enhance durability. Bridon-Bekaert’s recent development of corrosion-resistant ropes for offshore wind farms exemplifies this shift toward high-value solutions that meet stringent safety standards in critical industries.
Other Trends
Regional Production Shifts and Supply Chain Diversification
China remains the undisputed production leader, supplying 69.56% of global steel ropes, but rising environmental costs under the "dual carbon" policy are prompting manufacturers to diversify. India and Southeast Asia are emerging as alternative hubs, leveraging lower labor costs and supportive policies, with India’s market growing at 5.18% CAGR. Meanwhile, Europe and North America—representing 42.98% of traditional demand—are transitioning toward replacement cycles and renewable energy projects. For instance, the offshore wind sector’s demand for high-tensile ropes has surged by 12% annually, driven by Europe’s push for carbon neutrality.
Technological and Competitive Landscape Evolution
The industry is shifting from scale-driven to innovation-led growth, with top-tier players like Kiswire and WireCo World Group controlling 18.12% of the market. These leaders are focusing on R&D to capture high-margin niches, such as ultra-high-strength ropes for deep-sea mining. Meanwhile, Chinese manufacturers like Jiangsu Langshan are challenging foreign dominance in the mid-to-high-end segments, reducing import reliance by 8% since 2021. However, regional disparities persist: in Japan, Tokyo Rope commands 40% market share despite a -3.07% revenue CAGR due to currency fluctuations, while India’s Usha Martin holds 60% share through localized production. Raw material volatility remains a concern, with steel prices fluctuating 15% in 2023, compelling firms to adopt strategic sourcing and long-term supplier agreements.
COMPETITIVE LANDSCPE
Key Industry Players
Companies Compete Through Innovation and Market Expansion Strategies
Global steel rope market features a competitive landscape with both established multinational corporations and regional players vying for market share. Kiswire and Bridon-Bekaert currently lead the market, leveraging their extensive product portfolios and strong distribution networks across key regions. These companies have maintained their dominance through continuous innovation in steel rope technology and strategic acquisitions.
WireCo World Group and Usha Martin also hold significant market positions, particularly in specialized segments like mining and offshore applications. Their competitive advantage stems from decades of industry experience and investments in high-performance steel rope solutions for extreme conditions.
Market competition is intensifying as companies expand their production capacities in emerging markets. Several manufacturers are establishing new facilities in Southeast Asia to capitalize on the region's growing industrial sector and lower production costs. This geographic expansion is expected to reshape the competitive dynamics in the coming years.
Product differentiation remains a key strategy, with leading players developing advanced steel ropes featuring improved corrosion resistance and fatigue life. Some companies are also focusing on sustainability initiatives, developing eco-friendly coatings and recycling programs to meet increasing environmental regulations.
List of Major Steel Rope Manufacturers
Kiswire (South Korea)
Bridon-Bekaert (UK)
WireCo World Group (USA)
Usha Martin (India)
Jiangsu Langshan Wire Rope (China)
Teufelberger (Austria)
Guizhou Steel Rope (China)
DSR Wire (Japan)
Tokyo Rope (Japan)
Brugg (Switzerland)
Jiangsu Juli Wire Rope (China)
Xianyang BOMCO Steel Tube (China)
Kobelco Wire (Japan)
SAFETY (China)
JULI SLING (China)
Golik Holdings (China)
Gustav Wolf (Germany)
Jiangsu Shenwang Group (China)
Zhongying Steel Rope (China)
Valin Precision (China)
Hubei Fuxing Technology (China)
Chinese manufacturers have been gaining market share through competitive pricing and improving product quality, though they still face challenges in competing with established brands in premium segments. Meanwhile, European and Japanese companies maintain strong positions in high-specification applications where technical expertise and brand reputation are critical factors.
The competitive landscape is expected to evolve with increasing consolidation as larger players acquire smaller regional manufacturers to expand their geographic footprint. This trend is particularly evident in Asia, where market leaders are acquiring local producers to strengthen their distribution networks and production capabilities.
Segment Analysis:
By Type
Cross-Twist Steel Wire Rope Segment Dominates Due to High Fatigue Resistance and Stability in Heavy-Duty Applications
The market is segmented based on type into:
Right Regular Lay
Right Lang Lay
Left Regular Lay
Left Lang Lay
Others
By Application
Industrial & Crane Segment Leads Owing to Widespread Use in Material Handling and Construction Activities
The market is segmented based on application into:
Industrial & Crane
Oil & Gas
Mining
Fishing & Marine
Others
By Material
High-Carbon Steel Dominates Due to Superior Strength and Cost-Effectiveness
The market is segmented based on material into:
High-Carbon Steel
Stainless Steel
Galvanized Steel
Others
By End-User
Construction Industry Leads Usage Due to Extensive Requirements for Lifting and Rigging
The market is segmented based on end-user into:
Construction
Manufacturing
Energy
Transportation
Others
Regional Analysis: Steel Rope Market
North America
The North American steel rope market is driven by strong demand from the oil & gas, mining, and construction sectors. The U.S. leads the region, accounting for over 70% of regional demand, supported by infrastructure investments and energy sector growth. However, stringent environmental regulations, particularly in Canada, are pushing manufacturers to adopt sustainable production methods. The region is also seeing increased adoption of high-performance steel ropes for offshore wind energy projects, with the U.S. government's push for renewable energy infrastructure. The market is expected to grow at a steady 2.1% CAGR through 2030, with innovation in corrosion-resistant coatings and high-strength alloys driving product development.
Europe
Europe's steel rope market is characterized by strict quality standards and a focus on safety-critical applications. Germany and France dominate demand, accounting for nearly 40% of regional consumption. The EU's focus on renewable energy has boosted demand for steel ropes in offshore wind farms, particularly in the North Sea region. The market is shifting toward eco-friendly production methods, with manufacturers investing in energy-efficient processes to meet EU sustainability targets. The region's mature mining and construction sectors continue to drive steady demand, though growth is constrained by high production costs and competition from Asian imports. Eastern European countries are emerging as production hubs, leveraging lower labor costs while maintaining EU quality standards.
Asia-Pacific
Asia-Pacific is the largest and fastest-growing steel rope market, accounting for over 50% of global demand. China dominates production and consumption, with its massive construction and manufacturing sectors driving demand. India is emerging as a key growth market, with infrastructure development and mining activities expanding rapidly. The region benefits from lower production costs and strong domestic supply chains, though quality concerns persist in some markets. Japan and South Korea lead in high-end applications, particularly for industrial cranes and marine applications. The ASEAN countries are seeing rapid growth in construction-related demand, with infrastructure projects driving 4.5% annual growth in steel rope consumption. However, the region faces challenges from raw material price volatility and increasing environmental regulations.
South America
South America's steel rope market is heavily influenced by mining and oil extraction activities, particularly in Brazil and Chile. Brazil accounts for nearly 60% of regional demand, driven by its mining sector and port infrastructure projects. The region faces challenges from economic volatility and inconsistent infrastructure investment cycles. Argentina's market is growing steadily, supported by agricultural equipment demand. While the region has significant domestic production capacity, it remains dependent on imports for specialized high-strength ropes. Environmental concerns are increasing, particularly in mining regions, pushing manufacturers to develop more sustainable products. The market is expected to grow at 2.8% annually through 2030, with mining sector expansion driving much of this growth.
Middle East & AfricaMiddle East & Africa
The Middle East's steel rope market is driven by oil & gas and construction sectors, with Saudi Arabia and UAE accounting for over 60% of regional demand. Africa's market is more fragmented, with South Africa leading in production and mining applications. The region is seeing increased investment in port infrastructure and construction projects, particularly in GCC countries. Africa's mining sector presents significant growth potential, though political instability and infrastructure challenges limit market expansion. The Middle East is increasingly focusing on high-specification ropes for offshore oil platforms and construction projects. While the region remains price-sensitive, there is growing demand for premium products in safety-critical applications. Market growth is expected to average 3.2% annually, with infrastructure development and energy sector investments driving demand.
Report Scope
This report presents a comprehensive analysis of the global and regional markets for Steel Rope, covering the period from 2024 to 2031. It includes detailed insights into the current market status and outlook across various regions and countries, with specific focus on:
Sales, sales volume, and revenue forecasts
Detailed segmentation by type and application
In addition, the report offers in-depth profiles of key industry players, including:
Company profiles
Product specifications
Production capacity and sales
Revenue, pricing, gross margins
Sales performance
It further examines the competitive landscape, highlighting the major vendors and identifying the critical factors expected to challenge market growth.
As part of this research, we surveyed Steel Rope manufacturers and industry experts. The survey covered various aspects, including:
Revenue and demand trends
Product types and recent developments
Strategic plans and market drivers
Industry challenges, obstacles, and potential risks
FREQUENTLY ASKED QUESTIONS:
What is the current market size of Global Steel Rope Market?
-> Global Steel Rope market was valued at USD 7.33 billion in 2024 to USD 8.42 billion by 2032, growing at a CAGR of 2.3% during the forecast period.
Which key companies operate in Global Steel Rope Market?
-> Key players include Kiswire, Bridon-Bekaert, WireCo World Group, Usha Martin, Jiangsu Langshan Wire Rope, and Teufelberger, among others. The top three players account for approximately 18.12% of the global market share.
What are the key growth drivers?
-> Key growth drivers include infrastructure expansion, industrial automation, and demand from mining and oil & gas sectors. The lifting equipment segment alone accounts for 44.15% of total market demand.
Which region dominates the market?
-> China leads with 38.06% market share, while India is the fastest-growing region with a projected CAGR of 5.18% from 2025-2031.
What are the emerging trends?
-> Emerging trends include high-performance rope development, ESG compliance focus, and supply chain localization. Cross-twist steel wire ropes are expected to maintain 76.63% market share by 2031 due to superior fatigue resistance.
Table of Content:
1 Introduction to Research & Analysis Reports
1.1 Steel Rope Market Definition
1.2 Market Segments
1.2.1 Segment by Type
1.2.2 Segment by Application
1.3 Global Steel Rope Market Overview
1.4 Features & Benefits of This Report
1.5 Methodology & Sources of Information
1.5.1 Research Methodology
1.5.2 Research Process
1.5.3 Base Year
1.5.4 Report Assumptions & Caveats
2 Global Steel Rope Overall Market Size
2.1 Global Steel Rope Market Size: 2024 VS 2031
2.2 Global Steel Rope Market Size, Prospects & Forecasts: 2020-2031
2.3 Global Steel Rope Sales: 2020-2031
3 Company Landscape
3.1 Top Steel Rope Players in Global Market
3.2 Top Global Steel Rope Companies Ranked by Revenue
3.3 Global Steel Rope Revenue by Companies
3.4 Global Steel Rope Sales by Companies
3.5 Global Steel Rope Price by Manufacturer (2020-2025)
3.6 Top 3 and Top 5 Steel Rope Companies in Global Market, by Revenue in 2024
3.7 Global Manufacturers Steel Rope Product Type
3.8 Tier 1, Tier 2, and Tier 3 Steel Rope Players in Global Market
3.8.1 List of Global Tier 1 Steel Rope Companies
3.8.2 List of Global Tier 2 and Tier 3 Steel Rope Companies
4 Sights by Product
4.1 Overview
4.1.1 Segment by Type - Global Steel Rope Market Size Markets, 2024 & 2031
4.1.2 Right Regular Lay
4.1.3 Right Lang Lay
4.1.4 Left Regular Lay
4.1.5 Left Lang Lay
4.2 Segment by Type - Global Steel Rope Revenue & Forecasts
4.2.1 Segment by Type - Global Steel Rope Revenue, 2020-2025
4.2.2 Segment by Type - G
CONTACT US:
203A, City Vista, Fountain Road, Kharadi, Pune, India - 411014
International: +1(332) 2424 294
Asia: +91 9169162030
Follow Us On LinkedIn: 24ChemicalResearch LinkedIn