Mining Ropes Market Growth Analysis | 2022-2027

Market Insights

The mining ropes market is estimated to grow at a healthy CAGR of 4.1% during the forecast period to reach a value of USD 766 million in 2027.

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Market Dynamics

Introduction

Wire ropes were developed in the 1830s for mining lifting applications. Wire ropes play a vital role in mining production. Increasing automation in the mining industry has led to a surge in the demand for high-quality ropes to be used in a variety of applications. Ropes are used in shovels, draglines, pendants, and material handling in surface mining; and drum hoists, friction winders, and shaft sinking applications in underground mining.

Covid-19 Impact

The outbreak of the COVID-19 pandemic in 2020, the year annus horribilis, tormented the mining industry. Lockdowns at mining sites, supply chain disruptions, and reduced demand were some of the major challenges that the industry faced. The grave impact of the pandemic was also felt in the mining ropes market, which declined by around 9% in 2020. The market gradually began to recover from the last quarter of 2020 and witnessed a healthy growth of about 6.7% in 2021. Mining is one of the few industries that recovered well from the worst of the post-pandemic economic crises.

Key Players

The global market is moderately consolidated, with a handful of major companies securing a healthy market share. The following are some of the key players in the mining ropes market:

• Bridon-Bekaert (The Ropes Group)
• Haggie North America, Inc.
• WireCo World Group
• Teufelberger-Redaelli
• Usha Martin Limited

Note: The above list does not necessarily include all the top players in the market.

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Segment Analysis

By Application Type

Based on the application type, the market is bifurcated into surface mining and underground mining. Surface mining dominates the market and is expected to grow at a higher growth rate during the forecast period. The surface mining application is further bifurcated into shovel machines, dragline machines, material ropeways, and rope-driven conveyors. Similarly, the underground mining application is further sub-segmented as friction winders, drum winders, guide ropes, inclined haulage, and shaft sinking.

By Raw Material Type

Based on the raw material type, the market is segmented into steel ropes and synthetic ropes. Between these raw material types, steel dominates the market and is expected to maintain its position during the forecast period. The mining industry involves the extraction and movement of very heavy minerals; steel ropes' high load-bearing capacity makes them the preferred choice for such applications. Synthetic ropes have gained significant traction in the mining industry in recent years. In comparison to steel ropes, synthetic ropes are lighter and require lesser maintenance.

By End-User Type

Based on the end-user type, the market is segmented as OE and aftermarket. Between these end-user types, the aftermarket segment is likely to dominate the market during the forecast period. Due to extreme working conditions, the life cycle of ropes in the mining industry is averaged to be around 2-4 years only, necessitating regular maintenance and replacement.

Regional-Insights

In terms of regions, Asia-Pacific is expected to remain the largest and fastest-growing market for mining ropes during the forecast period, with China, Australia, India, and Japan being the major markets. The region led the global mining industry with around a two-thirds’ share in 2021. North America holds the second-largest position in the market, primarily driven by the USA and Canada.

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Research Methodology

• This strategic assessment report from Stratview Research provides a comprehensive analysis that reflects mining ropes market realities and future market possibilities for the forecast period.
• The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market.
• The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.
• This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
• More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.
• We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
• COVID-19 impact and its recovery curve
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.?

Market Segmentation

This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The mining ropes market is segmented into the following categories:

By Application Type

• Surface Minin
• Underground Minin

By Raw Material Type

• Steel Ropes
• Synthetic Ropes

By End-User Type

• OE
• Aftermarket

By Region

• North America (Country Analysis: The USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, The UK, Russia, Turkey, and Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, Australia, and Rest of Asia-Pacific)
• Rest of the World (Country Analysis: Brazil, Saudi Arabia, and Others)

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Report Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to three players)
• SWOT analysis of key players (up to three players)

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

Custom Research: Stratview Research offers custom research services across the sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to [email protected].