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 to 2030, as highlighted in a new report published by Coherent Market Insights.
Fender rope is a specialized rope used in marine applications for fendering purposes. It is commonly made of nylon or polypropylene, and specially designed to absorb impact energy from vessels mooring or berthing. Fender ropes offer advantages like flexibility, strength, resistance to chemicals and wear & tear. They play an important role in ensuring safety of vessels and port infrastructure by cushioning impact during docking procedures. Increasing maritime trade and offshore operations have been driving higher demand for such ropes globally.
Market key trends:
One of the key trends in the fender rope market is growing use of dual purpose ropes. Traditional fender ropes were made specifically for impact absorption role. However, recent product advancement has led to development of dual purpose ropes that can serve as both fender ropes as well as mooring lines. This significantly improves efficiency as vessels no longer need separate inventory for fendering and mooring functions. Another trend is increasing demand from offshore energy sector, where specialized oil rig fender ropes are seeing strong growth. Their key attributes such as resistance to oil and chemicals make them suitable for offshore oil & gas applications. Major ports across world are also undergoing expansion activities, driving replacement demand for premium fender ropes to ensure safety of large cargo vessels.
Threat of new entrants: The global fender rope market is consolidated in nature which acts as a deterrent for new entrants. The high costs associated with R&D and production create significant barriers to entry.
Bargaining power of buyers: Buyers have moderate bargaining power due to the presence of several established players offering a variety of fender rope products. However, switching costs are relatively low.
Bargaining power of suppliers: A few major players dominate the supply side. However, the availability of substitutes constrains suppliers’ bargaining power.
Threat of new substitutes: Substitutes including rubber fenders and air-filled fenders pose a moderate threat. However, rope fenders have advantages in terms of durability and cost-effectiveness.
Competitive rivalry: The global market is highly competitive due to the presence of numerous regional and international players. Players differentiate by developing customized and eco-friendly products.
The global fender rope market is expected to witness high growth, exhibiting CAGR of 4.7% over the forecast period 2023-2030, due to increasing marine and offshore activities.
Regional analysis: Asia Pacific dominates the global fender rope market, accounting for around 30% share in 2023. China, India, and Southeast Asian countries are major contributors to growth owing to extensive coastal boundaries and growing maritime trade. Europe and North America are other major markets driven by increasing shipbuilding and maintenance activities.
Key players: 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. These companies are focusing on capacity expansion and new product developments catering to niche applications.