Report Overview
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The global synthetic fiber sling market size was USD 344.4 million in 2020. As per our research, the market is expected to reach USD 406.3 million in 2027, exhibiting a CAGR of 2.4% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with synthetic fiber sling market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market growth and demand returning to pre-pandemic levels once the pandemic is over.
Synthetic fiber slings can be made from polyester, nylon, or high-performance materials and are lightweight, easy to rig, and extremely flexible. Besides, synthetic fiber sling has the advantages of light portability, easy maintenance and good chemical resistance. Synthetic fiber sling is a malleable strand made from several strings of artificial textile material. These strands are usually braided, woven, or interwoven together to generate the finished product which can be used as an industrial tool for lifting and moving heavy objects such as cargo containers, shipping packages, machinery, and building materials. It is expected to witness substantial growth over the forecast period due to growing demand for lightweight products in several industries including automotive and electronics. Synthetic fiber slings are mainly used as lifting equipment in the industry. They can be safely transported, installed, and re-used to lift objects from one locality to another without any harm. It is useful for relating bulk materials with a supporting framework. The growth and trends of synthetic slings industry provide a universal attitude to this study. Where synthetic slings are exposed to harsh operating or storage conditions, more numerous inspection may be required. Participating are fixing their efforts on encouraging R&D. Technological development are supporting the regional market growth. Companies coming up with progressive technological solutions for firming their positions.
COVID-19 Impact: Pandemic hampered the market due to unexpected disruption in the sector
Covid 19 pandemic has extremely affected the whole world. It caused many unexpected disruption and affected the industry. Covid 19 had negative impact on the market due to economic slowdown, unpredictability in financial sector and high unstable market. The pandemic resulted in decreased demand due to a disrupted supply chain, drop in sales of products, delivery schedules. Travel bans imposed affected business collaboration and partnership. Demand had recently reduced due to travel bans and lockdown during the COVID-19 pandemic. The continuous loss in the business due to the lockdown measures is projected to directly influence the growth of the investments in the market.
Latest Trends
"Use of innovative products to boost the market growth "
Technological improvement and development will further enhance the presentation of the product, allowing it to obtain a varied range of requests in the market. Technological advancement will improve performance and propel the market growth. Technological advancement with high demand are increasingly setting a force to increase the productivity. Some players focus on product improvement to meet consumer requirements and likings. Constant innovation in manufacturing of products is anticipated to stimulate product demand.
Segmentation
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- By Type Analysis
According to type, the market can be segmented into nylon fiber sling, polyester fiber sling, polypropylene fiber sling, others.
Nylon fiber sling capture the maximum market share through forecast period.
- By Application Analysis
According to application, the market can be segmented into industry, port loading and unloading, ocean engineering, transportation, others.
Synthetic fiber sling market players cover segment as port loading and unloading will dominate the market share during forecast period.
Driving Factors
"Increase in demand in various activities due to light weight and flexibility will boost the market growth"
Demand for slings can be ascribed to their lightweight and durable properties that make them appropriate for use in various uses such as industry, transport, electronics, and others. They are lightweight, easy to rig, and extremely flexible. The flexibility of the sling helps to decrease shock loading effects. The demand for synthetic fiber is motivated by the growth of these industry which is anticipated to enhance market growth.
"Technological advancement and development to upsurge the market"
Technological advancements and innovation activate unique revenue augmenting opportunity which will upsurge the synthetic fiber sling market growth. Synthetic fiber rope slings have recently become more widely accepted for use in overhead lifting due to advancements of high-performance synthetic fibers. Growing investment in research and development activities and growing awareness about benefits are expected to deliver profitable opportunities for the market. Constant development are one of the trends in the market in variety of practices.
Restraining Factors
"High cost of maintenance to hamper the market growth"
High cost of maintenance is hampering development of synthetic fiber sling market. Synthetic fiber sling are less durable compared to steel slings and if it is used to lift loads with sharp edges it can experience cut, wearing and cut. Some fiber rope cannot be excessively exposed to UV light thus, need for additional protection can increase the cost which is depleting the market growth. Technical difficulties will reduce the industry revenue.
Regional Insights
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"North America to dominate the region due to demand in various industries"
North America is further expected to witness growth in the synthetic fiber sling market share. The region is dominating the market due to rising demand from various end-use industries such as aerospace, military, and automotive. The rising inhabitants and increasing income levels are also contributing to the development of the market. Upsurge in investments by key market players for the R&D undertakings and enlargement of their production abilities and product portfolios are projected to upsurge the growth. The expansion of regional market is being aided by technological developments.
Key Industry Players
"Key players focus on partnerships to gain competitive advantage"
The key players are dynamically contributing in strategic events that are aimed at maintaining strong market position and increasing market share by merger, partnerships and others. Key players are motivated to introduce new innovative products. They are spending severely on research and development in order to arise with more new technology so that they can maintain and improve their existing market. The market changes are dynamic such as market expansion, partnership and merger.
List of Market Players Profiled
- Juli Sling Co., Ltd (China)
- Cortland Company (U.S.)
- Gostern Rigging Co., Ltd. (China)
- Dolezych (Germany)
- Lankhorst Ropes (U.K.)
Report Coverage
The report provides scrutiny and information according to market sectors. Business overview, financial overview, product portfolio, new project launch, recent development enquiry are the factors included in the profile. The report incorporates completely examined and appraised evidence of the noticeable players and their position in the market by methods for various descriptive tools. The report covers national and regional level market size and forecast. The report gives businesses the facility to research new prospect in many areas. The report shows to be an operational tool that players can use to gain a competitive superiority over their opponents and ensure lasting achievement in the market.
| REPORT COVERAGE | DETAILS |
|---|---|
Market Size Value In |
US$ 344.4 Million in 2020 |
Market Size Value By |
US$ 406.3 Million by 2027 |
Growth Rate |
CAGR of 2.4% from 2020 to 2027 |
Forecast Period |
2022-2027 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Type and Application |
Frequently Asked Questions
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What value is the synthetic fiber sling market expected to touch by 2027?
Synthetic fiber sling market is expected to touch USD 406.3 million by 2027.
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What CAGR is the synthetic fiber sling market expected to exhibit during 2021-2027?
Synthetic fiber sling market is expected to exhibit CAGR of 2.4% during 2021-2027.
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What are the driving factors of the synthetic fiber sling market?
Increase in demand in various activities due to light weight and flexibility and technological development are driving the synthetic fiber sling market.
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Which are the key players or most dominating companies functioning in the synthetic fiber sling market?
The dominating companies in the synthetic fiber sling market are Juli Sling Co., Ltd, Cortland Company, Gostern Rigging Co., Ltd., Dolezych, and Lankhorst Ropes.
