Africa Rope Market Size To Reach $2,750.29 Million By 2032, Witnessing A CAGR Of 7.8%| Polaris Market Research

(MENAFN- GlobeNewsWire - Nasdaq) Growing infrastructural development, increasing urbanization, and population growth are boosting the market demand.

New York, USA, Nov. 15, 2024 (GLOBE NEWSWIRE) -- Market Overview:

The Africa rope market size is expected to witness a CAGR of 7.8% during the forecast period. The market value was valued at USD 1,438.69 million in 2023 and is expected to grow to USD 2,750.29 million by 2032.

Ropes are important tools made from fibers, yarns, or other materials and rolled or braided to form strong, flexible cords. The market offers ropes in a wide range of sizes, strengths, and designs to suit specific applications. They have been used for thousands of years for a variety of purposes including construction, marine operations, sports, outdoors, manufacturing, and more.

The growing maritime industry, covering shipping, fishing, and port operations, is driving the demand for ropes. Additionally, mining activities and infrastructure development in resource-rich nations fuel the Africa rope market growth.

Key Insights from Report:

• The growth of the mining sector in resource-rich countries such as South Africa and Nigeria is contributing significantly to the demand for steel wire and other durable rope materials, in particular, propelling the market growth.
• The Africa rope market analysis is mainly based on the product, end use, and country.
• Based on the product, the steel wire sector dominated the market in 2023 due to its strength and versatility.
• According to the country's insights, in 2023, South Africa held a prominent share of the market.

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Africa Rope Market Scope:

Report Attributes	Details
Market Size Value in 2023	USD 1,438.69 Million
Market Size Value in 2024	USD 1,512.78 Million
Revenue Forecast in 2032	USD 2,750.29 Million
CAGR	7.8% from 2024 to 2032
Base Year	2023
Historical Data	2019-2022
Forecast Period	2024-2032

Market's Growth Drivers:

• Infrastructural Developments: Over the past decade, governments of Africa have prioritized infrastructure evolutions to serve their rapidly growing populations. Large-scale endeavors such as road and rail construction projects require durable materials such as ropes for a variety of applications, including lifting heavy loads and assuring safety, which contributes to Africa rope market growth.
• Urbanization and Population Growth: Africa's urban population is expected to double in the upcoming years, necessitating large-scale construction projects. Such urban growth needs high-strength ropes for a variety of applications, including scaffolding for residential and commercial buildings, lifting materials, and ensuring worker safety.
• Technological Advancements: Technological advancements in rope manufacturing, including production techniques and innovative materials, are expected to open new avenues for market growth during the forecast period.

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List of Africa Rope Market Key Players:

• Brockwell SA Cotton
• Haggie Steel Wire Rope
• Greenwood Rope Products (Pty) Ltd
• Knittex
• Nigerian Ropes PLC
• Netking
• Pentagon Corporation
• Southern Ropes
• Ropes for Africa
• Umholi
• Toco Lifting Equipment
• Actum

Country Insights:

Demand for rope in South Africa is growing steadily, driven by key industries such as construction, mining, agriculture and shipping. Also, innovations in rope materials such as synthetic ropes and high-strength ropes are also attracting customers in the country.

In Nigeria, the demand for rope is expected to grow steadily during the forecast period owing to the expansion of key sectors such as construction, oil & gas, shipping, and agriculture. Moreover, increasing use of synthetic and heavy-duty ropes due to their durability and strength is expected to drive the Africa rope market demand.

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Africa Rope Market Segmentation:

By Product Outlook:

• Synthetic
• Steel Wire
• Cotton
• Others

By End Use Outlook:

• Industrial
• Commercial
• Residential

By Country Outlook:

• South Africa
• Nigeria
• Kenya
• Morocco
• Mauritius
• Algeria
• Rest of Africa

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The Africa rope market size is expected to reach USD 2,750.29 million by 2032, exhibiting a CAGR of 7.8% during 2024–2032.

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