Elevator Ropes Market Size, Share, Growth Analysis, By Core(Fiber core (FC), Independent wire rope core (IWRC)), By Elevator(Machine room (MR) elevator, Machine room less (MRL) elevator) - Industry Forecast 2024-2031

Report ID: SQMIG20I2156 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 62 | Figures: 75

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Elevator Ropes Market size was valued at USD 655.2 million in 2022 and is poised to grow from USD 681.41 million in 2023 to USD 932.55 million by 2031, growing at a CAGR of 4% during the forecast period (2024-2031).

The elevator ropes market features a competitive landscape characterized by a mix of established industry leaders, innovative players, and regional manufacturers. Market participants are continually engaged in enhancing their product portfolios, developing advanced materials, and focusing on customer-centric solutions to maintain a competitive edge. 'PFEIFER Holding GmbH (Germany)', 'Tokyo Rope Mfg. Co., Ltd. (Japan)', 'Bridon-Bekaert Ropes Group (United Kingdom)', 'WireCo WorldGroup (United States)', 'Gustav Wolf GmbH (Germany)', 'Teufelberger Holding AG (Austria)', 'Jiangsu Fasten Elevator Rope & Sling Co., Ltd. (China)', 'Jiangsu Langshan Wire Rope Co., Ltd. (China)', 'Yale Cordage Inc. (United States)', 'Usha Martin Limited (India)', 'DSR Wire Corp. (South Korea)', 'RopeBlock B.V. (Netherlands)', 'ArcelorMittal S.A. (Luxembourg)', 'CASAR Drahtseilwerk Saar GmbH (Germany)', 'Siam Brothers Vietnam JSC (Vietnam)', 'Guizhou Wire Rope Co., Ltd. (China)', 'Ropes for Cranes (Poland)', 'Lanko Trading Co., Ltd. (Thailand)', 'ArcelorMittal WireSolutions (Belgium)', 'Tadano Ltd. (Japan)'

Government initiatives to enhance transportation infrastructure, especially in developing countries, are boosting the demand for elevators and elevator ropes.

Demand for Energy-efficient Elevator Ropes: With the focus on sustainable buildings, there is a growing demand for elevator ropes that are not only durable but also energy-efficient, contributing to reduced operational costs.

Forecasts indicate that Asia-Pacific is positioned to maintain its status as the largest market for elevator ropes worldwide throughout the projected period. Moreover, this region is anticipated to experience the most substantial growth trajectory in the coming years. This projection finds its basis in the burgeoning construction activities observed in emerging economies like China and India, which in turn is fueling an escalating demand for elevator ropes, thus facilitating market expansion.

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Elevator Ropes Market Size, Share, Growth Analysis, By Core(Fiber core (FC), Independent wire rope core (IWRC)), By Elevator(Machine room (MR) elevator, Machine room less (MRL) elevator) - Industry Forecast 2024-2031

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