Elevator Ropes Market Size By Core Type (Fiber Core [FC], Independent Wire Rope Core [IWRC]), By Functionality (Traction/Hoist, Governor, Compensation), By Elevator Type (Machine room [MR] elevator, Machine room less [MRL] elevator, Hydraulic Elevator), Industry Analysis Report, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026

Industry Trends

Elevator Ropes Market size was valued at over USD 600 million in 2019 and is estimated to exhibit growth with over 3.5% CAGR from 2020 to 2026. Government initiatives favoring infrastructural growth are expected to drive building & construction activities in near term, which will elevator ropes demand in forthcoming years.
 

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Ropes are essential element of an elevator system as it assists in the movement of an elevator cab over the hoistway. Elevator ropes comprises of mainly wires, core and strands. These ropes are available in various dimensions such as, 6*19 F, 8*19 S, 6*19 S, etc. depending on its core type. Wire core is a central part of an elevator rope, which helps in retaining its relative position under varying load condition as well as providing support to the strands.
 

Trending construction of energy efficient building will create product popularity

Rising urbanization and population across the world has created need for vertical growth in residential and commercial buildings over the past few years. This will further propel demand for elevators market and consequently elevator ropes in upcoming years. Asia Pacific elevator market was valued at more than USD 50 billion in 2019, which is expected to grow at 5% rate throughout forecast time period.
 

Major countries including India and China are likely to anticipate significant investment growth in the construction industry, which will further boost elevator sales in the region. Such trends will be key driving growth parameter for elevator ropes market growth for during 2020 to 2026.
 

Another key growth enabling factor is ongoing trend related to high rise building across the globe. Growing population density in major developing countries has created space challenges for the construction players in recent years. This is the key reason behind development of tall and high-rise buildings over recent years.
 

China and USA accounted for major share of the high-rise buildings in 2018, which will further grow over upcoming years. Growing prominence of energy efficient buildings will create an increase in demand of high speed elevators, which will further drive market demand through 2026.
 

Growing adoption of ropeless elevators will be key restraining factor for these ropes over coming years. Elevator ropes possess very low damping properties which further leaves an elevator more susceptible to damages caused owing to vibration. Apart from these, space constraint associated with this kind of ropes will again push building designers to adopt technologically advanced solutions. Such trends will provide key opportunity to ropeless elevators, which will further affect product demand in upcoming years.
 

Fiber core’s leading position will be supported by its key feature of flexibility

Fiber core (FC) elevator rope will grow at 4.1% rate in global market throughout forecast time period. The wire core is made up of natural or synthetic fiber materials and are suitable for low to medium loading applications. These products possess huge flexibility and offer resistance to contact pressure, which will be driving its share in elevator ropes market over coming years. The market is likely to account for over $500 million by 2026.
 

Low to mid rise buildings likely to utilize ropes for traction purposes in elevators

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Traction/hoist segment will report 3.6% CAGR in global elevator ropes industry in forecast time period. Elevator ropes utilized for traction purposes should be made from high strength materials as its one end is attached to the elevator cab & the other end is connected to the counterweights, commonly.
 

Space saving benefit of MRL elevators will attain highest rope sales volume

Machine room less (MRL) elevators will grow at 4.4% rate in global market throughout projection time period. This type of arrangement is preferred over hydraulic and MR elevators as it significantly reduces the space constraint for building owners. Further, lower maintenance & installation cost is likely to boost elevator ropes demand in this segment.
 

Proliferation of taller buildings & structures in Asia Pacific will be accountable for its highest share

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Asia Pacific will account for a significant share in global market through 2026. Construction of high-rise buildings in China, Japan, India, etc. will be accountable for its leading position in industry. For instance, China reported around 144 high-rise buildings of greater than 200 meters in height in 2017. Along with the growth in construction of high-rises, the demand for high speed elevator is growing in tandem. This trend will drive market demand for high performance elevator ropes over forecast time period.
 

Strategic acquisitions & expansion formed basis for leading position of key industry players

Key industry participants involved in elevator ropes market share are BRUGG Lifting AG, WireCo WorldGroup, Gustav Wolf GmbH, PFEIFER DRAKO Drahtseilwerk GmbH, Usha Martin, Tokyo Rope Mfg. Co., Ltd. and KISWIRE LTD. Major players have integrated themselves with wire manufacturers to increase their competitiveness in the industry.
 

For instance, WireCo WorldGroup acquired Drumet, a leading manufacturer of steel wire, wire band & wire rope in 2011. The strategic aim was to increase its presence in the European market. Similarly, Bekaert completed acquisition of Arrium’s wire rope business in 2015, which will enhance its market position in Australia for mining ropes & steel wire ropes segment.
 

Elevator Ropes Market by Core Type

• Fiber core (FC)
• Independent wire rope core (IWRC)

Elevator Ropes Market by Functionality

• Traction/Hoist
• Governor
• Compensation

By Elevator Type

• Machine room (MR) elevator
• Machine room less (MRL) elevator
• Hydraulic elevator

The above information is provided on a regional and country basis for the following:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Spain
  • Italy
  • Russia
• Asia Pacific
  • China
  • India
  • Japan
  • Australia
  • Indonesia
  • Malaysia
  • South Korea
• Latin America
  • Brazil
  • Mexico
• Middle East & Africa
  • South Africa
  • Saudi Arabia
  • UAE
  • Kuwait