Elevator Ropes Market Size - By Core Type (Fiber Core, Independent Wire Rope Core), By Functionality (Traction/Hoist, Governor, Compensation), By Elevator Type (Machine room elevator, Machine room less elevator, Hydraulic Elevator) & Forecast, 2023 – 2032

Elevator Ropes Market Size

Elevator Ropes Market size is estimated to record a CAGR of over 4.5% during 2023 to 2032, driven by the rapid urbanization and industrialization.

 As cities expand both horizontally and vertically, the demand for skyscrapers and high-rise buildings has surged. This necessitates the installation of advanced elevator systems with durable and high-performance elevator ropes. Similarly, stringent safety regulations and standards for elevators are significantly influencing the market dynamics.

Elevator Ropes Industry Growth Drivers & Restraints

There is growing emphasis on energy efficiency that has led to the development of lightweight and eco-friendly ropes, thus fueling the growth of elevator ropes market. However, the fluctuating prices of raw materials, particularly steel, which is a core component of elevator ropes, is one major restraint. These price fluctuations impact manufacturing costs as well as pricing strategies. Additionally, the complexity of elevator rope installation and maintenance pose as challenges, as specialized knowledge and equipment are often required. These factors will restrict the industry growth.

Elevator Ropes Market Trends

The constant R&D for the innovation of advanced rope materials with enhanced durability and safety features will shape the industry outlook. Furthermore, the adoption of smart technology and IoT integration in elevators is fostering the demand for intelligent ropes that can monitor their own condition, providing predictive maintenance capabilities. Sustainability is also a prevailing trend, favoring the development of eco-friendly and energy-efficient ropes. These trends collectively reflect the commitment to improving performance, safety, and environmental responsibility, ensuring a promising future for the elevator ropes market.

COVID-19 Impact

During the initial phases of the COVID-19 pandemic, construction projects were delayed or put on hold, leading to a temporary slump in demand for elevator ropes. However, as safety regulations and hygiene concerns prompted the adaptation of touchless and socially distant elevator solutions, there emerged a renewed focus on upgrading existing elevator systems. This shift towards modernization and retrofitting has created new opportunities for elevator ropes manufacturers. Moreover, the pandemic has underscored the importance of stringent safety measures in elevators, emphasizing the need for high-quality and reliable ropes, adding to the elevator ropes market share.

Elevator Ropes Market Analysis

The fiber core (FC) segment is poised to observe 4% growth up to 2032, due to the exceptional strength, flexibility, and reduced weight of FC ropes compared to traditional steel core ropes. These ropes not only meet stringent safety standards but also offer improved energy efficiency, making them a preferred choice for modern elevator installations. Their ability to dampen vibrations and reduce noise levels further enhances passenger comfort. The emphasis on safety, efficiency, and enhanced user experience will augment the adoption of fiber core elevator ropes in the coming years.
 

The elevator ropes market size from traction/hoist functionality segment is touted to grow at more than 3.6% CAGR through 2032. These ropes are designed specifically to handle the vertical movement of elevators, ensuring precision, stability, and safety during operation. They are responsible for controlling the elevator's ascent and descent, making them a vital component for passenger and cargo transportation. The increasing deployment of advanced elevator systems with greater automation and efficiency will boost the demand for traction/hoist functionality ropes for reliability as well as performance.

The machine room less (MRL) segment is predicted to showcase 4.4% growth rate during 2023 to 2032, owing to the efficient space utilization in buildings. MRL elevators are characterized by their compact design and environmentally friendly operation, as they often employ energy-efficient technologies. The rising importance of urban space optimization, coupled with the swift urbanization will favor the incorporation of MRL elevators in skyscrapers as efficiency, space-saving, and eco-friendly solutions for vertical transportation.

Asia Pacific elevator ropes market will present a plethora of opportunities for the manufacturers, driven by the economic growth in the region. A huge population in the nations like India and China is leading to the construction of high-rise buildings and demand for advanced vertical transportation solutions. Additionally, stringent safety standards and increased awareness of environmental sustainability are favoring preference for innovative and eco-friendly elevator ropes. As a result, Asia Pacific market is positioned for continued growth, driven by the evolving urban landscape and the pursuit of safer, greener, and more efficient vertical transportation options.

Elevator Ropes Market Share

The prominent companies defining the competitive landscape of elevator ropes market are :

• WireCo WorldGroup Inc.
• Gustav Wolf GmbH
• Usha Martin Limited
• Brugg Group
• Tokyo Rope International Co,Ltd
• KISWIRE LTD.
• Teufelberger Wire Rope
• PFEIFER DRAKO Drahtseilwerk GmbH & Co. KG
• VERTEX Ropes Pvt. Ltd.
• Jiangsu Safety Steel Wire Rope Co. Ltd. 
   

Elevator Ropes Industry News

• In July 2023, Usha Martin International Limited (UMIL) announced the establishment of a fully-owned subsidiary, Usha Martin Espana, SL, in Spain. The new entity will primarily focus on activities such as distributing, manufacturing, selling, and applying metallurgical products, high-performance wire ropes, LRPC strands, wires, pre-stressing accessories, machinery, and cables within the region.
   

This market research report on elevator ropes includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2018 to 2032, for the following segments:

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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

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