The China Elevator Ropes Market is expected to be worth US$ 206.4 million in 2023 and US$ 320.5 million by 2033, according to forecasts.
Urbanisation, technological progress, and growth have bolstered the modern construction sector, increasing global demand for lift ropes. The trend towards high-rise buildings and increased commercial construction activities provide good prospects for lift rope market participants.
The lift industry is constantly evolving, with some of the most recent potentially redefining how lifts function in buildings as we know them. The lift industry, like many others, is undergoing a digital transformation. Building owners and facility managers can now track sophisticated data from their lifts in a variety of useful and practical ways.
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Recent years have seen an increase in the need for a vertical rise in residential and commercial constructions due to population growth and global urbanization. This dramatically boosted demand for lifts and, consequently, lift ropes during the projection period.
The adoption of rope-less elevators is one of the key factors limiting the market for elevator ropes. Since lift ropes are so ineffective at absorbing vibrations, a lift is more likely to sustain damage. Aside from this, the space restrictions connected with these ropes once again pressure building designers to use cutting-edge solutions.
Key Takeaways
- The China elevator ropes market grew considerably to US$ 202.2 million in 2022.
- The China elevator ropes sector expanded at a CAGR of 2.1% between 2018 and 2022.
- In 2023, based on the core type, fiber core is likely to dominate the market, with a share of 60.7%.
- In 2023, the traction/hoist segment is expected to dominate the market, with a share of 49.2%, based on functionality.
- The increase in skyscrapers accelerates the Hong Kong elevator ropes sector’s global revenue.
- In 2017, China reported 144 high-rise structures with heights higher than 200 meters. High-rise building is increasing, and this is also causing a surge in demand for high-speed lifts. This tendency is likely to increase the need for high-performance lift ropes throughout the anticipated period.
- Fiber core (FC) lift rope is the market trend in lift ropes. Natural or synthetic fibers make up the wire core appropriate for low to medium-stress applications.
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Competitors’ Successful Techniques
The leading players own over 40% of the market share in the moderately consolidated elevated ropes industry. These participants are deliberately concentrating on introducing new lift ropes built from cutting-edge lightweight materials. Moreover, businesses are increasing their market shares and boosting revenue growth by engaging in mergers and acquisitions.
Acquisitions and collaborations were examples of inorganic growth tactics observed in the market. Due to these initiatives, market participants have been able to expand both their customer bases and operations.
Tianjin Goldsun Wire Rope Limited is a joint venture between Golik Holdings Limited and Tianjin Metallurgical Group Co. The firm can produce 40,000 tonnes of specialty wire ropes each year.
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