As per the report titled ‘Elevator Ropes Market Size By Core Type , By Functionality, By Elevator Type, Industry Analysis Report, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026’ available with Market Study Report, global elevator ropes market is projected to record a robust CAGR over 2020-2025.
 

Increasing adoption of elevators due to expanding commercial construction activities is fueling the growth of global elevator ropes market. Elevator ropes are highly engineered products made up of a combination of steel and various composites. These ropes constitute of several wire strands of various sizes wrapped together.
 

Based on core type, the industry is split into fiber core (FC) and independent wire rope core (IWRC), wherein the latter segment sales volume was around 200 kilo tons in 2019 and is likely to grow with 3.3% CAGR through 2026. Increase in metallic cross-section area of the ropes and lower tensile stress in individual wires are the key benefits favoring the demand for elevator ropes with IWRC cores.  
 

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In terms of functionality, governor segment is projected to grow with a CAGR of 1.5% during the forecast period. Governor is a speed monitoring device attached to traction elevators which activates the safety features when the elevator moves too fast. The necessity to ensure on-board safety is stimulating the product demand.
 

Elaborating on elevator type, MRL elevators sales volume was 209 kilo tons in 2019 and is estimated to reach 265 kilo tons by the year 2026. Optimal operational efficiency at high speeds along with higher performance and better ride quality as compared to hydraulic elevators owing to gearless traction mechanisms are encouraging the deployment of MRL elevators.
 

From a regional perspective, Latin America elevator ropes market is estimated to gain 2% share during the projection period. Increasing private sector investment is likely to the boost the product demand in the region.
 

Major players operating in global elevator ropes market include WireCo WorldGroup, BRUGG Lifting AG, Gustav Wolf GmbH, PFEIFER DRAKO Drahtseilwerk GmbH, Bharat Wire Ropes Limited, Tokyo Rope Mfg. Co., Ltd., Usha Martin, Jiangsu Safety Steel Wire Rope Co., Ltd., Alps Wire Rope Corporation, Loos & Co. Inc., Mak Kee International H.K. Limited, KISWIRE LTD., Bekaert, and DSR.