China elevator ropes market was valued at USD 202.2 million in 2022 and it is likely to touch a valuation of USD 206.4 million in 2023. Furthermore, with the rapid expansion of the building and construction industry, the overall sales of elevator ropes in China are projected to expand at a CAGR of 4.5% between 2023 and 2033, totaling around USD 320.5 million by 2033.
Demand for elevator ropes is increasing as a result of exponential growth in building and construction operations across China along with the rapid surge in high-rise buildings.
In recent years, there has been a dramatic rise in the construction of residential and commercial buildings across China due to the population explosion, economic boom, and rapid urbanization. This is anticipated to significantly increase demand for elevators and their ropes in the years to come.
Emerging trends reveal that in order to leverage the future sales of elevator ropes, companies are substituting PU coated steel belts for light-weight, lubricant-free steel wire ropes in elevators to further minimize energy consumption. Hence, energy efficiency and reduction in operating costs have become key trend. As a result, industry participants are increasing their business.
The growing population and rising infrastructure development in Mainland China are anticipated to create more demand for elevators, which optimistically impact elevator ropes sales. Hence, Mainland China is anticipated to hold more than 90% share of China elevator ropes market and is projected to create an absolute opportunity worth USD 110.4 Million during the forecast period.
As infrastructure spending rises, it is projected that the elevator rope sector will likely grow steadily across China. Expanding government initiatives to build urban infrastructure, highways, dams, airports, and other amenities are anticipated to fuel the growth of the elevator rope market.
The Chinese government remains focused on achieving its growth goal. More than USD 2 trillion in investments are anticipated for Mainland China alone in 2022. A solid foundation for investment is provided by lending quickly to manufacturing firms and infrastructure projects, according to China's top banking regulator.
Leading companies and research institutes are investing vigorously in R&D to develop innovative materials that can be used to make strong and highly efficient elevator ropes. For instance, in 2018, a research team from Tsinghua University in Beijing developed a fiber that they claim is so strong that it could be used to build an elevator to space.
The China elevator ropes market forms around 13 to 17% of its parent market which is the global elevator ropes market.
| Attributes | Details |
|---|---|
| China Elevator Ropes Market CAGR (2023 to 2033) | 4.5% |
| China Elevator Ropes Market Size (2023) | USD 206.4 million |
| China Elevator Ropes Market Size (2033) | USD 320.5 million |
Don't pay for what you don't need
Customize your report by selecting specific countries or regions and save 30%!
Over 170,000 elderly communities are spread out over China, according to the Ministry of Housing and Rural-Urban Development. To make life better for more than 42 million families in 2017, almost 5 million elevators were needed. In 2018, alone, more than 10,000 elevator installations were finished, while another 11,000 elevators were either being constructed or waiting for clearance.
According to a white paper published recently by the State Council Information Office, China also renovated about 3 million homes for the families of disabled persons in 2017.
The World Health Organization (WHO) estimates that there were 176 million seniors aged 65 and over and 254 million adults aged 60 and over in 2019. An estimated 402 million people (28% of the world's population) will live there by 2040.
This rapid rise in the geriatric population continues to encourage the adoption of elevators, thereby providing a strong thrust to the growth of China’s elevator ropes market.
The disturbance in the nation's economy and the building sector has an impact on the market for elevator ropes. The need for the same is mostly driven by construction projects, both residential and non-residential.
Numerous macroeconomic factors, such as the level of employment, business activity, consumer confidence, disposable income, and interest rates in the country, are directly impacted by a slowdown in the economy. This can negatively impact the degree of investment in the construction industry and, as a result, the growth of the elevator rope market.
In addition to this, the novel design of rope-less elevators is also one of the challenging factors for market growth. These rope-less elevators consist of several magnetized cabins that move up and down and sideways on an electromagnetic track within the same shaft.
Although this product is still in its early stages and takes some time to reach the market and gain consumer acceptance, the elevator rope market suffers as a result of its widespread use.
Principal Consultant
From 2018 to 2022, the elevator ropes market in China witnessed a moderate growth rate of 2.1% CAGR. However, with increasing urbanization supported by the growth of residential buildings, industries, commercial spaces, and more, demand for elevator ropes is anticipated to grow at a CAGR of 4.5% between 2023 and 2033.
Elevator ropes play a key role in the movement of elevators. These wires help elevators to move from one place to another with ease. They ensure the safety of both elevators and passengers. As a result, special focus is being laid on making these ropes.
As new elevator projects are increasing, a tremendous rise in the modernization of old elevators can also be witnessed, and is one of the prominent sources of revenue for big players in the elevator rope market.
Many manufacturers are providing modernization options with better technologies and new elevator ropes, and components, ensuring safety and comfort in operation with considerable improvement in lifespan as buying a new elevator is not always feasible resulting in a significant increase in sales of elevator ropes.
The carbon fiber elevator rope is highly advantageous in the case of building sway which is a phenomenon that occurs when powerful winds pass by a tall building, creating a low-pressure area behind it that causes the building to tremble somewhat.
The resonance frequencies of this carbon fiber elevator rope are substantially different from those of the bulk of construction materials, such as steel and concrete.
Additionally, because this rope has smaller moving masses and can reduce deadweight while being hauled up or down, it is extremely energy-efficient. Skyscrapers benefit greatly from this kind of elevator rope, especially while swaying.
Significant opportunities are generated for elevator rope manufacturers amid increasing regulations and concerns about building health and growing demand for fast speed elevators during the forecast period.
Rapid Expansion of Residential, Commercial, and Industrial Sectors Pushing Demand in Mainland China
Mainland China is expected to emerge as a key region in the elevator ropes market owing to the ongoing and upcoming infrastructure projects in the region. As per FMI, the elevator ropes market in Mainland China is estimated to expand with a CAGR of 4.5% throughout the forecast period.
The companies in the target region are planning to grow vertical integration to counter raw material price volatility. It is anticipated to create an absolute dollar opportunity worth USD 110.4 million through the forecast period.
Residential, commercial, and industrial spaces are expanding at a robust pace in Mainland China due to rapid urbanization and population growth. As a result of increased demand for a fixed space in urban locations brought on by amenities, employment, education, and commercial prospects, the height of urban buildings has been rising.
Consequently, it is projected that the elevator rope sector is likely to grow as a result of growing infrastructure spending. Increasing government initiatives to build urban infrastructure, highways, dams, airports, and other amenities are anticipated to fuel the elevator rope market.
Rise in Number of Skyscrapers Propelling Sales of Elevators and Elevators Ropes in Hong Kong.
Hong Kong is home to an astonishingly high number of skyscrapers worldwide. Advancements in construction techniques and technology have enabled architects to build structures like skyscrapers with ease.
As these structures require elevators for the movement of workers and other people, demand for elevator rope grew at a steady pace across Hong Kong during the forecast period.
The average number of floors in residential and commercial areas has been steadily rising over the past decade or so, according to the CBRE Global Living Report of 2019. As the elevators and elevator ropes are both vital parts of buildings, demand for both increases as skyscrapers, particularly in Hong Kong, continue to rise.
This helps the elevator rope market expand. Thanks to these aforementioned factors Hong Kong accounts for more than 3% market share on a value basis in the China elevator ropes market.
Get the data you need at a Fraction of the cost
Personalize your report by choosing insights you need
and save 40%!
| Segment | Core Type |
|---|---|
| Top-segment | Fiber Core |
| Market Share (2023) | 60.7% |
| Segment | Functionality |
|---|---|
| Top-segment | Traction/Hoist |
| Market Share (2023) | 49.2% |
By Core Type, the Fiber core (FC) segment is likely to continue to dominate the market throughout the forecast period, accounting for more than 50% of value share by 2033.
The fiber core type is much more elastic under load as such it has a greater energy absorption capability but is even less crush resistant than independent wire rope core (IWRC) which has led to significant growth in the Elevator Ropes market.
Based on elevator type, the machine room (MR) elevator segment is expected to dominate China’s elevator ropes market during the forecast period. FMI predicts the machine room (MR) elevator segment to grow at a CAGR of 4.4% between 2023 and 2033, creating an absolute dollar opportunity worth USD 48.7 million.
When operating, the machine room elevator makes less noise and vibration, which improves the quality and comfort of the ride. This is particularly noticeable at higher speeds. It is economical and versatile which is why machine room elevators are advised as compared to other types.
Key players in the market are focusing on developing novel production technologies to reduce environmental impact and comply with stringent regulatory standards. Besides this, they are adopting strategies such as new product launches, establishment of new manufacturing facilities, mergers, acquisitions, and partnerships to gain a competitive edge in the market. For instance,
Tianjin Goldspun, BRUGG Lifting, and KISWIRE: Powering the Modern-day Elevators through Sturdy Ropes
Modern-day skyscrapers require elevators that function smoothly 24x7. Various components ensure that these lifts continue to work smoothly. Among these components, elevator ropes are of critical importance as they have to withstand high loads.
From a safety perspective, elevator ropes are highly important as any malfunction can lead to injuries and even fatalities. Keeping these important points in mind, Tianjin Goldsun Wire Rope Limited is focusing on building elevator ropes with sturdy materials.
Tianjin Goldsun Wire Rope Limited is a joint venture between Golik Holdings Limited and Tianjin Metallurgy Group Co. The company has the capacity of producing 40,000 tons of specialized wire ropes. The company has a strong commitment to meeting all important safety parameters, especially those compiled by OTIS. The company is also compliant with ISO9001:2000 guidelines.
Tianjin Goldsun Wire Rope Limited is also strengthening its distribution network in China by partnering with relevant stakeholders. To boost confidence among end-users, the company is organizing consumer satisfaction surveys and knowing what end-users think about it. For instance, the company has been a consistent winner of the Top 10 enterprise brand satisfaction surveys.
The core of Gold Sun's top-tier R&D, design, and manufacturing skills is its customized services and solutions for its clients, starting with application selection and continuing through installation and maintenance.
BRUGG Lifting has become a leader in elevator rope technology that uses cutting-edge technology and collaborative innovation to manufacture elevator ropes that are built for speed, safety, and efficiency.
BRUGG Lifting’s solutions offer safety and security in some of the tallest elevators in China. The company offers customized solutions for different types of requirements of end-users. For instance, the company has an impressive product range and offers three different types of ropes including traction ropes, compensation ropes, and governor ropes.
The company also educates its end-users about the type of ropes that are ideal for various elevators. Like other leading elevator rope players, BRUGG Lifting is also compliant with various guidelines and certifications such as ISO Certificate for EN, DE, and FR.
Another leading manufacturer and supplier of elevator ropes are KISWIRE Co. Ltd. Headquartered in Busan, South Korea, the company offers a wide range of wires such as oil tempered wire, bridge cables, hose wire, superconductive wire, and ultra-low temperature vessels.
The company is investing in strengthening its distribution network while being compliant with various guidelines and certifications. Some of the certifications that the company has got are ISO14001, ISO14001, and Hongduk Industrial ISO14001.
Construction industries is the key consumer of elevator ropes market in China.
Fiber core is poised to stay attractive, projecting a significant CAGR by 2033.
The market is estimated to secure a valuation of USD 83,124 million in 2023.
The market is estimated to reach USD 206.4 million by 2033.
The residential sector holds high revenue potential.
1. Executive Summary 2. Market Overview 3. Market Background 4. Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Core Type 5.1. Fiber core (FC) 5.2. Independent wire rope core (IWRC) 6. Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Functionality 6.1. Traction 6.2. Governor 6.3. Compensation 7. Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Elevator Type 7.1. Machine room (MR) elevator 7.2. Machine room-less (MRL) elevator 7.3. Hydraulic elevator 8. Market Analysis 9. Market Structure Analysis 10. Competition Analysis 10.1. Tianjin Goldsun Wire Rope Ltd 10.2. Jiangsu Taili Steel Wire Rope Co., LTD 10.3. Brugg Lifting 10.4. KISWIRE Ltd. 10.5. Tianjin Huayuan Metal Wire Products Co. Ltd 10.6. Jiangsu Shenwang Group Co., Ltd. 10.7. Pfeifer Steel Wire Rope (Shanghai) Co. Ltd. 10.8. Usha Siam 10.9. TOKYO ROPE MFG. CO., LTD. 10.10. Gustav Wolf GmbH 10.11. Wuxi Chengming Wire Rope Products Co., Ltd. 10.12. Shandong Xingying Environmental Energy Technology Co. LTD 11. Assumptions & Acronyms Used 12. Research Methodology
Explore Industrial Automation Insights
View Reports
China Elevator Ropes Market
