You are given a text that consists of multiple sentences. Your task is to perform abstractive summarization on this text. Use your understanding of the content to express the main ideas and crucial details in a shorter, coherent, and natural sounding text.

SAN FRANCISCO, June 25, 2020 /PRNewswire/ --The globalrope marketsize is anticipated to reach USD 2.69 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 8.5% from 2020 to 2027. Growing awareness related to diverse application of ropes across the end-use industries is likely to drive the market over the forecast period. Increasing application ofsynthetic ropereplacing steel wires across various industries is expected to fuel the market demand over the forecast period. Key suggestions from the report: The industrial end-user segment accounted for the largest share of 45.5% in 2019 and is expected to witness the highest growth over the forecast period By product, synthetic rope held a major share of about 32.0% in 2019 and is expected to maintain its lead in the next few years APAC is expected to emerge as the fastest growing regional market in the forecast period The market is characterized by intense competition due to presence of a number of domestic and international players. Read 80 page research report with ToC on "Rope Market Size, Share & Trends Analysis Report By Product (Synthetic, Steel, Cotton), By End User (Commercial, Residential, Industrial), By Region, And Segment Forecasts, 2020 - 2027" at: https://www.grandviewresearch.com/industry-analysis/rope-market In addition, consumers are increasingly investing in home improvement or home remodeling projects to revamp their traditional household structure, which is likely to contribute to the market growth. According to the American Housing Survey studied by Harvard's Joint Center for Housing Studies, the home improvement industry size was valued at USD 383.3 billion in 2017. High demand generated by industrial activities has boosted the application of synthetic rope owing to prominent availability ofsynthetic fibers, thereby contributing to the global market growth. In addition, wide application of ropes in the maritime industry provides benefits in industrial operations. Rising displacement of hard fiber ropes with synthetic ropes has advanced at a rapid scale in developed countries owing to the commercial utilization of polyolefins fiber. The product also witnesses increasing application in cranes on account of properties, such as bend fatigue durability, high strength-to-weight ratio, and robust spooling capabilities. Synthetic ropes such aspolypropyleneandnylonare the commonly preferred types, which are widely used in various industrial sectors, such as construction and marine and fishing. Increasing application of nylon materials in the construction industry is expected to positively impact the demand for synthetic ropes. These braided or twisted wires provide extreme versatility for the strongest option of rope, which provides more balance and does not crook while use in construction business. These ropes are used in the fishing industry as fishing nets, twines, and ropes. These are used in trawling applications on account of better resistance to abrasion, high breaking strength, and high strength-to-weight ratio. Synthetic ropes are widely used in the marine, fishing, and shipment industries on account of their lightweight properties, reduction in knocking up and preparing for downtime, easy handling, floatable, and avoidance of re-lubing. These ropes assist with great insulation capacity, provide resistance in chemically affected environment, and prevent any absorption. Grand View Research has segmented the global rope market by product, end user, and region: Rope Product Outlook (Revenue, USD Million, 2016 - 2027) Synthetic Cotton Steel Others Rope End-user Outlook (Revenue, USD Million, 2016 - 2027) Residential Commercial Industrial Rope Regional Outlook (Revenue, USD Million, 2016 - 2027) North America U.S. Europe Germany U.K. Asia Pacific China India Central & South America Brazil Middle East & Africa South Africa List of Key Players of Rope Market WireCo WorldGroup Cortland Limited Bridon-Bekaert Southern Ropes MAGENTO, INC. Yale Cordage LANEX a.s. Katradis Marine Ropes Ind. S.A. Dynamica Ropes Marlow Ropes Ltd. Van Beelen Industrie en Handel B.V. Find more research reports on Homecare & Decor Industry, by Grand View Research: Soap Dispenser MarketRising concerns about hygiene amongst the consumers across the globe and growing purchasing power of middle-class income groups are likely to drive the market. In addition, increasing sanitation programs by various governments are foreseen to fuel the demand for soap dispensers over the forecast period. Games And Puzzles MarketIncreasing adoption of 3D printing to design innovative board games is expected to contribute to the industry growth significantly. Enhancement in manufacturing technologies has enabled game manufacturers to diversify their product offerings, thus offering new revenue streams. Bedroom Furniture Market Shifting consumer preference towards high-end furniture products owing to technological advancements in the home furnishing industry is a key factor driving the market for bedroom furniture. Gain access to Grand View Compass, our BI enabled intuitive market research database of 10,000+ reports About Grand View Research Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead. Contact: Sherry James Corporate Sales Specialist, USA Grand View Research, Inc. Phone: +1-415-349-0058 Toll Free: 1-888-202-9519 Email: [emailprotected]Web: https://www.grandviewresearch.com Follow Us: LinkedIn | Twitter SOURCE Grand View Research, Inc.

Answer: Rope Market Size Worth $2.69 Billion by 2027 | CAGR: 8.5%: Grand View Research, Inc.