Cable Ties Market to Garner $2.6 Billion, Globally, By 2031 at 6.4% CAGR, Says Allied Market Research
Surge use of cable ties in numerous end-use industries such as electronics and electrical, automotive, consumer goods, and others drives the growth of the global cable ties market.
PORTLAND, Ore., Jan. 23, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Cable Ties Market By Material Type (Nylon, Stainless Steel, Others), By Product Type (Releasable, Non-Releasable, Beaded, Others), By End-Use Industry (Automotive, Electronics And Electrical, Consumer Goods, Building And Construction, Marine, Others): Global Opportunity Analysis And Industry Forecast, 2021-2031." According to the report, the global cable ties industry generated $1.4 billion in 2021, and is estimated to reach $2.6 billion by 2031, witnessing a CAGR of 6.4% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios.
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Drivers, Restraints, and Opportunities-
Surge use of cable ties in numerous end-use industries such as electronics and electrical, automotive, consumer goods, and others drives the growth of the global cable ties market. On the other hand, availability of alternatives, such as Velcro straps, conveyor belt hooks, surgeon's knot, or constrictor knot impedes the growth to some extent. However, rise in technological advancement is expected to create lucrative opportunities in the industry.
Covid-19 scenario-
- The COVID-19 outbreak negatively influenced the cable ties market due to the impact on end-use industries including marine, electronics and electrical, automotive, building and construction, consumer goods, and others.
- Disruption of supply and demand for raw materials owing to lockdowns coupled with strict government regulations restrained the production of cable ties, thereby impacting the cable ties market worldwide.
The nylon segment to dominate the market-
By material type, the nylon segment held the major share in 2021. Multiple benefits associated with the use of nylon cable ties, including good strength, durability, high dielectric qualities and slow rate of flame propagation, are heightening their demand globally, thus driving the segment growth.
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The non-releasable segment to maintain its dominance during the forecast period-
By product type, the non-releasable segment contributed to the highest share in 2021. The same segment would also showcase the fastest CAGR of 6.6% throughout the forecast period. This is attributed to the fact that non-releasable cable ties prevent accidental release and tampering, and also ensure permanent connection.
The electronics and electrical segment to dominate by 2031-
By end-use industry, the electronics and electrical segment accounted for the largest share of the global cable ties market share in 2021. This is due to the fact that cable ties are widely used in electricals and electronics to easily bundle power cords for computer peripherals, home electronics, measurement devices, and others. They are utilized to connect goods, most notably electrical cables, or wires, which come in various lengths, sizes, materials, and colors.
Asia-Pacific garnered the major share in 2021-
By region, Asia-Pacific garnered the highest share in 2021 and is projected to retain its dominance by 2031. Increasing use of cable ties in the automotive, consumer goods and electronics industries have propelled the market growth in the region.
Leading Market Players-
- ABB Installation Products Inc.
- AFT Fasteners
- AVERY DENNISON CORPORATION
- 3M
- HellermannTyton
- Panduit
- Novoflex
- Acme Seals Group
- Ascend Performance Materials
- BAND-IT
The report analyzes these key players in the global cable ties market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player.
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