According to a new report by Allied Market Research, 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 research contends that a surge use of cable ties in numerous end-use industries such as electronics and electrical, automotive, consumer goods, and others is driving the growth of the global cable ties market.
However, the report notes that the ready availability of alternative products, such as Velcro straps, conveyor belt hooks, and surgeon's knot or constrictor knot options impedes the market's growth to some extent. Nonetheless, rising technological advancement across numerous industries is expected to create lucrative opportunities in the market.
Nylon and non-releasable dominant
Per the report, by material type, the nylon cable ties segment held 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 in heightened demand globally, thus driving segment growth.
Meanwhile, the non-releasable cable ties segment is expected to maintain its dominance during the report's forecast period. By product type, the non-releasable segment contributed to the highest market share in 2021. The same segment also showcased the fastest CAGR of 6.6% throughout the forecast period. This is attributed to the ability of non-releasable cable ties to prevent accidental release and tampering, while also ensuring permanent connection.
By end-use industry, the report found the electronics and electrical segment accounted for the largest share of the global cable ties market share in 2021, as cable ties are widely used in electricals and electronics to easily bundle power cords for computer peripherals, home electronics, measurement devices, and others. As further noted by the report's summary, cable ties "are utilized to connect goods, most notably electrical cables, or wires, which come in various lengths, sizes, materials, and colors."
The report states that by region, Asia-Pacific garnered the highest market share in 2021 and is projected to retain its dominance by 2031, due to the increasing use of cable ties in the automotive, consumer goods and electronics industries having propelled market growth in the region.
Key players
The report analyzes key players in the global cable ties market, on the basis of these companies having 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 researcher notes that the new report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player.
According to the report, leading companies in the global cable ties industry as cited by the report include:
- ABB Installation Products Inc.
- AFT Fasteners
- AVERY DENNISON CORPORATION
- 3M
- HellermannTyton
- Panduit
- Novoflex
- Acme Seals Group
- Ascend Performance Materials
- BAND-IT
COVID-19 impact
The report finds that the COVID-19 pandemic negatively influenced the cable ties market, due to its 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 market worldwide.
The report is entitled, "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."
Learn more about the report.
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