Bharat Book Bureau Provides the Trending Market Research Report on “Global Nylon Cable Ties Market, Forecast to 2023” under Industry & Mfg category. The report provides information on industry overview, market size, latest developments, industry trends, Key players, global presence, and their future prospects.
Global Nylon Cable Ties Market information: by type (Nylon 6, nylon 6,6, and others), by Application (electrical & electronics, building & construction, automotive, agriculture, consumer goods, industrial, and the others) Region (North America, Europe, Asia Pacific, LA, and MEA) - Forecast to 2023
Market Synopsis of Global Nylon Cable Ties Market:
Nylon cable ties are used to create non-permanent joints to offer ease during the various applications. They are generally referred as wire ties, house ties, steel ties zap strap or zip tie. They are the type of fastener used to hold items/things together, specifically in electrically cable wires or cables. They offer superior properties such as ease of use and are low cost & ubiquitous, resulting in a broad spectrum of application across end-user industries as agriculture, automotive, consumer goods, electrical & electronics, and a building & construction.
According to the MRFR analysis, global Nylon Cable Ties market projected to witness moderate growth in the coming years and reach USD 135.7 million by 2023, expending at CAGR of 4.25%. Wide application scope of the nylon cable ties has been playing a major role in the growth of this market. Wherein, the electronic & electrical industry considered as major application area and have acquired major share. This industry is moving towards overall revenue of 5 billion by 2018 with a healthy growth rate of 4.9%. On the other hand, as nylon cable ties are made of nylon for which crude oil used as a raw material.
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Increasing impact of the crude oil on the environment as well as instability in the crude oil prices may hinder the growth of this market. Nylon 6 was the most promising segment by type, which has acquired 58.23% with highest CAGR of 4.38% in 2016. Properties associated with nylon availed additional benefits for nylon cable ties resulted into greater industrial adoption. This industry has acquired the largest shares of 26% globally, followed by automotive at 20%. Electronic and electrical industry is primary application area because nylon cable ties were designed to create non-permanent joints in this industry, initially. The industry further expected to lead the global market at an expected CAGR of 4.02%.
Nylon Cable Ties Market Share, by application 2016 (%)
Sources: MRFR Analysis
Regional Analysis
The global nylon cable ties market spanned across Asia Pacific, Europe, North America, Middle East, and Latin America. With largest global shares, North America dominated the global market in 2016. The region has acquired 35% global market share, with a healthy growth rate of 3.35%. As per the industry experts, North America to further continue its dominance due to the presence of most promising country-level market, such as the U.S. The country has generated highest revenue, USD 22.6 million at a healthy CAGR of at 4.38%.
Asia Pacific region is the second largest regional market after North America. The region consists of dynamic economies such as India, China, Japan, and Korea. Industrial expansion in key end-use industries such as automotive industry (China), agriculture (India), electrical & electronics (Korea & Japan) driving the growth of this region. China emerged as the most dynamic country-level market after the U.S. and has generated overall revenue of USD 13.1 million in 2016 and it currently growing at a dynamic CAGR of 5.87%. As stated by the industry experts, European government regulations and stringent emission norms such as Euro 6 along with green initiatives have held back the growth of this region. Presence of one of the BRICS economy such as Russia and strengthening industrial infrastructure is expected to provide higher growth gains in the coming years in this region.
Segmentation
The nylon cable ties market is fragmented on the basis of type, application, and region. On the basis of the type, the market is classified into nylon six cable ties, nylon 6, 6 cable ties, and others. On the basis of the application, the market is divided into electronics & electrical, automotive, building & construction, agriculture, consumer goods, industrial, and others. On the basis of the region, the market is segmented into Asia Pacific, Europe, Latin America, North America, and the Middle East & Africa.
Key Players
Some of the key players operating in the global Nylon Cable Ties market: Ascend Performance material (U.S.), 3M (Germany), Hellermann Tyton (UK.), Thomas & Betts Corporation (U.S.), ChangHong Plastic Group (China), Yueqing Huada Plastic (China), HONT Electrical Co. Ltd (China), Partex (Sweden), KSS (Taiwan), and American Elite Molding (U.S.)
Key Findings
Global nylon cable ties market is projected to reach USD 135.7 million by 2023 at a CAGR of 4.24% over the forecast period 2017-2023. Regionally, North America accounted for the largest share (~35%) which is driven by established end-user industries as well as the active presence of major industry participants. The U.S. was the major revenue generating country in the market in 2016 and has generated overall revenue of USD 22.6 million as of 2016. Based on the type, Nylon 6 cable ties (PA 6) was the highly preferred nylon cable ties, whereas, nylon 6, 6 (PA 6,6) is growing at a productive CAGR of 4.16%. Electronic & electrical industry acquired a major share of the global market by being primary application segment for nylon cable ties. The industry has accounted for the highest share (26%), followed by building & construction (21%) in 2016.
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