Wilmington, Delaware, United States, May 12, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. – The Global Stainless Steel Cable Ties Market stood at US$ 648.1 million in 2022 and the global market is projected to reach US$ 1.1 billion by 2031. The global industry is anticipated to expand at a CAGR of 5.4% between 2023 and 2031.
The market value of stainless steel cable ties is increasing demand for advanced cable management solutions in various industries. The need for efficient and safe cable management solutions to ensure reliable and uninterrupted operations in industrial facilities is propelling the demand for stainless steel cable ties.
The growing adoption of automation and IoT technologies in industrial processes is also creating a need for advanced cable management solutions that can withstand extreme conditions and provide long-term durability and reliability.
Increasing investment in infrastructure development and construction activities in emerging economies is another significant factor contributing to market growth. The construction industry is one of the major end-users of stainless steel cable ties, which are used for securing cables, wires, and pipes in buildings, bridges, and other structures.
The increasing demand for energy-efficient buildings and smart infrastructure is further driving the demand for advanced cable management solutions such as stainless steel cable ties.
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Key Findings of the Market Report
- On the basis of type, releasable cable ties segment is likely to be most preferred, expected to expand at a significant share, attributed to the increasing demand for reusable and adjustable cable ties in various industries such as automotive, construction, and aerospace.
- Based on coating, the coated steel cable ties segment holds a significant market share, due to the increasing demand for coated cable ties due to their superior performance and durability in harsh environments.
- By end-use industry, construction segment is expected to boost the market growth, attributed to the factors including the increasing demand for stainless steel cable ties in construction applications, such as electrical installations, HVAC systems, and plumbing.
Global Stainless Steel Cable Ties Market: Growth Drivers
- The global Stainless Steel Cable Ties Market is projected to expand at a steady pace from 2023 to 2031, due to the growing demand from various industries such as aerospace, automotive, electronics, and construction, among others.
- Another factor that is projected to augment the market growth includes the increasing infrastructure projects, as well as expansion of telecommunications industry.
- Additionally, the development of new technologies, is a major factor that is anticipated to fuel the market prospects in the near future.
Global Stainless Steel Cable Ties Market: Regional Landscape
- North America is expected to dominate the Stainless Steel Cable Ties Market during the forecast period, attributed to increasing demand from various end-use industries. The market is witnessing an increase, due to the factors such as stringent regulations and standards in the region for various industries.
- Increasing adoption of automation and robotics, as well as growing awareness regarding benefits of stainless steel cable ties in the region, is also anticipated to escalate the growth of the regional market over the analysis period.
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Global Stainless Steel Cable Ties Market: Key Players
Some of the key market players in the global Stainless Steel Cable Ties Market are:
- ABB Installation Products Inc. (Thomas & Betts Corporation)
- Advanced Cable Ties, Inc.
- BAND-IT
- Essentra plc
- HellermannTyton
- Heyco (Penn Engineering)
- Norma Group
- NSI Industries, LLC
- Panduit
- Tridon Australia
Competitive Landscape
Prominent players in the stainless steel cable ties industry are taking advantage of the rapidly increasing demand for Stainless Steel Cable Ties. To further their outreach, players are relying on collaborations, partnerships, and acquisitions with existing small, medium and large-scale providers. Some prominent market developments are as follows:
- In 2021, HellermannTyton announced the launch of its new stainless steel cable tie product line, the MBT-S series, which is designed for use in harsh environments and is resistant to weather, chemicals, and UV radiation.
- In the same year, Panduit Corp. expanded its line of stainless steel cable ties with the release of its new MLTFC Series Heavy Duty Cable Ties, which are designed to provide a strong, reliable hold in extreme temperature and harsh environment applications.
- In 2020, Thomas & Betts (ABB Installation Products Inc.) introduced a new line of stainless steel cable ties that feature a patented locking mechanism, making them easier to install and providing a stronger, more secure hold.
- In the same year, Avery Dennison Corp. launched a new range of stainless steel cable ties, the SST series, which are designed for use in harsh environments and feature a smooth surface to prevent damage to cables and hoses.
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Global Stainless Steel Cable Ties Market: Segmentation
Type
- Roller Balls
- Ladders
- Releasable Cable Ties
- Coating
- Coated Stainless Steel Cable Ties
- Uncoated Stainless Steel Cable Ties
End-use Industry
- Automotive
- Electronics
- Telecom
- Construction
- Others (Industrial, Energy, Mining, etc.)
Distribution Channel
- Direct
- Indirect
- Online
- Offline
Regions
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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