Portland, OR, Sept. 29, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Cable Ties Market by Material Type (Nylon, Stainless Steel, and Others), by Product Type (Releasable Cable Ties, Ball Lock Cable Ties, Ladder Cable Ties, and Others), and by End-Use Industry (Automotive, Electronics and Electrical, Consumer Goods, Building and Construction, Marine, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032." According to the report, the global cable ties industry generated $1.4 billion in 2022 and is estimated to reach $2.5 billion by 2032, witnessing a CAGR of 6.4% from 2023 to 2032. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios.
Prime determinants of growth
The growth of the global cable ties market is driven by surge use of cable ties in numerous end-use industries such as electronics and electrical, automotive, consumer goods, and others. The availability of substitutes for cable ties is expected to hinder the growth of the cable ties market.
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Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2021 | $1.4 billion |
| Market Size in 2031 | $2.5 billion |
| CAGR | 6.4% |
| No. of Pages in Report | 286 |
| Segments Covered | Material Type, Product Type, End-Use Industry, and Region |
| Drivers | Increase in demand for cable ties from electronics, building and construction, and automotive industries. Rapid growth of the building and construction industry |
| Opportunities | Availability of substitutes |
| Restraints | Technological advancements |
The nylon cable ties segment dominates the market growth throughout the forecast period
Depending on the product type, nylon cable ties accounted for nearly three-fourths of the worldwide cable ties market. This segment is anticipated to rise at a noteworthy CAGR of 6.6%. 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 leading to the growth of the cable ties market.
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The releasable cable ties segment maintained its dominance during the forecast period
Depending on the product type, the releasable cable ties segment held the highest market share in 2022, accounting for nearly three-fifths of the global cable ties market. The key feature of releasable cable ties is their ability to be unlocked and reused without the need for cutting or replacing. This makes them more cost-effective and environmentally friendly compared to single-use cable ties.
The automotive segment is expected to dominate the market growth during the forecast period
Depending on the end-use industry, the electronics and electrical segment held the highest market share in 2022, accounting for around one-third of the global cable ties market. 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. The automotive segment, however, is anticipated to expand at a faster CAGR of 7.1% during the forecast years. Cable ties are extensively used to secure and bundle wiring harnesses within a vehicle. Wiring harnesses contain a complex network of wires and cables that power various electrical components in a vehicle, such as lights, sensors, and the engine control unit.
The Asia-Pacific region is expected to dominate the market growth during the forecast period
In terms of revenue, the Asia-Pacific region accounted for more than one-third of the global cable ties market in 2022, representing the biggest market share. The increasing use of cable ties in the automotive, consumer goods, and electronics industries has propelled the market growth in the region.
Leading Market Players: -
- ABB Installation Products Inc.
- AFT Fasteners
- Avery
- Dennison Corporation
- 3M
- Hellermann Tyton
- Panduit
- Novoflex
- Acme Seals Group
- Ascend Performance Materials
- Band-It IDEX In
The report provides a detailed analysis of these key players in the global cable ties market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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