New York, USA, July 06, 2022 (GLOBE NEWSWIRE) -- According to the latest report published by Research Dive, the global nylon cable ties market is expected to gather a revenue of $248.5 million by 2026, growing at a healthy CAGR of 8.4% in the 2019-2026 timeframe. This holistic report puts forward a brief overview of the current framework of the nylon cable ties market including its cardinal aspects such as growth drivers, growth opportunities, and restraints and hindrances during the forecasted period of 2019-2026. All the necessary and essential market figures are also provided in this report to help new entrants analyze the market with ease.
Dynamics of the market:
Drivers: The growing demand for nylon cable ties from various industrial sectors, due to the availability of colored cable ties for color coding and the reusability offered by these cable ties, is expected to be the primary growth driver of the nylon cable ties market in the 2019-2026 timeframe. Along with this, versatile properties offered by nylon cable ties such as high strength and low price are predicted to take the market forward.
Opportunities: Recent inventions in the nylon cable ties manufacturing sector such as development of metal detectable cable ties is predicted to offer huge growth opportunities to the market in the forecast period. Additionally, the broad range of requirements met by nylon cable ties has increased their demand from various industries, which is predicted to create numerous investment opportunities in the market.
Restraints: Regulations on plastic usage, however, may prove to be a hurdle in the growth of the nylon cable ties market during the analysis timeframe.
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Segments of the Market:
The report has segmented the nylon cable ties market into certain segments based on type, application, and region.
Type: Nylon 6 Sub-segment to be the Most Lucrative
By type, the nylon 6 sub-segment is predicted to be the most dominating sub-segment of the nylon cable ties market and is expected to gather a revenue $153.8 million by 2026. The growing adoption of nylon 6 cable ties in various sectors such as automobile manufacturing, construction, etc. is expected to be the primary growth driver of the sub-segment in the forecast years.
Application: Electrical & Electronics Sub-segment to be the Most Profitable
By application, the electrical & electronics sub-segment is projected to have a dominant market share and register a revenue of $73.3 million by 2026. Wide usage of nylon cable ties in the electronics and electrical industry, due to the help they offer in complication related to electrical wires and bundles during electrical installation, is predicted to become the leading reason behind the growth of this sub-segment.
Region: Market in North America Region to Grow Substantially
By regional analysis, the nylon cable ties market in North America region is expected to grow handsomely and is predicted to gather a revenue of $74.9 million by 2026. Presence of major market players of the nylon cable ties manufacturing industry, along with growing expanse of robotics and industry infrastructure in this region is anticipated to become the leading growth contributor to the market.
Prominent Market Players:
Some of the prominent players in the nylon cable ties market are
- Ascend Performance Materials
- Hont Electrical Co., Ltd.
- Hellermann Tyton
- Changhong Plastics Group Imperial Plastics Co.,Ltd.
- 3M
- KSS
- UEQING HUADA PLASTIC CO., LTD
- American Elite Molding
- ABB Installation Products Inc.,
- Partex Marking Systems
These players are adopting numerous business strategies like mergers, acquisitions, and collaborations to gain a leading position in the global market.
For instance, in December 2020, Sowthwire, a leading manufacturer and supplier of building wire cables, announced the acquisition of American Elite Molding, a leading nylon cable ties manufacturing company. With this acquisition, Southwire has consolidated its position as one of the leading players of the nylon cable ties market and is projected to continue on this growth trajectory in the coming years. Inquire here before buying the full report
Finally, the report also summarizes many crucial aspects of the market including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments.
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