New York, USA, March 04, 2021 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global nylon cable ties market is anticipated to surpass $248.5 million by the end of 2026, from a considerable market size of $126.4 million by 2018, at a significant CAGR of 8.4% during 2019-2026 timeframe. The all-inclusive report offers numerous facets such as the present scene of the market, market dynamics, growth factors, obstacles, and forthcoming opportunities in the analyzed period.
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Factors Impacting the Market Growth
The nylon cable ties market is expected to rise during the forecast period due to the massive usage of nylon cable ties in construction and automobile industries. Moreover, some benefits associated with nylon cable ties such as low costs, easy to use, anti-corrosive aspect, and high strength are estimated to boost the market growth during the forecast period. However, factors like legislations on plastic usage and high oil costs are predicted to hinder the market growth during the analyzed time period. On the other hand, latest innovations such as metal detectable nylon cable tie with flammable 94-HB is projected to create opportunities in the market in the upcoming years.
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Nylon 6, 6 Sub-Segment to be the Most Lucrative
Nylon 6, 6 sub-segment is anticipated to cross $72.1 million by 2026, at a healthy CAGR of 8.1% during the forecast period. The sub-segment market growth is attributed to certain features of nylon 6, 6 such as ratcheting mechanisms, temperature resistance, high strength, and toughness.
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Electronics & Electricals Sub-Segment to be the Most Profitable
The electronics & electrical sub-segment is expected to generate a revenue of $73.3 million during the forecast period. Nylon cable ties are useful in the electronics sector because they compile cables during electrical installation, thus boosting the sub-segment market growth. Apart from this, rise in the demand for IT goods, consumer electronics, and auto electronics is estimated to promote the sub-segment market growth during the forecast period.
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Regional Analysis
The North American nylon cable ties market is estimated to gather a significant revenue of $74.9 million by 2026, at a substantial CAGR of 8.8% during the forecast period. Presence of leading market players in the region and exponential growth of electrification products, robotics & motion, and transport & infrastructure is projected to bolster the market growth during the forecast period.
Key Players and Recent Developments
1. 3M
2. Ascend Performance Materials
3. Changhong Plastics Group Imperial Plastics Co., Ltd.
4. ABB Installation Products Inc.
5. Hont Electrical Co., Ltd.
6. KSS
7. American Elite Molding
8. Partex Marking Systems
9. Hellermann Tyton
10. YUEQING HUADA PLASTIC CO., LTD.
These market players are focusing on building launching of new items, business collaborations & tie-ups, robust product portfolios, and financing research and development. These strategies are aiding the market participants is gaining an upper hand in the global market. For instance, in November 2020, Southwire, manufacturer of wire & cables, declared the acquisition of AEM (American Elite Molding), a manufacturer of nylon cable ties in American.
Apart from this, the market report also summarizes various facets of all the prominent players functioning in the market such as SWOT scrutiny, financial lookout, newest developments, current strategic plans, and varied product portfolios. Click Here To Get Absolute Top Companies Development Strategies Summary Report
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