The Australia & New Zealand Nylon Cable Ties Market is Expected to Reach $18.7 Million by 2027

According to a new report published by Allied Market Research titled, “The Australia & New Zealand Nylon Cable Ties Market by Type and Application: Country Opportunity Analysis and Industry Forecast, 2020–2027,” the Australia & New Zealand nylon cable ties market size was valued at $10.7 million in 2019, and is projected to reach $18.7 million by 2027, growing at a CAGR of 8.7% from 2020 to 2027. Nylon cable tie is a type of fastener, which is made using nylon material and known for fixing elements. These ties are initially launched by Thomas & Betts with the brand name Ty-Rap and Panduit strap in the U.S. There are other cable types available in the market, which include steel and plastic cable ties, but nylon-based ties showcase additional benefits at a relatively lower price.

The Australia & New Zealand nylon cable ties market is witnessing significant adoption of nylon cable ties, owing to rise in demand for nylon cable ties as compared to other cable ties. Nylon cable ties were initially launched to harness wires in the airplane; however, their convenient use has led to their usage in electronics and electricals, automotive, building & construction, agriculture, and range of other industries. This is the primary growth driver in the Australia & New Zealand nylon cable ties market. Since these cable ties are made from nylon material, they exhibit high tensile strength and excellent flexibility, similar properties are further imparted to cable ties to offer superior performance. Furthermore, market players are adopting merger and acquisition as their key market strategies to explore possible growth opportunities in this market. For instance, ABB Ltd acquired a major player in this market, i.e., Thomas Betts, who is currently working to develop flexible reusable nylon cable ties. On the other hand, stringent regulatory outlook on the use of single-use plastic and fluctuations in crude oil prices are some of the other factors that restrain the growth of this market.

On the basis of type, the nylon 6 segment dominated the Australia & New Zealand nylon cable ties market by accounting for the highest revenue in 2019, owing to the rise in demand for nylon 6 cable ties for bundling, packaging, animal identification, and other applications in the region. In addition, nylon 6 cable ties are least expensive; therefore, consumers mostly purchase mass quantity of this cable ties type, which in turn is anticipated to increase the demand for nylon 6 cable ties during the analyzed time frame.

On the basis of application, the electronics & electrical segment dominated the Australia & New Zealand nylon cable ties market by accounting for the highest revenue in 2019, owing to the increase in electronics & electrical production, rise in demand for high-end as well as advanced electronics products, and increased adoption in data centers. In addition, rise in building and construction of offices, residential buildings, hotels, and others is expected to drive the demand for cables and wires, which in turn is anticipated to fuel the growth of the nylon cable ties market during the analyzed time frame.

On the basis of country, the nylon cable ties market size is analyzed across two major countries such as Australia and New Zealand. Australia registered the highest market share in the nylon cable ties market in2019, owing to increase in demand for nylon cable ties from various applications including electronics & electrical, automotive, building & construction and others in this country.

ABB, Ltd., Aero Manufacturing Australia Pty. Ltd, APTIV PLC, Electrocomponents plc, Essentra plc, MATelec Australia, NPA PTY LTD, PINPAK, Sunlec International Pty. Ltd., and 3M are the key players included in the report. Other players operating in the value chain include LAPP Australia, DKSH, Advanced Cable Ties, Inc., Panduit, and others.

COVID-19 impact on the market

The Australia & New Zealand nylon cable ties market is anticipated to witnessing sluggish growth for the year 2020, owing to the outbreak of the COVID-19 pandemic. The outbreak has negatively impacted various industries across the country. In addition, ongoing projects from various industries such as construction, energy, manufacturing, and others are on hold or cancelled, which has affected the sales of equipment and materials used in it. This further resulted in restraining the growth of the nylon cable ties market till the effect of pandemic reduces. Rapid vaccination across the countries is expected to lower the effect of pandemic by the end of second quarter of 2021.

Thus, it is estimated that step-by-step end of the lockdown and rapid vaccination will boost the economy, which in turn is expected to fuel the nylon cable ties market in Australia and New Zealand in the upcoming year.

Key Findings Of The Study

• By type, the nylon 6 segment emerged as the key leader by acquiring around 63.8% market share in 2019, and is anticipated to be the largest market during the forecast period.
• By application, the electronics & electrical segment emerged as the key leader by acquiring around 33.1% market share in 2019, and is anticipated to be the largest market during the forecast period.
• Australia is the major consumer of nylon cable ties market as compare to New Zealand. It accounted for around 87.15% of the total market share in 2019.
• On the basis of growth rate, the nylon 6,6 segment registered the highest CAGR of 9.1% in the Australia & New Zealand nylon cable ties market during the forecast period.