According to a new report published by Allied Market Research titled, "Nylon Cable Ties Market by Type, Application, and Region: Global Opportunity Analysis and Industry Forecast, 2019–2026," the global nylon cable ties market was valued at $129.0 million in 2018, and is projected to reach $253.6 million by 2026, growing at a CAGR of 8.86% from 2019 to 2026.
Nylon cable tie is a type of faster, which is made of using nylon material and known for fixing elements. These ties are initially launched by Thomas & Betts with the brand name of 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 market at the global level is witnessing significant adoption of nylon cable ties, but lower prices associated with them are resulting in substantially moderate revenue generation as compared to other 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 global nylon cable ties market. Since these cable ties are made from nylon material that exhibits 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 on 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 factors that restrain the growth of this market.
Based on the type, the nylon 6 segment accounted for the largest market share of around 60% in 2018 and is anticipated to be the largest market during the forecast period. High adoption of nylon 6 cable ties in automotive, agriculture, electronics and electricals, and construction industries is the key factor that drives the growth of this segment.
Based on the application, the electronics and electrical segment accounted for the largest market share in 2018. Electronics and electrical is the primary application area for nylon cable ties where they are used to rout busy cabling network. Therefore, increase in electronics and electrical production is anticipated to offer lucrative growth opportunities to nylon cable ties market.
The major player studied and profiled in the global nylon cable ties market are ABB Ltd, KSS, Hont ELectrical CO., Ltd, YUEQING HUADA PLASTIC CO., LTD., Partex Marking Systems AB, Ascend Performance Material, HellermannTyton, 3M, Inc, Changhong Plastics Group Imperial Plastics Co., Ltd., and Novoflex Marketing (P) Ltd.
Key Findings of the Study:
- Based on the type, nylon 6 segment emerged as the global leader by acquiring more than 60% market share in 2018. Superior properties associated with nylon 6 cable ties and its cost-effective nature is mainly driving the growth of this segment.
- Based on application, electronics and electrical segment acquired around 30% market share in 2018 due to its increasing application in this industry.
- Asia-Pacific is the leader in the global nylon cable ties market with 36% market share in 2018 due to established nature of automotive, consumer goods, and electronics and electricals industries.
- Penetration of small-scale and mid-scale manufacturers is anticipated to provide lucrative growth opportunities to this market during forecast period.
- Stringent regulatory policies on plastic consumption is the major factor that hampers the adoption of nylon cable ties across the globe.