Nylon Cable Ties
Market Highlights:
Commenting on this report, an analyst from Market Research Future (MRFR)’s team said, global Nylon Cable Ties market was valued at USD 102.3 million in 2016 and is predicted to grow at low CAGR of 4.24% to reach USD 135.7 million by the end of 2023. As per the industry experts, the market is expected to grow significantly in the coming years due to low entry barriers linked with low initial investment to start production cost. Consumer goods sector comprises the diverse applications; for plastic goods. Therefore, the industry also offers equivalent application scope for nylon cable ties and is has sets its increasing consumption. Nylon ties provide high ease during the use as well as convenience and it is suitable for the range of applications in FMCG sector. Hence, the industry could be an important consumer of nylon ties over the forecast period.
Segment Analysis:
The global nylon cable ties market is segmented into type, application, and region. Market segmentation based on type includes nylon 6, nylon6, 6 and others. Entire specialty nylon cable ties market is categorized under others segment and are preferred rarely. Nylon 6 segment dominated the global market and is accounted for 58.23% global shares in 2016. Price effectiveness of nylon 6 over nylon 6, 6 is one of the factor favored for the demand of nylon 6. Naturally, nylon 6 exhibit relatively greater proper tiers that nylon 6 such as abrasion resistance, better bending fatigue and retention of properties on repeated use. Due to which the overall adoption of nylon 6 has been seen increasing and resulting into market domination. Nylon 6, 6, the second largest segment held substantial shares and it is expected to progress in terms of market share in the coming years. This is due to specificity of nylon 6, 6 cable ties in specialized applications.
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Competitive Landscape:
The most prominent major market key players in the nylon cable ties market in the global market are as follows:
- Ascend Performance Material (U.S.)
- 3M (U.S.)
- Hellermann Tyton (U.K.)
- Thomas & Betts Corporation (U.S.)
- Changhong Plasctoc Group (China)
- Yueqing Huada Plastic (China)
- HONT Electrical Co. Ltd (China)
- Partex (Sweden)
- KSS (Taiwan)
- American Elite Molding (U.S.)
Furthermore, on the basis of application the global market has been segmented into electrical & electronics, building & construction, agriculture, automotive, consumer good, industrial, and others. The major purpose of nylon cable ties is to tie cables together, thus, electronics and electrical industry is a prominent end use industry. The industry dominated global nylon cable ties market and acquired 26% of the global market growing at 4.02% CAGR. Automotive, agriculture, construction and consumer goods are the important end users of nylon cable ties and are contributing equally to the global demand. Consumer goods specifically, is emerging as the largest consumer after electrical and electronics, on account of customized as well as diverse range of applications demanded by this industry. This industry is expanding at 4.94% CAGR as of 2016, which is the third highest growth noted after electrical & electronics and agriculture industry in this market.
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Regional Analysis:
The global nylon cable ties market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. According to the MRFR analysis, North America was the most promising region in terms of consumption as of 2016. The region has accounted for the largest market share of 35% followed by Asia Pacific at 29%. Proximity to raw material and presence of established plastic industry are the key factors behind the growth of this region. The U.S. is majorly driving the growth in the North America nylon cable ties market. Moreover, increasing construction repair activities across the North America region encouraging the overall demand. Along with this, infrastructural development is also expected to drive the regional demand over the forecast period.
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Market Dynamics:
Drivers:
The nylon cable ties market is expected to grow tremendously in the global market owing to the increase in demand for nylon cable ties in the automotive and construction industries boost the growth of the nylon cable ties market in the global market. Moreover, the use of nylon cable ties in industrial equipment and machines improves the efficiency of arrangement which accelerates the growth of the nylon cable ties market in the global market.
Opportunities:
With the increasing demand for nylon cable ties market in the global market, it provides various growth opportunities in the nylon cable ties market in global market. The introduction of metal detectable nylon cable ties is expected to provide growth opportunities in the nylon cable ties industry during the forecasted period. Also, the use of nylon cable ties in farming, electrical gadgets, customer merchandise, and building and development gives enormous opportunities to grow in the nylon cable ties market.
Restraints:
The nylon cable ties market is increasing at an increasing rate but some factors restrict the growth of the nylon cable ties market in the global market. Plastic is the main ingredient for manufacturing nylon cable ties and increasing regulations on the use of plastic hinders the growth of the nylon cable ties market. Moreover, the increasing price of oils is another factor that hampers the growth of the nylon cable ties market.
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Value Chain Analysis:
The nylon cable ties market is growing tremendously in the global market as it has various benefits which add value to society. The nylon cable ties are flexible tape which provides more efficiency as it can be removed or loosened, and even can be reused. With the increase in foreign direct investment in various Asian countries, the nylon cable market is expected to grow more during the forecasted period.
Market Segmentation:
The nylon cable ties market in the global market has been divided based on the type, product, application, and region.
Based on the Type:
The nylon cable ties market in the global market has been divided based on the type into Nylon6,6, Nylon 6, and many others.
Based on the Product:
The nylon cable ties market in the global market has been divided based on the product into PA66 cable ties, PA6 cable ties, and many others.
Based on the Application:
The nylon cable ties market in the global market has been divided based on the application into building and construction industry, automotive industry, agricultural industry, electronics and electrical industry, consumer goods industry, and many other industrial sectors.
Based on the Region:
The nylon cable ties market in the global market has been divided based on the region into the Middle East and African region, Latin American region, North American region, European region, Asia-Pacific region.
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