Nylon Cable Ties Market Overview to 2023
According to the MRFR analysis, the global Nylon Cable Ties market was valued at USD 102.3 million and it is projected to reach USD 135.7 by 2023, expanding at significant CAGR of 4.24%. Some of the growth driving factors identified in this marker are wide application area of nylon cable ties and significant demand from the emerging economies of Asia Pacific. Nylon application scope covers automotive, construction & building, electronics & electrical, consumer goods, agriculture, industrial, and other aspects, and it is increasing due to the ease offered by nylon cable ties in each industry. In addition to this, price economic nature of the nylon cable ties also led to its bulk purchases among price sensitive consumers and is complementing global demand.
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Global Top 10 Key Players:
Some of the key players operating in the global nylon cable ties market are Ascend Perfomance 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), and KSS (Taiwan) and American Elite Molding (U.S.)
Global Nylon Cable Ties market is projected to reach USD 135.7 million by 2023, expanding at a CAGR of 4.24%. over the review period of 2017 to 2023. North America accounted for the largest share of around 35% driven by the presence of established plastic industry. The U.S. was a major revenue generating country in North America and has generated an overall revenue of USD 22.6 million as of 2016. Although, Asia Pacific emerged as the fastest growing region at 5.34% CAGR, and it is expected to overtake North America in terms of market share over the forecast period. Based on application, electronics & electrical was the most promising segment accounted for largest global share of 26% and growing at steady CAGR of 4.02%.
Increasing FDI (foreign direct investment) in Asian economies is resulting into strengthening the industrialization as well as economic developments. China is undergoing major industrial reforms followed by India, which has together generated stronger demand for nylon cable ties, thereby resulting into industrial expansions. On the other hand, instability in the crude oil prices along with governmental regulations pertaining to the use of plastic products is restraining the growth of this market. The trend is forecasted to continue over the assessment period of 2017-2023 as well. Nylon cable ties do not require high initial capital investment to set up production facility, and therefore the market could see penetration of large small scale enterprises in the coming years in order to enjoy the profitability offered by this market. It altogether is expected to provide great growth prospects for nylon cable ties.
The global nylon cable ties market has been spanned across major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America was the most promising region for nylon cable ties as of 2016. The region has accounted for largest market shares of 35%, growing at moderate CAGR of 3.35%. Established plastic industry in this region is the major reason behind the domination of North America over global market. The U.S. emerged as key regional market in North America and has generated largest revenue of USD 22.8 million with highest CAGR of 4.38%.
Apart from the North American Domination over global market, Asia Pacific region has seen growing at highest CAGR as of 2016. Automotive and construction industries in this region are on the rise and have been contributing to the economic conditions over the years. Apart from this, progressive demand for nylon cable ties from the dynamic economies of this region such as China, India, and Japan is another important factor propelling the growth of this market. Collectively Asia Pacific accounted for 29%, by expanding at 5.34% CAGR and is likely to overtake North America in terms of market shares during the assessment period. Europe held a considerable market share as of 2016, although, the market growth seen in this region is relatively higher. Germany, Russia, Belgium and the U.K are the key regional markets of Europe driving the growth in this region.
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The Nylon Cable Ties market is fragmented on the basis of type, application, and region. On the basis of type, the market is divided into nylon 6, nylon 6, 6 and others. Market segmentation based on application includes electronics & electrical, building & construction, automotive, agriculture, consumer good, industrial, others. On the basis of region, global market has been spanned across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa
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