According to a report published by Research Dive, the global nylon cable ties market is projected to register a revenue of $248.5 million at a CAGR of 8.4% during the forecast period (2019-2026), increasing from $126.4 million in 2018. The inclusive report provides a brief overview of the current scenario of the market including significant aspects of the market such as growth factors, challenges, restraints and various opportunities during the forecast period. The report also provides all the market figures making it easier and helpful for the new participants to understand the market.
Dynamics of the Market
Drivers: Nylon cable ties are used in different industries from construction to automobile and from agriculture to mechanical. Nylon cable ties are mainly used to secure industrial materials and heavy-weight products in the manufacturing industries. Some of the advantageous properties of the nylon cable ties include anti-corrosive property, low-cost, and higher strength, and durability. These are the major driving factor enhancing the growth of the market.
Restraint: One of the major restraining factor hindering the market growth is the government regulations regarding plastic usage.
Opportunity: Metal detectable nylon cables are likely to create many opportunities in the market during the forecast period.
Segments of the Market
The report has divided the market into different segments based on type, application, and regional outlook.
Type: Nylon 6 Sub-Segment Predicted to be the Most Profitable
Nylon 6 sub-segment accounted for $79.5 million in 2018 and is further expected to register a revenue of $153.8 million during the forecast period. The nylon 6 type tie is being adopted by many industries such as electronics and electrical, automobile, construction industries, and agriculture, fueling the growth of the segment.
Electronics & electricals sub-segment is expected to garner a revenue of $73.3 during the forecast period. The main reason behind this growth is the application of nylon cable ties in the electronics and electrical sector. These ties help in securing cables and wires during electric installation.
Regional Outlook: Asia-Pacific Expected to Lead the Market
Asia-Pacific is expected to generate a maximum revenue of $89.9 million by the end of 2026. The main attributor behind the growth of this market is the presence of most of the market players in this region alone. China and Taiwan are the two countries with highest revenue shares in the market. This is the reason behind the growth of the market in upcoming years. Globe Newswire