As per the latest study conducted by Market Research Future (MRFR), the Stainless-steel cable ties industry is projected to exhibit a compound annual growth rate of 3.12% during the forecast period. Demand for stainless-steel cable ties has grown consistently in recent years. Advances in engineering designs have paved the way for cable ties. Over the years, demand for cable ties has increased among various large-scale industrial verticals. Industries such as transportation, construction, and oil & gas have emerged as major consumers of cable tires.
The innate nature of stainless steel makes it an apt raw material for making cable ties. In some engineering designs, cable ties play a pivotal role, influencing the overall operational capability of the object. So, they need to be highly efficient and robust. They are used for zipping wires in locomotives, trucks, cars, and motorcycles. At the same time, their application has also increased chemical, mining, etc. Wiring is a necessity in most of the verticals mentioned above where stainless-steel cable ties industry is used for tying wires. Such cable ties ensure that wires remain in place even during sudden movements or bumps. Also, it is important for wires to stay at their denoted position for avoiding accidents and hazards, especially is places such as refineries and oil rigs.
Rapid industrialization and urbanization in emerging economies are also providing an impetus to the global market for stainless-steel cable ties. Owing to their high durability and dexterity, cable ties will continue to cater to a large number of industrial domains in the forthcoming years.
Competition Tracking:
MRFR in its report has mentioned some top companies operating in the global market for stainless-steel cable ties, which include Panduit, Heyco, Advanced Cable Ties Inc., HellermannTyton, Tridon Australia, NSi Industries, LLC, Dot Group International, ABB, Norma Group, and Essentra PLC.
Market Segment:
The report includes a thorough segmental analysis of the market on the basis of application, type, and region. By application, the market has been segmented into coated stainless-steel cable ties and uncoated stainless-steel cable ties. The latter currently accounts for more than 56% share of the market. In 2017, the segment stood at a valuation of over USD 101,500 thousand. The segment is expected to remain highly lucrative throughout the assessment period. The price of the uncoated variant is lower compared to a coated variant, which is the primary reason behind the difference between the market size of both segments. However, the coated Stainless-steel cable ties industry segment is projected to exhibit a comparatively higher CAGR during the assessment period. By application, the market has bees segmented into marine, chemicals, mining, construction, oil & gas exploration, transportation, electronics, and others. The transportation segment currently accounts for close to one-third market share and is expected to witness a 3.42% CAGR till 2023. In addition, the segment is likely to surpass a valuation of USD 78,900 thousand by the end of the assessment period. More than 43,588 thousand units of stainless-steel cable ties were consumed in 2017. In transportation, cable ties find fastening and fixing applications. The marine segment is expected to hold the second spot throughout the forecast period.
Regional Analysis:
The market has been covered across regions such as Europe, Latin America, the Middle East & Africa (MEA), North America and Asia Pacific (APAC). APAC is expected stay at the forefront of the global Stainless-steel cable ties industry during the forecast period. The region currently accounts for over 40% market share. In 2017, the APAC Stainless-steel cable ties industry reached a valuation in excess of USD 74,100 thousand. In APAC, emerging economies such as China and India are expected to remain important investment destinations for market players.
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