Global stainless-steel cable ties market is projected to exhibit a compound annual growth rate of 3.12% during the forecast period (2018-2023). The market is likely to surpass a valuation of USD 220,900 thousand by 2023-end. More than 124,157 thousand tons of stainless-steel cable ties were shipped globally in 2017. They have emerged as an important component in modern engineering designs. Demand for stainless-steel cable ties has also increasing due to their growing application prospects. They cater to a diverse range of industrial domains and are likely to remain a sought-after product throughout the assessment period. In addition, development of RDIF integrated cable ties is expected to open new windows of opportunities for market players in the near future.
MRFR’s 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.
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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 is most of the verticals mentioned above where stainless-steel cable ties are 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 is 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 a large number of industrial domains in the forthcoming years.
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 cables ties. The later currently accounts for more than 56% share of 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 uncoated variant is lower compared to coated variant, which is primary reason behind the difference between market size of both the segments. However, the coated stainless-steel cable ties 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 expected to witness 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 stainless-steel cable ties were consumed in 2017. In transportation, cable ties find fastening and fixing applications. The marine segment is expected to hold second spot throughout the forecast period.
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MRFR enforces a variety of research methods, carefully selected to create a research model which takes the best perspective for market analysis. To ensure high accuracy, information is retrieved from primary methods such as first-hand interviews with industry decision makers. This is then substantiated and analyzed by secondary research methods such as annual reports, SEC filings, and others. Ensuring transparency and dedication to provide trustworthy market reports, experts integrate top-down and bottom-up approaches into the research model. This enables estimations and validation of various crucial market figures. These market figures are then used for providing consistent analysis along with mission-critical insights.
- Market Denomination- USD Mn
- Base Year- 2017
- Forecast Period- from 2018 to 2023
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 market during the forecast period. The region currently accounts for over 40% market share. In 2017, the APAC stainless-steel cable ties market 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.