Increase in prevalence of PMS, rise in awareness of PMS therapeutics, and surge in healthcare expenditure worldwide propel the growth of the global nylon cable ties market.
Allied Market Research recently published a report, titled, "Nylon Cable Ties Market by Type (Nylon 6, Nylon 6,6, and Others) and Application (Electronics & Electrical, Building & Construction, Automotive, Agriculture, Consumer Goods, Industrial, and Others): Global Opportunity Analysis and Industry Forecast, 2019–2026". According to the report, the global Nylon Cable Ties industry accounted for $129 million in 2018, and is anticipated to reach $253.6 million by 2026, registering a CAGR of 8.86% from 2019 to 2026.
Chief reasons for market fluctuations
Rise in prevalence of PMS, increase in awareness of PMS therapeutics, and surge in healthcare expenditure worldwide drive the growth of the global nylon cable ties market. However, poor demand in underdeveloped countries hampers the market growth. On the contrary, growth opportunities in emerging markets and higher number of unmet needs for the treatment of PMS are expected to create lucrative opportunities in the industry.
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The Nylon 6 segment dominated the market
Based on type, the Nylon 6 segment held the largest share in 2018, contributing to nearly two-thirds of the global nylon cable ties market. This is attributed to high adoption of nylon 6 cable ties in automotive, agriculture, electronics and electricals, and construction industries. On the other hand, the Nylon 6,6 segment is expected to register the fastest CAGR of 9.30% during the forecast period, owing to development in the industrial manufacturing sector, increase in the importance of efficient manufacturing practices, and rise in the trend of using self-locking cable ties.
Automotive segment to portray fastest growth by 2026
Based on application, the automotive segment is expected to register the fastest CAGR of 9.60% during the forecast period. The flourishing growth in automotive production to support ongoing demand and the requirement of custom car manufacturing drive the growth of the segment. However, the electronics & electrical segment dominated the global nylon cable ties market in 2018, accounting for more than nearly one-third of the market. Electronics and electrical is the primary application area for nylon cable ties where they are used to route busy cabling network. Therefore, increasing electronics and electrical production is expected to propel the growth of the segment.
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North America to manifest fastest growth
The market across the Asia-Pacific region is anticipated to register the fastest CAGR of 9.30% during the forecast period. The emerging concepts like single-person family in the U.S. is the prime factor driving the use of nylon cable in the construction industry. In addition, increase in construction repair activities boosts the growth of the retail management industry, and demand for high-end electronics appliances and devices drive the usage of nylon cable ties in this region. On the other hand, Asia-Pacific held the largest share in 2018, contributing to more than one-third of the global nylon cable ties market. This is due to the presence of established industries including automotive, building & construction, electronics, agriculture, and consumer electronics.
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Major market players
· ABB Ltd KSS
· Hont ELectrical CO Ltd
· Partex Marking Systems AB
· Ascend Performance Material
· Novoflex Marketing (P) Ltd
· HellermannTyton 3M, Inc
· YUEQING HUADA PLASTIC CO., LTD
· Changhong Plastics Group Imperial Plastics Co., Ltd
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