The global cable ties market size is expected to grow by USD 1.48 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. As per Technavio, the impact can be expected to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth. Request a free sample report
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Technavio has announced its latest market research report titled Global Cable Ties Market 2020-2024 (Graphic: Business Wire)
The emergence of metal detachable cable ties is expected to drive the cable ties market growth during the forecast period. Metal detectable cable ties are primarily designed for use in the food and beverages and pharmaceutical processing industries. These cable ties are integrated with metal, which allows them to be identified through X-ray inspections, metal detectors, and magnets. Metal detachable cable ties have improved traceability and visibility that helps avoid potential contamination risk in the industries. If a small part of a cable tie falls into the product, it can be easily detected during further processing. These cable ties are available in either polypropylene material or nylon.
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As per Technavio, the use of recycled material for cable ties will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Cable Ties Market: Use of Recycled Material for Cable Ties
Sustainability of cable ties is one of the important factors among enterprises in the electrical and electronics industry, which is one of the leading end-users of the market in focus. The adverse impact of non-recyclable materials on the environment has encouraged enterprises to opt for cable ties made of recyclable materials as it also helps them comply with national and international environmental protection guidelines. Recycled nylon is one of the most suitable forms of material for cable ties. It reduces the dependency on new nylon that is derived from a non-renewable resource such as petroleum. This is encouraging vendors to offer cable ties made of recycled material while maintaining the demand for high-quality products as well as a tangible commitment to environmental protection.
“Factors such as the incorporation of RFID with cable ties, and the rise of custom cable ties will have a significant impact on the growth of the cable ties market value during the forecast period,” says a senior analyst at Technavio.
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Cable Ties Market: Segmentation Analysis
This market research report segments the cable ties market by geography (APAC, North America, Europe, South America, and MEA) and end-user (electrical and electronics, retail goods, construction, food and beverages, and others).
The APAC region led the cable ties market share in 2019, followed by North America, Europe, South America, and MEA respectively. During the forecast period, the APAC region is expected to register the highest incremental growth due to factors such as the increasing demand from industries such as construction, food and beverages, and electrical and electronics; and the increasing investments in the 5G network in the region.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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