Global Cable Tie Market 2022-2028

Global Cable Tie Market 2022-2028

Global cable tie market value was $3.7 billion in 2021 and is anticipated to grow at a substantial CAGR of 8.0% during the forecast period. Cable ties are fasteners that bundle cables and wires together to keep them organized and help to prevent their damage. The major factors driving the market growth include rapid industrialization. The trend towards industrialization has been witnessed at a global level, coupled with the increasing government initiatives to promote industrialization. The initiative includes a series of ambitious state-backed programs launched by the Government of China. This is intended to modernize the Chinese economy, leverage productivity, and make innovations that are a major driver of the country’s economic growth.

Impact of COVID-19 Pandemic on Global Cable Tie Market

During COVID-19 all industries were closed due to strict government rules due to which the production and construction work was also stopped which led to a decrease in the use of cable ties. During the COVID-19 pandemic, the cable tie market witnessed a downfall globally due to a shutdown in production and decreased demand for finished products.

Segmental Outlook

The global cable tie market is segmented based on the material type, product type, and application. Based on the material type, the market is segmented into nylon, metal, and others. Based on, the product type the market is sub-segmented into the releasable, non-releasable, beaded, push mount, mounting holes, identification cable tie, heat stabilized cable tie, and others. Further, based on application, the market is sub-segmented into electronics and electrical, automobile, consumer goods, construction, and others. Among these, the application segment is expected to cater to considerable growth over the forecast period due to the increasing use of cable ties in consumer goods.

The Construction Sub-Segment is Expected to Hold Prominent Share in the Global Cable Tie Market

The construction industry has been significantly contributing to the market growth, owing to the significant rise in the demand for commercial and residential buildings coupled with rapid urbanization across emerging countries. The rise in the demand for commercial buildings is primarily attributed to government initiatives to encourage small and medium enterprises (SMEs). This, in turn, is contributing to the rising number of SMEs across countries. For instance, the Construction Products Regulation (CPR) is an EU regulation for installation cables that classify cables according to their fire performance. This result in the emerging demand for cable tie that binds electrical wires and cables together and consists of metallic, non-metallic, and composite materials. Additionally, in 2021, Finolex Cables launch conduit pipes for the construction industry.

Regional Outlooks

The global cable tie market is further segmented based on geography including North America (the US, and Canada), Europe (Italy, Spain, Germany, France, and Others), Asia-Pacific (India, China, Japan, South Korea, and Others), and the Rest of the World (the Middle East &Africa, and Latin America).The market can be analyzed for a particular region or country level as per the requirement.

The Asia-Pacific Region is Expected to Hold Prominent Share in the Global Cable Tie Market

Rising demand for renewable energy installations and a significant number of data centers are driving the market growth in the region. According to the International Renewable Energy Agency (IRENA), China, already the world’s largest market for renewable added 136 GW last year with the bulk coming from 72 GW of wind and 49 GW of solar.Major capacity increases in China (49 GW) and Viet Nam (11 GW). Japan also added over 5 GW and India and the Republic of Korea both expanded solar capacity by more than 4 GW. This, in turn, is contributing to the growth of the global cable ties market that can withstand exposure to fluctuations in solar and heat radiations. Cable ties that are weather-resistant will support to organization and assemblies between panels and inverters as well as provides better environmental resistance.

Market Players Outlook

The major companies serving the global Cable Tie market include 3M Co., ABB Ltd., Cable Ties, Inc., Panduit Corp., HellermannTyton Pvt. Ltd., and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. Clariant International Ltd. has a wide range of product portfolio; with which it serves innovative products to a wide range of end customers, such as automotive, agriculture, and packaging.