Stainless-Steel Cable Ties Market by Type (uncoated stainless-steel cable ties and coated stainless-steel cable ties), By Application (transportation, oil & gas exploration, marine, chemicals, mining, construction, electronics, others) and Region (North America, Europe, Asia Pacific, The Middle East & Africa (MEA), Latin America) – Forecast till 2023
As per the latest study conducted by Market Research Future (MRFR), the global market for
will witness a CAGR of 3.12%. The market currently stands at over 124,000 thousand tons. Demand for stainless-steel cable ties has grown consistently in recent years. Advances in engineering designs has paved the way for cable ties.
Over the years, demand for cable ties have increased among various large-scale industrial verticals. Industries such as transportation, construction and oil & gas have emerged as major consumers of cable tire.
Competition Tracking of Top Key Players
- Advanced Cable Ties Inc.
- Tridon Australia
- NSi Industries, LLC
- Dot Group International
- ABB, Norma Group
- Essentra PLC
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.
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.
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