Cable tie is a form of fastener for holding items together mainly electrical cables or wires. It is also known as wire tie, rat belt, steggel tie zap strap, mouse belt, hose tie, and counting zip tie. The common cable tie usually made-up of nylon has stretchy tape section with teeth that connect with pawl in the head to form a ratchet. It can be used to binding the object with the strong firm base. The cable tie can also be used for to tie ends of the any object or cable.
According to study, “Global Cable Tie Market Size study, by Type (Release Cable Tie, Non-Release Cable Tie, Beaded Cable Tie, Push mount Cable Tie, Mounting Hole Cable Tie, Identification Cable Tie, Heat Stabilized Cable Tie, Others), by Application (Automobile, Consumer Goods, Construction, Agriculture, Others) and Regional Forecasts 2018-2025” some of the major companies that are currently working in the global cable tie market are Advanced Cable Ties Inc., Novoflex Marketing Pvt. Ltd., Band-It-Idex Inc., Rs Components, Panduit Corporation, Partex Marking Systems, ACT Fastening Solutions Bay State Cable Ties, Thomas & Betts Corp., ABB Ltd., Cable Tie Express, Power Product, Acme Seals Group of Companies, Sapiselco, Bontley Electric, CODA Resources, All States Inc., Avery Dennison, Hellermanntyton Ltd., 3M Corp., Surelock. Due to the increasing need for product identification, cable tie producers are focusing on introducing innovative or pioneering solutions in the market.
Based on the product, the cable tie market is segmented into push mount cable tie, release cable tie & non-release cable tie, mounting hole cable tie, heat stabilized cable tie, beaded cable tie, identification cable tie and others. Based on raw material market is defined as polypropylene cable tie, metallic cable tie, nylon 6-6 cable tie, tefzel cable tie and others cable tie raw material (ectfe or halar, PVC, polyethylene, peek & acetal). Based on the channels, the market can be split into distributor and direct sales. In addition, based on the application, market is breakdown into automobile application, construction application, consumer goods, electronic & electrical and agriculture application and others.
The global cable tie market is mainly driven by ease of availability & wide range of products (owing to simple manufacturing process), rising demand of durable & light weight materials, low cost compared to metal & alloy products and growing demand from electronics. Apart from advantages, few of the restraining factors are volatility in raw material prices and environmental concern related plastic products. In addition, some of the major opportunities are limited entry barrier for new entrants and emerging markets like China, India & Thailand. Moreover, some of the new trends of cable tie market include augmenting demand for efficient cable ties, innovative bio-polymer cable ties and RFID enabled cable ties.
The Asia-Pacific region holds the maximum share in terms of value of the market, globally. North American & European region is also probable to reveal higher growth rate or CAGR over the anticipated period 2018-2025. In the near future, it is estimated that the global cable tie market to grow at a higher CAGR owing to the increased demand from developing economics.
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Ankur Gupta, Head Marketing & Communications