The cable ties market has grown consistently, projected to grow from $1.43 billion in 2023 to $1.52 billion in 2024 at a CAGR of 6.1%. Growth factors include the expansion of the electrical industry, telecommunications network growth, population increase, construction industry expansion, and applications in pharmaceutical processing and food and beverage sector
The cable ties market is expected to see strong growth, reaching $1.95 billion by 2028, at a CAGR of 6.4%. Growth factors include increased demand for data centers, renewable energy projects, cable ties for interior wiring, aerospace and automotive industry adoption, and general growth in industrial and infrastructure sectors.
Major Driver In The Cable Ties Market
The expansion of the construction industry is expected to boost the cable ties market. The construction sector includes residential, commercial, and industrial projects, driven by industrialization, urbanization, and sustainable practices. Cable ties provide practical and efficient solutions for organizing and supporting various construction needs. In November 2023, the Office for National Statistics reported a 15.8% increase in new construction work output in 2022, reaching a record value of $166,236.25 million. Therefore, the expansion of the construction industry is contributing to growth in the cable ties market.
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Cable Ties Market Competitive Landscape
3M Company, ABB Installation Products Inc., KSS Enterprise Co. Ltd., Avery Dennison Corporation, Legrand S.A., ITW Construction Products Inc., Ascend Performance Materials LLC, RS Components Ltd., HellermannTyton Corporation, Panduit Corporation, Hont Electrical Co. Ltd., BAND-IT Inc., Advanced Cable Ties Inc., Atlas Metal Industries Inc., SapiSelco S.r.l, MEGATRON Elektronik GmbH & Co. KG, Yueqing Huada Plastic Co. Ltd., AFT Fasteners Inc., Novoflex LLC, Partex Marking Systems Ltd., SureLock Technology LLC, Changhong Plastics Group, Ananta Impex Private Ltd., Rujuta Corporation
Key Cable Ties Market Trend
Companies in the cable ties market are developing metal-detectable cable tie compounds for safety and compliance in industries like food processing and pharmaceuticals. In September 2023, Ascend Performance Materials launched Vydyne PA66 metal-detectable compounds for cable ties. These compounds can detect even small metal fragments as small as 1 mm using X-ray techniques, simplifying the production process while ensuring food safety and reducing contamination risks.
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Global Cable Ties Market Segmentation
The cable ties market covered in this report is segmented –
1) By Type: Releasable Cable Ties, Non-Releasable Cable Ties, Push Mount Cable Ties, Beaded Cable Ties, Rising Hole Cable Ties, Identification Cable Ties, Heat Stabilized Cable Ties
2) By Raw Material: Metal, Nylon, Other Raw Material
3) By End-User Industry: Electronics And Electrical, Building And Construction, Automotive, Consumer Goods, Marine, Other End-User Industry
By Geography:The regions covered in the cable ties market report areAustralia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the cable ties market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The Cable Ties Global Market Report 2024 furnishes information about the global cable ties market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
