Cable Tie: Introduction
- Cable ties need to be able to meet the most diverse demands, as they are used in a wide range of operations – from the simple bundling of cables with cable ties to specific use of cable ties under extreme conditions. Cable ties are known by many different names such as wire tie, zipper tie, wire wrap, hose tie, rat belt, and mouse belt.
- Cable tie is economical and versatile option for cable/wire bunching. It is produced and sold in different sizes as per requirement of customers. Cable tie is a one-piece molded mechanism with no metal barbs or burdensome wedges having fastening & self-locking device.
Key Drivers and Restraints of Global Cable Tie Market
- Cable ties are easily available with wide variety of products due to the modest industrial process. They require comparatively smaller investments for the establishment of production units. There are limited entry obstacles for new entrants; as a result, local manufacturers are dominant across the globe. The market for cable ties is led by durable and lightweight materials. Rise in demand for cable ties in developing economies, and increase in production and demand for electronics and automobiles are boosting the cable tie market.
- Cable ties carry certain disadvantages such as environmental concerns related to disposal. Varying global crude oil prices are also adversely impacting the cable tie market.
Cable Tie: Product Type Segment
- Based on product type, the cable tie market can be segmented in releasable cable tie, non- releasable cable tie, beaded cable tie, push mount cable tie, rising hole cable tie, identification cable tie, and heat stabilized cable tie
- Volatility in raw material prices and high competition in the market are expected to affect profit margins of manufacturers. Cable tie manufacturers are expected to expand their geographical reach in order to obtain consumers from niche markets and decrease their dependency on the third-party suppliers. Numerous regional cable ties vendors are offering modified solutions at lesser prices than international vendors in order to expand their presence in the global cable tie market. New vendors entering the cable tie market find it difficult to compete with the international cable tie vendors based on factors such as quality, features, functionalities, and services.
Covid-19 Impact on Cable Tie Market
- On January 30, 2020, the International Health Regulations Emergency Committee of the World Health Organization (WHO) declared the Coronavirus disease (COVID-19) outbreak a public health emergency of international concern. Originating in China, the virus has spread to at least 213 countries and territories around the world.
- Several governments and private sector businesses are operating at a limited capacity or have ceased operations completely due to recent events surrounding the COVID-19 pandemic
- Manufacture of various consumer goods and other products across the globe has come to a halt due to the unavailability of raw materials, shortage of labor, etc. This is expected to hamper the cable tie market.
Asia Pacific to Dominate Cable Tie Market
- Based on region, the global cable tie market can be classified into North America, Latin America, Europe, Middle East & Africa, and Asia Pacific. Asia Pacific is expected to dominate the global cable tie market during the forecast period. It is anticipated to be followed by North America. Europe and the North America together constitute more than 50% of the global cable tie market share. The market in Middle East & Africa, followed by that in Latin America, is slated to witness significant growth during the forecast period.
- Some countries in Asia Pacific are inclined toward increase in construction activities and industrial development. This is likely to augment the demand for cable tie in the next few years. Thus, emerging and developed countries are expected to gain significant share of the cable tie market in the next few years. Additionally, sales of cable ties in Asia Pacific and Middle East & Africa are projected to increase significantly in the near future.
Key Manufacturers Operating in Global Cable Tie Market
Major players have prominent presence in developed and developing countries. Key manufacturers operating in the global cable tie market include:
- ACT Fastening Solutions
- Bay State Cable Ties
- Bontley Electric
- Acme Seals Group Of Companies
- Avery Dennison
- Brand IT-IDEX Inc.
- Helllarmanntyton Ltd.
- Novoflex Marketing Pvt. Ltd.
- Panduit Corporations
- Partex Marking Systems
- RS Components
- Thomas & Betts Corporation
Global Cable Tie Market: Research Scope
Global Cable Tie Market, by Product Type
- Releasable Cable Tie
- Non-releasable Cable Tie
- Beaded Cable Tie
- Push Mount Cable Tie
- Rising Hole Cable Tie
- Identification Cable Tie
- Heat Stabilized Cable Tie
Global Cable Tie Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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