Nylon Cable Ties Market Overview to 2023
Over the review period of 2017 to 2023. North America accounted for the largest share of around 35% driven by the presence of established plastic industry. The U.S. was a major revenue generating country in North America and has generated an overall revenue of USD 22.6 million as of 2016. Although, Asia Pacific emerged as the fastest growing region at 5.34% CAGR, and it is expected to overtake North America in terms of market share over the forecast period. Based on application, electronics & electrical was the most promising segment accounted for largest global share of 26% and growing at steady CAGR of 4.02%.
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Nylon Cable Ties Market– Top 10 Global key Players & Their Strategy
Some of the key players operating in the global nylon cable ties market are
- Ascend Perfomance Material (U.S.),
- 3M (U.S.),
- Hellermann Tyton (U.K),
- Thomas & Betts Corporation (U.S.),
- Changhong Plasctoc group (China),
- Yueqing huada Plastic (China),
- HONT Electrical Co. Ltd (China),
- KSS (Taiwan)
- American Elite Molding (U.S.)
According to the MRFR analysis, the global Nylon Cable Ties market was valued at USD 102.3 million and it is projected to reach USD 135.7 by 2023, expanding at significant CAGR of 4.24%. Some of the growth driving factors identified in this marker are wide application area of nylon cable ties and significant demand from the emerging economies of Asia Pacific. Nylon application scope covers automotive, construction & building, electronics & electrical, consumer goods, agriculture, industrial, and other aspects, and it is increasing due to the ease offered by nylon cable ties in each industry.
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The Nylon Cable Ties market is fragmented on the basis of type, application, and region. On the basis of type, the market is divided into nylon 6, nylon 6, 6 and others. Market segmentation based on application includes electronics & electrical, building & construction, automotive, agriculture, consumer good, industrial, others. On the basis of region, global market has been spanned across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa
Apart from the North American Domination over global market, Asia Pacific region has seen growing at highest CAGR as of 2016. Automotive and construction industries in this region are on the rise and have been contributing to the economic conditions over the years. Apart from this, progressive demand for nylon cable ties from the dynamic economies of this region such as China, India, and Japan is another important factor propelling the growth of this market. Collectively Asia Pacific accounted for 29%, by expanding at 5.34% CAGR and is likely to overtake North America in terms of market shares during the assessment period. Europe held a considerable market share as of 2016, although, the market growth seen in this region is relatively higher. Germany, Russia, Belgium and the U.K are the key regional markets of Europe driving the growth in this region.