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The worldwide market for stainless-steel cable ties reached a value of USD 184,736.6 thousand in 2017 and is anticipated to achieve USD 220,990.5 thousand by 2023, growing at a rate of 3.12%. In volume terms, the global market was 124,157 thousand tons in 2017 and is predicted to experience a Compound Annual Growth Rate (CAGR) of 2.18% throughout the forecast period. The expansion of the global stainless-steel cable ties market is driven by various factors, including the increased utilization of these ties in transportation for securing exhaust heat wrap in motorcycles, trucks, automobiles, and railways. Additionally, their application has surged in the oil & gas sector, where they are used to tie electrical or communication cabling to cable trays in demanding environments at oil rigs and refineries. Furthermore, the recovery of the global economy and the swift industrialization in the Asia-Pacific region are anticipated to contribute to the growth of the global stainless-steel cable ties market.
The global stainless-steel cable ties market is categorized based on type, application, and region. Regarding type, the market is segmented into uncoated stainless-steel cable ties and coated stainless-steel cable ties. In 2017, uncoated stainless-steel cable ties held the larger market share by value at 54.9%, amounting to USD 101,503.0 thousand. This segment is anticipated to continue dominating with a value share of 54.6% by 2023, primarily due to its cost-effectiveness compared to coated stainless-steel cable ties. In terms of volume, uncoated stainless-steel cable ties reached 83,115 thousand units in 2017 and are projected to reach 93,461 thousand units by 2023. The market for coated stainless-steel cable ties was valued at USD 83,233.7 thousand in 2017 and is estimated to register a higher CAGR of 3.26% during the forecast period, reaching USD 100,340.6 thousand by 2023. The superior protection against corrosion and environmental conditions attributed to coatings is expected to drive increased demand.
Application-wise, the global stainless-steel cable ties market is segmented into transportation, marine, oil & gas exploration, chemicals, construction, mining, electronics, and others. The transportation segment held the largest market share by value at 35.1% in 2017, reaching USD 64,847.8 thousand. It is projected to exhibit the highest CAGR of 3.42%, reaching USD 78,939.7 thousand by 2023. In terms of volume, the market was sized at 43,588 thousand units in 2017 and is expected to reach 50,250 thousand units by 2023. Stainless-steel cable ties play a crucial role in fastening and securing the insulation board of automobile exhaust pipes, driveshaft dust covers, brake buses, airbags, water inlet/outlet pipes, and air pipes in vehicles. This application ensures effective sealing, safety, and reliability of pipelines, driving increased demand in the transportation sector.
Regionally, the global stainless-steel cable ties market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2017, Asia-Pacific held the largest market share at 40.2%, amounting to USD 74,185.1 thousand. The regional market is anticipated to maintain dominance, accounting for 41.1% by the end of 2023, with an estimated market value of USD 90,825.5 thousand. The rapid industrialization in the Asia-Pacific region is expected to be a key factor fueling the demand for stainless-steel cable ties during the forecast period.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Growth Rate | 3.12% |
Stainless Steel Cable Ties Market Highlights:
Stainless Steel Cable Ties Market Overview
Stainless-steel cable ties market is projected to exhibit a compound annual growth rate of 3.12% during the forecast period. Stainless steel cable ties have become indispensable in modern life due to their high strength, corrosion resistance, and ease of installation. They're also affordable and portable. They're great for wire management, bundling, securing cables, and hanging equipment because of their qualities. Compared to traditional plastic or rubber cable ties, stainless steel cable ties have various advantages. They're more durable, corrosion-resistant, and less difficult to install. This makes them perfect for applications requiring a high level of durability and strength.
Over time, stainless steel cable ties have become an essential component of modern engineering systems. As a result of their increased application options, their popularity has grown. The rise in their demand in the automobile industry, as well as the development of the mining and marine industries, are driving the worldwide stainless steel cable ties market forward. Europe is the largest shareholder in this market due to the availability of advanced technology and the presence of key cable tie manufacturers.
Synopsis:
This MRFR report includes a comprehensive analysis of the global stainless-steel cable ties market along with a five-year (2021-2030) revenue analysis. The report starts with an executive summary which act as preview for what is to follow. For market analysis, all the necessary parameters are considered and critically gauged. As a part of revenue analysis, market size both coated stainless-steel cable ties and uncoated stainless-steel cable ties is assessed. In also includes a comprehensive discussion of the wide application base of stainless-steel cable ties that covers construction, transportation, marine, chemicals, oil & gas exploration, mining, and electronics among others.
Companies Covered:
ABB, Tridon Australia, Dot Group International, Essentra PLC, Advanced Cable Ties Inc., HellermannTyton, NSi Industries, LLC, Norma Group, Panduit, and Heyco.
The stainless-steel cable ties market report offers insights into the leading market players and presents an assessment of their current market position. Company information with regards to revenue, segmental share, geographical income, SWOT, growth strategies, new product launch, M&A activities, and the latest R&D initiatives is also available in the report.
Research Methodology:
MRFR enforces a variety of research methods, carefully selected to create a research model which takes the best perspective for market analysis. To ensure high accuracy, information is retrieved from primary methods such as first-hand interviews with industry decision makers. This is then substantiated and analyzed by secondary research methods such as annual reports, SEC filings, and others. Ensuring transparency and dedication to provide trustworthy market reports, experts integrate top-down and bottom-up approaches into the research model. This enables estimations and validation of various crucial market figures. These market figures are then used for providing consistent analysis along with mission-critical insights.
Other Description
- Market Denomination- USD Mn
- Base Year- 2017
- Forecast Period- from 2018 to 2023
For the scope of the research, MRFR’s stainless-steel cable ties market report offers a comprehensive segmental analysis of the global market for stainless-steel cable ties
By Type
- Uncoated stainless-steel cable ties
- Coated stainless-steel cable ties
By Application
- Transportation
- Marine
- Oil & gas exploration
- Chemicals
- Construction
- Mining
- Electronics
- Others
By Region
- North America
- Europe
- Asia Pacific
- The Middle East & Africa (MEA)
- Latin America
Recent Development
Bharti Airtel has joined the SEA-ME-WE-6 undersea cable consortium in an effort to expand its high-speed global network capacity in order to service India's rapidly rising digital economy. Airtel has announced that it will be a "significant investor" in the SEA-ME-WE-6 cable system, anchoring 20% of the total investment in the line, which will go live in 2025. The SEA-ME-WE-6 consortium's other 12 members will connect Singapore and France, making it one of the world's largest undersea cable systems.
The BestNet Cable Cubby from Eurotech Technologies combines AV control, communication, and AC power. The table-top flush mount Cable Cubby enclosures provide continuous network, phone, VGA, microphone, HDMI output, USB, and 3.5 audio access. Where many, distributed table-top cable connections are required, the BestNet Cable Cubby enclosures are suitable for boardrooms, educational institutions, the hospitality industry, and big training facilities.
Intended Audience:
- Manufactures
- Aftermarket suppliers
- Potential Investors
- Regional Manufacturers’ Associations
- Plastics Scraps Suppliers
- Traders, Distributors, and Suppliers of Stainless-Steel Cable Ties
- Government & Regional Agencies and Research Organizations
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