The global nylon cable tie market registered a revenue of nearly $126.4 million in 2018 and is anticipated to grow at a 7.9% CAGR, surpassing $232.6 million by 2026. The market has witnessed a significant growth previously, but due to the unexpected COVID-19 outbreak, the market is predicted to decline in 2020 and witness growth in Q3/Q4 of 2022 till the end of forecast years, owing to rise in usage of nylon cable in various end use industries. This growth will be majorly driven by technological advancement; moreover, these ties are easy to use and provide protection against damage & short circuit in electronic components.
Due to the worldwide spread of the COVID-19, it is necessary to put light on how crisis is impacting the supply chain of various industries such as automotive, electronics, industrial, and, others. As per Electronic Components Industry Association (ECIA), it has been observed that there is huge impact on the electronic industry owing to complete stoppage on the delivery of electronic items by government since they are considered as non-essential items. Moreover, production of electronic components is not likely to progress due to shortage of logistics and workforce. Hence, manufacturers in the electronics components industry are facing the challenge of balancing the supply-demand chain. Besides, the market might witness a drift in product availability, as the manufacturers in China have completely shut down their operations. Our analysts have estimated the condition of nylon cable tie market during the COVID-19 outbreak, and have come to the following conclusions.
|Recovery By||Realtime BPS||*Estimated market Size, 2020,
|**Real Time market Size, 2020,
|8.4%||7.9%||Q3/Q4 2022||55||USD 147.8 Million||USD 96.1 Million|
* The numbers are estimated prior to the COVID-19 Pandemic in 2020
** The data will vary depending on upcoming developments announced by the operating players
KEY ASPECTS OF THE INDUSTRY
BOOMERS AND DECLINERS
Nylon cable is kind of fastener used for holding or tying the cables in an electronic component in order to provide safety against current leakage, damage, and short circuit. It make uses of various materials such as nylon 6 and nylon 6/6 that have the capability to survive in extreme conditions due to high tensile strength and high level of toughness. The nylon cable tie market has shown a significant growth over the years due to its increased number of applications in the end user industries. Majority sectors including IT, telecommunication, construction, infrastructure, healthcare, automobile, aerospace, maritime, and others, are the parent markets for nylon cable products. The use of cable trays, conduit, raceway, cable chains & reels, and other devices has shown a significant demand in the market due to their innovative characteristics and features.
The cable and wire market is incredibly diverse and broad. The direct end users for nylon cable market are IT, power, construction, and telecommunication with most common raw materials being copper, rubber, plastic, aluminum, and others. Raw material suppliers are spread across the regions with a wide range, which results in variation of prices. Due to ups and downs in the prices of raw material, the market becomes unpredictable and restricts the growth at some level. In addition, fluctuations in the crude oil petroleum prices and changes in government’s regulations in respect of usage of plastic in various end user industries are some of the factors that are expected to restrain the global nylon cable ties market growth.
The COVID-19 pandemic has impacted the nylon cable tie market. During this crisis, there has been rise in demand for remote monitoring devices in various industries in order to overview the operations/processes due to the shutdown, but at the same time supply of electronic components from the manufacturers is not possible due to shortage. This indicates that Coronavirus (COVID-19) has affecting the electronics design industry severely. The impact of the global pandemic is likely to have both short-term and long-term consequences. This can be used as an opportunity by electronic industry manufacturers to develop their business in a way to create a new normal for the future of businesses across the sector.
Nylon cable products are used in electronic devices or communication systems to avoid harmful situations. Nylon cable tie market experience negative impact during this crisis due to fluctuations of raw material prices. Plastic, rubber, copper, and aluminum are some of the most important raw materials required for the manufacture of nylon cable products, which are short in supply due to unavailability of logistics. The prices of these raw materials affect the value chain of the manufacturer including operation and procurement costs. Due to uncertainties in the raw material prices, the nylon cable market becomes unpredictable and experiences slowdown in the current scenario.
MANAGING SUCCESS AMIDST
THE PANDEMIC STRESS
The global nylon cable tie market will witness significant growth in the coming years and is anticipated to follow the trend until the end of the forecast period. The rapid growth is majorly attributed to the increased number of end use industries, rise in demand due to technological advancements. This market is expected to retain its growth after the control of the pandemic situation. Moreover, manufacturers are significantly making continuous improvements in cable products to develop enhanced security systems due to rise its usage in various sectors includes residential, commercial. Therefore, growing number of technologies in cable that resist the severe situation and maintain the pace of electricity offers lucrative opportunities to market.
Based on a recent study, manufacturers are witnessing surge in demand for nylon cable market. All above mentioned factors are significantly affecting the adoption of nylon cable tie and will impel the market growth after the COVID-19 outbreak. The IT & telecommunication sector is still on top and will continue to progress, provides an opportunity window for the nylon cable market. They are one of the leading sectors in the world that provide massive market for nylon cable tie. Two-thirds of the world is connected though the communication channels, where vast use of nylon cable products is seen. Cable trays, rack systems, IT infrastructure, data transmission, and other related applications are gaining popularity providing these sectors a growing market.
How can we help you?
Our group of skilled analysts provide a solution to help the companies to survive and sustain in this global pandemic. We support companies to make informed decisions based on our findings resulting from the comprehensive study by our qualified team of experts. Our study helps to acquire the following:
- Long-term and Short-term impact of Covid-19 on the market
- Cascading impact of Covid-19 on the Nylon Cable Tie Market , due to the impact on its extended ecosystem
- Understanding the market behaviour pre- and post-Covid-19 pandemic
- Strategic suggestions to overcome the negative impact on your business or turn the positive impact into an opportunity