The global cable tie market is estimated to witness optimistic growth during the forecast period. Rapid industrialization across emerging countries is primarily encouraging the market growth. The growth in industrialization has witnessed in the emerging countries coupled with the increasing government initiatives to promote industrialization and the growing presence of multinationals in the country. For instance, made in China (MIC) 2025 is a Chinese government initiative which was introduced in May 2015. The initiative includes a series of ambitious state-backed programs launched by the government of China. This is intended to modernize the Chinese economy, leverage productivity and make innovations that are a major driver for the country’s economic growth.
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Moreover, the Government of India introduced Make in India initiative to foster the investment and improve the manufacturing practices in the country. This initiative is aimed at transforming India into a manufacturing hub. As a result, the government is focusing in increasing foreign direct investment (FDI) and India’s GDP share from the manufacturing sector. To make India an attractive investment destination is the goal of Make in India program and the progress in this context has been witnessed over the years. For instance, as per International Brand Equity Foundation (IBEF), Andhra Pradesh (an Indian State) has attracted Foreign Direct Investment (FDI) equity inflows worth $18.5 billion during the period April 2000 to March 2019.
In January 2019, the state had 19 operational special economic zones (SEZs) across diversified sectors which comprise footwear and leather products, textiles and apparel, pharma, IT, SEZs and food processing. The state has separate acts for the development of food processing, electronic hardware and solar power. This represents government focus to increase industrialization, which in turn, is contributing to the rising number of industries in these countries and thereby driving the growth of the global cable tie market. Cable ties have a significant role in the manufacturing industry, owing to its flexibility, functionality and durability properties. Some industries such as pharmaceutical and food production companies require a lot of packing and shipping which may go through metal detectors and scanners to look for contraband, primarily during shipping out of the country.
Safeguarding contents are required in these industries; therefore, a significant number of packages are sealed with metal detectable cable ties. The adoption of a specific cable tie is witnessed for easier management during transportation. Cable ties not only secure shipments; however, metal detectable mounting pads enables to reduce damage and movement during transportation. Moreover, stainless steel cable ties have been used to facilitate installation and eliminate ties. Several manufacturing tasks are performed by using simple cable tie. Tagged or color-coded cable ties supports to facilitate locating, loading and unloading tasks easier. Storing and bundling wires and cables reduces the risk of accidents while operations and secure shipments. Therefore, rapid growth in manufacturing operations would likely to drive the growth of the global cable tie industry.
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Global Cable Tie Market Segmentation
By Material
- Nylon
- Metal
- Others (Fluoropolymer)
- By Product
- Releasable
- Non-Releasable
- Beaded
- Push Mount
- Mounting holes
- Identification
- Heat Stabilized
- Others (Reusable and UV Resistant)
By Application
- Electronics and Electricals
- Automobile
- Consumer Goods
- Construction
- Others (Agriculture)
(This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.)
