Global nylon cable ties market projected to garner $248.5 million revenue by 2026

Research Dive states that the global nylon cable ties market is likely to register a revenue of $248.5 million by 2026, at a CAGR of 8.4% during the forecast period from 2019 to 2026. The all-inclusive report provides a brief summary of the current market scenario comprising major aspects of the market such as growth factors, restraints, challenges, and numerous growth opportunities. The report also provides all the market estimations making it easier as well as helpful for the new participants to get better idea of the market.

Nylon Cable Ties Market Dynamics
As per the analysts of Research Dive, the significant usage of nylon cable ties in automobile and construction sector due to its versatile properties such as high strength and low price are the major factors anticipated to accelerate the growth of the global nylon cable ties market over the forecast period. Besides, continuous innovations in nylon cable ties such as metal detectable nylon cables are projected to create huge growth opportunities for the nylon cable ties market in the estimated timeframe. However, the higher oil prices and the legislations & regulations on plastic may restrict the market growth in the coming years.

Nylon 6 Sub-segment to Hold the Largest Market Share
By type, the nylon 6 sub-segment accounted for $79.5 million in 2018 and is predicted to account for the majority of market share over the forecast period. This growth is majorly due to the extensively increasing adoption rate of nylon 6 cable ties in agriculture, automobile, construction, and electronics & electrical industries.

Electronics & Electricals Sub-segment to Observe Significant Growth
By application, the electronics & electricals sub-segment is predicted to garner a revenue of $73.3 million by 2026 and witness lucrative growth during the analysis period. The nylon cable ties are mostly preferred for the electronics and electrical sector since they provide help during electric installation. Besides, the growing demand for IT products, consumer electronics coupled with auto electronics are expected to drive the sub-segment growth in the nylon cable ties market.

North America Region to Dominate in the Industry
By region, the North America nylon cable ties market is projected to garner a revenue of $74.9 million and observe prominent growth over the forecast period. The dominant growth of the region can be attributed to the presence of leading market players such as Thomas & Betts Corporation and 3M in the U.S. In addition, the enormous growth in electrification products, robotics and motion, and transport & infrastructure in the North America region is anticipated to drive the growth of the nylon cable ties market. Globe Newswire