The coronavirus outbreak has impacted the global nylon cable tie market in a negative way. This is because of the strict lockdowns and temporary shutdown of manufacturing and end-use industries. The market is likely to recover from the loss in the 3rd and 4th quarters of 2022. The leading players of the market are focusing on developing strategies to revive the market growth in the post-pandemic market.
New York, USA, Sept. 21, 2021 (GLOBE NEWSWIRE) -- According to a recent report by Research Dive, the global nylon cable tie market is forecasted to reach $ 232.6 million by the end of 2026 at a CAGR of 7.9%, increasing from $126.4 million in 2018. The comprehensive report provides a brief overview of the current scenario of the market, including other aspects such as dynamics of the market, growth and restraining factors, challenges, and opportunities during the forecast period. The report also offers the market figures, which makes it easier and more beneficial for the new participants to understand the real-time scenario of the market.
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Factors Impacting the CAGR Figures Pre and during COVID-19
The report reveals the real-time CAGR registered by the market during the pandemic. According to the report, the nylon cable tie market has recorded a CAGR of 7.9% during recent months, while it was estimated to be 8.4% in the pre-pandemic scenario. The main factor behind the declining state is the shutdown of manufacturing industries and shortage of essential raw materials for the production of nylon cable ties.
Factors Affecting the Market Growth
As per the report, increased number of end user industries and rise in adoption due to technological advancements are expected to greatly fuel the growth of the nylon cable industry, during the forecast period. On the other hand, volatile raw material prices and fluctuation in crude oil prices are likely to hamper the development of the global nylon cable tie market.
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Nylon 6/6 to be at the Forefront during the Projected Timeframe
By type, the report categorizes the market for nylon cable tie market into nylon 6, nylon 6/6, and others. Among these, the nylon 6/6 segment is expected to grab highest share of the market by collecting a revenue of $68.4 million in 2026 and growing at a healthy growth rate of 8.5% during the forecasted timeframe. This is mostly used in production that meets the UL 94V-2 flammability ratings.
Factors Impacting the Revenue before and after the Pandemic
According to the report, the real-time market size has been declined compared to the pre-COVID-19 estimations. The real-time market has generated a revenue of $96.1 million, while it was estimated to be $147.8 million in a pre-COVID analysis. During the coronavirus pandemic, restrictions and lockdowns were imposed to break the chain of infection. These restrictions led to supply chain disruption and temporary closure of various end use industries such as IT & telecommunication, automobile, construction, and aerospace. The closure of many of these industries resulted in decreasing demand of the nylon cable ties. These are the factors affecting the global nylon cable ties market during the pandemic.
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Key Market Players & Strategies
The leading players of the global nylon cable tie market include
Advanced Cable Ties
among many others. These players are working on developing strategies such as product development, merger and acquisition, partnerships and collaborations to sustain the market growth.
Post Pandemic Insights
As per the report, the global nylon cable tie market is expected to recover from the loss in the 3rd/4th quarter of 2022. However, with the expected 3rd and 4th waves of the pandemic, the restrictions on travel are not being lifted totally in many countries. It may extend the recovery period of the market even further. However, with the decreasing cases of Covid-19, the market has already geared up for growth in the post pandemic period. Moreover, the manufacturers are making significant developments in nylon cable tie production so as to enhance security of deliverables during storage and transportation. This factor will help the market to revive from the declining state post the pandemic.
In Addition, the report having some numorus point about the leading Business Manufactures, Like, SWOT analysis, Product Portfolio, Finanical Status - Inquire to Get access for Detailed Top Companies Development Strategy Report
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