Stainless Steel Cable Ties Being Developed In-Sync with Current Industrial Requirements
Stainless steel cable ties are widely used in applications where protection from chemicals, corrosion, and weathering is required. Stainless steel cable ties have garnered significant popularity over the last decade, as they have time and again proven their efficacy in high-temperature and extreme environment applications. Stainless steel cable ties have emerged as an ideal solution for wire and cable management in applications across a range of industries, including automotive, industrial, electronics, petroleum & chemicals, aerospace, chemical processing, shipbuilding, construction, and transportation, among others. Market players operating in the stainless steel cable ties market are focusing on developing products that are in-sync with current industrial requirements, and thereby introducing new variations in designs.
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Companies in the stainless steel cable ties market are leveraging the growing presence of online platforms to improve sales and consolidate their market position. Further, companies are also laying emphasis on improving their manufacturing capacities. On the heels of the booming construction sector, high demand from the automotive industry, and a host of opportunities presented by online distribution channels, the stainless steel cable ties market is on course to grow at a steady CAGR of ~5% during the forecast period (2019-2027), and reach a value of ~US$ 670 Mn by 2027.
High Adoption of Roller Ball Stainless Steel Cable Ties Set to Continue
Out of the different types of stainless steel cable ties that are available, the roller ball type is set to assert its dominance throughout the predefined timeframe of the study. Roller ball stainless steel cables offer a high degree of strength and reliability, and are ideally used for offshore environments where corrosion resistance is critical. As these stainless steel cable ties are ideal for outdoor, indoor, and underground applications, the roller ball type is projected to account for ~82% market share by 2027.
Typically, 316 stainless steel is used to manufacture stainless steel cable ties, as this grade of steel is non-magnetic, austenitic, and cannot be hardened thermally. Moreover, 316 stainless steel consists of molybdenum, which further enhances the resistance of stainless steel cable ties against industrial solvents, chemicals, and chlorides. Ball-lock stainless steel cable ties are highly durable, and provide a long-term solution, which makes them cost-effective. As these cable ties can withstand vibrations that could potentially lead to abrasions, cracking, and breaking, they are increasingly being used in off-shore drilling rigs and applications in chemical processing plants.
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Market Players Eying Opportunities in Online Distribution Channels
Market players operating in the overly competitive stainless steel cable ties market are seeking different ways to improve their sales. The entry of new domestic players poses a major challenge for established players due to the relatively low-prices of products. While offline distribution channels continue to have a higher market share, online distribution channels are slated to gain significant popularity during the forecast period. Players in the stainless steel cable ties market are offering their products on various online platforms, including Flipkart, IndiaMART, AliExpress, and more. As these platforms enable companies to provide in-depth insights related to their products, online distribution channels are poised to generate ~US$ 220 Mn worth sales by 2027. Market players are expected to leverage the benefits of online distribution channels, including company-owned and e-Commerce websites, in the near future.
Product development activities are likely to gain limelight in the coming years, as manufacturers are focusing on developing products that meet the requirements of current industrial standards. The development of stainless steel cable ties with improved UV and chemical resistance that are ideal for bundling of power and network cables is expected to gain prominence among manufacturers.
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Analysts’ Viewpoint on Stainless Steel Cable Ties Market
Owing to the high concentration of prominent manufacturers in the stainless steel cable ties market, North America and Europe are at the forefront in terms of market share, technological advancements, and innovation. However, the flourishing construction sector in nations such as India and China, in the Asia Pacific region, will present stakeholders significant opportunities over the forecast period. Market players should focus on building strategic alliances with domestic players to expand their global presence and manufacturing capabilities in this region. Online distribution channels will provide market participants with an excellent platform to showcase their products in a better way. Growth in the number of petrochemical plants and oil refineries will open up new avenues for stainless steel cable ties market players in the near future.
Global Stainless Steel Cable Ties Market: Overview
- According to Transparency Market Research’s latest market report on the stainless steel cable ties market for the period 2019–2027 (wherein, 2019 to 2027 is the forecast period and 2018 is the base year), booming construction industry and growing automotive, electronics, and general industries are expected to drive the stainless steel cable ties market.
- Globally, revenue generated by the stainless steel cable ties market accounted for ~US$ 440 Mn in 2018, which is expected to expand at a CAGR of ~5% in terms of value throughout the forecast period.
Growing Automotive & Construction Industry: Key Driver of Stainless Steel Cable Ties Market
- According to the Bureau of Labor Statistics and Timetric’s Construction Intelligence Center (CIC), the construction industry is booming, and is projected to be the fastest-growing industry till 2020. The market is expected to reach almost US$ 1.2 trillion by 2020 at a projected growth of 4.5% over the forecast period. The U.S. population is expected to grow to 338 million by 2020 from 321.2 million in 2010, which is expected to further result in increasing residential housing and escalate residential construction growth over the forecast period. Growing infrastructure development activity is one of the major factors anticipated to drive the stainless steel cable ties market during the forecast period.
- Moreover, the automotive industry is projected to witness significant growth across the globe. This growth is attributed to the rise in manufacturing of vehicles, since automobile manufacturers are constantly developing drive-trains and more efficient engines to reduce fuel consumption, and are using emission-control technology to produce cleaner automobiles. China, India, and East Europe are projected to be emerging markets for the automobile industry. This is likely to increase the installation of stainless steel cable ties, worldwide, and become a driving factor for the global stainless steel cable ties market during the forecasted timeline.
Evolution in e-Commerce Industry: Opportunity for Stainless Steel Cable Ties Market
- Boom in e-Commerce industry has created huge opportunities for manufacturers and distributors of stainless steel cable ties across the globe. Producers and suppliers of stainless steel cable ties are focusing on selling their products on various e-Commerce websites in order to cater to a comprehensive range of customers across the world. Online shopping is expected to take precedence over offline modes of distribution in various industries in the near future.
- Large number of local manufacturers and distributors in emerging economies get significant opportunities from business to business (B2B) e-Commerce. These e-Commerce websites are providing an opportunity to producers and suppliers of stainless steel cable ties to expand their presence in different regions, and offer their wide and exclusive range of products to original equipment manufacturers (OEMs) and other end-use industries across the globe.
Rise in Trend of Offering Tailor-made Solutions: Key Trend of Stainless Steel Cable Ties Market
- Offering customized or tailor-made solutions as per requirements or needs of clients is a rapidly growing trend. Prominent manufacturers produce stainless steel cable ties to cater to the specific requirements of a particular industry. Certain brands manufacture products as per the requirements of automotive, electrical, ship building, and various other industries. These manufacturers produce stainless steel cable ties of different sizes, length, tensile strength, etc., as per the order placed by the clients.
- These factors are expected to bolster the growth of the global stainless steel cable ties market.
Fluctuating Cost of Raw Material and High Import Tariff to Hamper Growth of Stainless Steel Cable Ties Market
- Fluctuating prices of raw materials such as stainless steel impact the profit margins of manufacturing companies. In 2017, steel production across the globe reached 1.7 billion metric tons, out of which, almost half of the steel produced came from China. Steel prices have been increasing rapidly in China as compared to the global average price over the last few years. Chinese steel demand accounts for nearly 45% of global demand, and its exports accounted for 27% of world steel exports in 2017. This makes China the largest exporter of steel in the world. All these factors are projected to hamper the profit margins of manufacturers in the stainless steel cable ties market.
Stainless Steel Cable Ties Market: Competition Landscape
- Detailed profiles of manufacturers of stainless steel cable ties have been provided in the report to evaluate their financials, key product offerings, recent developments, and strategies.
- Key players operating in the stainless steel cable ties market include
- Norma Group
- HellermannTyton
- Panduit
- ABB Installation Products Inc. (Thomas & Betts Corporation)
- Essentra plc
- Tridon Australia
- Advanced Cable Ties, Inc.
- BAND-IT
- NSi Industries, LLC
- Heyco (Penn Engineering).
Stainless Steel Cable Ties Market: Key Developments
- Prominent manufacturers in the stainless steel cable ties market are increasing investments on research & development to undertake new innovations & enhancements of products to fulfill the needs of customers. Manufacturing companies are also planning to expand their product portfolios and presence in various geographies through mergers & acquisitions, and tie-ups with distributors and retailers.
Some other key developments in the stainless steel cable ties market are:
- Norma Group is planning to increase its market share through further localization, diversification of product portfolio, and selective value- added acquisitions to supplement organic growth.
- In August 2018, ABB declared that Thomas & Betts Corporation acquired ABB Installation Products, Inc. The company designs and manufactures products used to manage the connection, distribution, and transmission of electrical power in industrial, construction, and utility applications, globally.
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