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.
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.
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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.
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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.
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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