LONDON--(BUSINESS WIRE)--Technavio’s latest report on the global tie gun market provides an analysis of the most important trends expected to impact the market outlook from 2017-2021. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
The demand for tie guns is increasing because of the availability of diverse types of cable ties concerning the material used and the applications. Thus, the demand for tools to fasten and cut these ties is also increasing. This is further advancing the growth of the global tie gun market. The cable ties are classified based on the materials that they are made of and on the applications, which they are used for.
Shakti Jakhar, a lead analyst from Technavio, specializing in research on packaging sector, says, “The global tie gun market is growing because of an increasing demand for metal-detectable cable ties. These cable ties are primarily used in industries like food and beverage and pharmaceuticals. The products manufactured in these industries are sealed with metal detectable cable ties, which prevent the goods from being contaminated.”
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The top three emerging trends driving the global tie gun market according to Technavio research analysts are:
- Rising industrial use of tie guns
- Growing e-commerce market
- Increasing demand for hand tools and power tools
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Rising industrial use of tie guns
With the construction industry exhibiting high growth globally, the demand for tie guns is increasing. This is because of the rising demand for tools in the construction sector. The global construction industry generated a revenue of more than USD 5 trillion in 2016.
“The tie guns are extensively used in the automotive industry. This is because of the extensive use of cable ties in applications such as car door assemblies and to cover the main circuit applications in a vehicle. The global tie gun market is growing because of the exponential increase in the automotive industry globally,” according to Shakti.
Growing e-commerce market
The global tie gun market is increasing because of the rapidly booming e-commerce industry for tie guns, which is again because of the presence of numerous online suppliers of cable ties. The growing number of online suppliers of cable ties is attributed to the growing e-commerce market.
With the presence of many online suppliers, it has become convenient for the various end-user industries to buy cable ties, which is further leading to the demand for tie guns. Thus, these factors will spur the growth of the global tie gun market.
Increasing demand for hand tools and power tools
The global tie gun market is growing because of an increasing demand for hand tools and power tools. This is because tie guns can be used as hand tools as well as power tools in industries. The global hand tools market generated a revenue of more than USD 9 billion in 2016 and will grow at a CAGR of more than 7% during the forecast period.
The growth in hand tools and power tools market is primarily because of the high growth in the construction industry, which is expected to grow at a yearly rate of more than 3% during the forecast period. With an increasing demand for both hand and power tools, the demand for tie guns will also increase.
The key vendors are as follows:
- Apex Tool Group (ATG)
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