Growing: Statistics and Facts with COVID-19 Impact Analysis on the Global Nylon Cable Tie Market
Pune, New York, USA, November 18 2020 (Wiredrelease) Research Dive –:A Glance at the Market Scenario Before and After COVID-19 Pandemic:
A new report published by Research Dive deliberates the impact of COVID-19 pandemic on the global nylon cable tie market. Before the outbreak of the pandemic, the market was estimated to grow at a CAGR of 8.4% from 2019 to 2026. However, the sudden outbreak of the COVID-19 pandemic has given a downfall to the market. Analysts have estimated that the market will decline and register a CAGR of 7.8%, post-COVID-19 crisis. The market is expected to fall due to the stoppage of global industries to control the impact of the outbreak.
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Current Face of the Market during COVID-19 Crisis:
Previously, the market was estimated to garner a revenue of $147.8 million in 2020. However, in the present situation, i.e., in 2020, the market has managed to collect a revenue of $96.1 million. The entire world is shut down, and no business operations are permitted; this is creating a significant disruption on the global market and thus affected the growth rate. The major reasons for the decline of the market are the high costs of raw materials and the unavailability of logistics.
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Post COVID-19 Scenario of the Market:
According to analysts, the global nylon cable tie market is anticipated to observe a substantial decline in 2020, and the market is predicted to recover from the pandemic by Q3/Q4 2022 after the end of the COVID-19 crisis.
Owing to the growing use later of nylon cable ties in multiple sectors, whether residential or industrial, nylon cable tie key players are making continuous developments to improve security systems. Thus, an increasing variety of innovations deliver competitive business opportunities, withstanding the extreme situation and maintaining the speed of production. To conclude, it is expected that due to many other technological advances, the demand for nylon cable ties will expand as the pandemic passes.
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