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.
Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.
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