Throughout the forecast period, the twist tie market is anticipated to register a CAGR of 5.5%. Twist tie sales are projected to increase from US$ 9.54 billion in 2022 to US$ 16.3 billion by 2032. Due to their affordability and ease of use, twist ties are likely to see an increase in sales as more people choose to use them for packaging and sealing purposes.
The rise in demand from the baking and confectionery industries has a major effect on the market share of twist ties worldwide. As a result, as demand for packaged fresh food increases, so will the demand for twist ties globally.
Twist tie is a strip of metal which is enclosed in a plastic or paper. It is generally used to tie the openings of bags such as bread bags, cellophane, trash or garbage bags. Twist tie is wrapped around the product which needs to be fastened and the end of twist tie are twisted together. Twist ties are available in the market as both pre-cut 4 inches, 5 inches or 6 inches length and in a large spool format.
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Twist ties are useful in various applications and cater to multiple industries including, food, electrical & electronics, automotive, consumer goods, cloths & apparels, and chemicals & fertilizers among others. Plastic or poly coated twist ties are far better than uncoated paper twist ties. As the former one possess water resistant capability. The outlook for the global twist tie market is expected to be positive during the next decade.
Twist Tie Market: Dynamics
The twist tie market is expected to expand on the backdrop of rising demand from consumer durables & electronic goods industry, food sector, and other industries. In the electrical & electronics industry, wires, chargers, earphones & headphones and other wired products are generally tied with a twist tie to keep them untangled. This factor is likely to drive the demand for the global twist tie market during the forecast period.
Also, twist ties are used in various grocery shops, shopping complexes and other places to tie the opening of bags filled with grains, pulses, and goods such as packs of bread and others. Twist tie machines are available in the market which helps in tying the openings of bags at the places where twist ties are used in large volume every day. Also, unlike other alternatives such as cable tie, wire tie or hose tie among others that it can be reused again and again. These factors are expected to propel the demand for the global twist tie market during the forecast period. Overall the global twist tie market is expected to witness positive growth prospects during the next decade.
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Regional Outlook
The Asian region is expected to lead the global twist tie market during the next decade. It is owing to rapid growth in industrialization and high growth in food, electrical & electronics industry in the region. China and India are anticipated to drive the growth of the twist tie market in the region. North America region is expected to fuel the global twist tie market.
It is attributed to the high demand of twist tie created by industries such as food, groceries and electronics among others. Similar trend is followed by European countries including Germany, Italy, France, the U.K., and Spain among others. In these countries, twist ties are mostly used in food and electronic sector. Here consumption of bread is very high, twist tie is employed to tie open mouth of bread bags.
This factor is expected to drive the growth prospects of the global twist tie market during the forecast period. MEA region is expected to witness average growth in the twist tie market during the forecast period.
Twist Tie Market: Key Players
Some of the leading players operating in the global twist tie market are:
- International Plastics Inc.
- Associated Bag
- ClearBags
- Bedford Industries
- Anchor Bag
- Leco Plastics, Inc.
- Save Ties
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macroeconomic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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Regions Included:
- North America
- Latin America
- Europe
- Middle East and Africa (MEA)
- East Asia
- South Asia
- Oceania
Twist Tie Market: Segmentation
Globally, the twist tie market has been segmented on the basis of material type, application, and end-use.
On the basis of material type, the global twist tie market has been segmented as:
- Metal
- Plastic
- Paper
On the basis of end use, the global twist tie market has been segmented as:
- Food
- Pharmaceuticals
- Chemicals & Fertilizers
- Consumer Durables
- Electrical & Electronic Goods
- Others
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