Wire and Cable Materials Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020 – 2030
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Wire and cable materials are products that are deployed in production of different wires and cables in various sizes which are then deployed in different end-use industries worldwide.
Wire and cable materials are mainly of two types-conductor material and insulation material. Conductor material comprises metals such as zinc, copper, gold, and aluminum while insulation materials are deployed to cover metal wires such as copper and aluminum.
Rising demand for electricity in several commercial and residential establishments in leading economies globally is the key growth driver for wire and cable materials market.
Few factors contributing hugely to surge in electricity demand include growing demand for digital connected devices, increasing consumer preference for air conditioning, and electrification of different transport services in prominent countries worldwide.
The global wire and cable materials market is expected to grow at a compound annual growth rate (CAGR) of 4.5% during the forecast period between 2021 and 2031. The global market valuation is estimated to reach U$209Bn at the end of the forecast period.
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Surge in Wires and Cables Demand for Electric Vehicle Production Augments Growth in Overall Wire and Cable Materials Market
Leading economies worldwide are looking to reduce emissions of greenhouse gases and other harmful pollutants and as a result, focusing on electric vehicle production. Growth in manufacturing of electric vehicle has increased the demand for wires and cables and in turn, stimulated growth in global wire and cable materials market.
Other factors such as rapid urbanization, especially in developing economies as well as rising disposable income have also contributed to growth of overall wire and cable materials market.
COVID-19 Pandemic Dents Growth in Global Wire and Cable Materials Market
The outbreak of COVID-19 pandemic negatively impacted growth in global wire and cable materials market. With rising cases globally, governments imposed stringent social distancing regulations and lockdowns in a bid to contain the spread of the virus.
This led to temporary or permanent shutting down of several manufacturing units across various end-use industries, thereby reducing the demand for wires and cables and in turn, lowering the wires and cables materials demand.
However, with most population sections double vaccinated and government approval given to use of third dose it is anticipated that manufacturing units would resume operations at close to full capacity soon, leading to increased demand for wires and cables as well as fueling the demand for wires and cables materials.
Construction end-use industry has emerged as largest contributor, in terms of revenue, to overall wire and cable materials market because of growing demand for electrical applications in both commercial and residential organizations in leading economies globally.
Asia Pacific Emerges as Maximum Revenue-generating Region in Overall Wire and Cable Materials Market, Europe Offers Profitable Growth Potential for Future
Growing usage of energy in various end-use industries such as household, construction, and transport in countries such as India and China has helped Asia Pacific emerge as dominant region in global wire and cable materials market.
Europe is expected to offer significant revenue-generating opportunities for prominent wire and cable materials market players in future because of surge in product demand from IT and telecommunication industries in countries such as UK and Germany.
Increase in data consumption in countries such as US and Canada is projected to help market growth in North America in future.
The competition in global wire and cable materials market is intense owing to presence of several prominent players. Some of these players include BASF SE, 3M, Celanese Corporation, and Dow.
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New Product Launches Could Offer Revenue-generating Opportunities for Leading Players in Future
Growth strategies such as new product launches could assist well-established market players create novel revenue-generating opportunities and help gain a competitive edge over other players.
R&D undertakings to produce improved quality of products could be key, revenue-generating growth strategy for leading market players in future.
The global wire and cable materials market is segmented as follows:
By Material
- Insulation Material
- Polyvinyl Chloride (PVC)
- Cross Linked Polyethylene (XLPE)
- Thermoplastic Polyurethane (TPU)
- Polyphenylene Ether (PPE)
- Polypropylene (PP)
- Polyethylene (PE)
- Others
By Conductor Material
- Copper
- Aluminum
- Others
By Application
- Coaxial Cable/Electronic Wire
- Fiber Optic Cable
- Low Voltage Energy
- Power Cable
- Signal & Control Cable
- Telecom & Data Cable
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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