Wire & Cable Plastics Market Insulates Growth With 5% CAGR to Reach a Valuation of ~US$ 15 Bn by 2027: Transparency Market Research
Wire & cable plastics market remains on a steady positive trajectory to growth with a 5.0% CAGR between 2019 and 2027. The growing demand for flexible polyvinyl chloride or PVC in European region is expected to emerge as a major driver for growth
The rising demand for PVCs in Europe, Asia Pacific, and North America will largely be driven by growing demand for electrical equipment and appliances
The PVC material will reach 4700 kilo tonne output by end of 2022, according to TMR market estimates
Consumer electronics, and IT devices remain the largest end-segment in the market with a rising demand for soft and bendable PVC products
ALBANY, New York, March 3, 2020 /PRNewswire/ -- The wire and cable plastics market is expected to witness robust growth during 2019-2029 period. The growth will largely come from key sectors of telecommunications, and IT. The telecommunication segment expected to reach a value of US$1.7 bn in the wire and cable plastics market by 2027. The growth in the market is likely remain dominant in Europe region, which accounts for second-largest revenues globally.
Growing demand from Eastern Europe, mainly Russia is also a major positive for growth in the upcoming future. The Asia Pacific region, notable for its IT sector has witnessed some downfall in recent times, with a slowdown in growth of India, and China. According to TMR analysts, "China is witnessing a slowing demand for fiber optic cables which is expected to drive stiff competition in a fragmented market landscape globally during the forecast period."
Key Findings in the Wire & Cable Plastics Market Study
High voltage cables, and wires remains the most lucrative segment in the wire & cables plastics market. Their application in power transmission, and growing demand for thermosetting plastics, which can prevent leakage, will drive tremendous growth in the market.
The growing fragmentation in the market has made it essential to address the problems with plastic disposal. Currently, regional players account for 60% market share in the wire & cable plastics market.
Players in the wire & cable plastics market are adopting cost-effective disposable plastic solutions with the help of carbon nanotube electric cables.
5G will likely be a game-changer for players in the wire & cable plastics market. The growing demand for flexible fabrics, and rising complexity of electrical conductivity are key challenges for players in the wire & cable plastics market.
Building and construction will emerge as a key arena for growth driving new regions like Asia Pacific. Indian finance minister recently announced a package $1.4 trillion for infrastructure development in the country. The growing cost-effectiveness of wire and cable plastics, and their rising importance in construction sector will create more opportunities for growth.
Key Impediments for Wire & Cable Plastics Market Players
Busbar trunking systems are increasingly deployed to prevent potential damage from cables to foreign bodies. Their added costs, and harmful incidents over the years is a key factor restraining growth in the wire & cable plastics market.
Rising awareness about benefits of busbar trunking systems, and their specialised application for residential and commercial establishment will remain a major challenge for growth in the wire & cable plastics market.
Despite looming slowdowns in key economies of Asia Pacific region, the region will remain a highlight for growth during the forecast period. The growing urbanization, rising construction activity, and rising disposable income will ensure growth of the wire & cable plastics market during 2019-2029 period.
Additionally, the wire & cable plastics market will also witness significant growth in Middle East & Africa. Rising initiatives to upgrade existing infrastructure, and growing economic activity in the region will drive major opportunities for growth for players in the wire & cable plastics market. The demand will rise mainly from communications sector, light, and power sectors in the emerging regions.
Wire & cable plastics market growth in 30+ countries including US, Canada, Germany, United Kingdom, France, Italy, Russia, Poland, Benelux, Nordic, China, Japan, India, and South Korea. Request a sample of the study.
Solvay Group, Formosa Plastics, SABIC, BASF SE, and Arkema Group are some key companies operating in the wire & cable plastics market. The growing emphasis on technical innovations is a key strategy deployed by some key players like Formosa Plastics to drive growth. The emphasis on manufacturing PVC is also a major factor fuelling growth for large players in the wire & cable plastics market. New product launches, mergers, and acquisitions are also key strategies undertaken by major players to increase their market share.
Global Wire & Cable Plastics Market: Segmentation
Wire & Cable Plastics Market, by Material
Linear Low-density Polyethylene (LLDPE)
Low-density Polyethylene (LDPE)
High-density Polyethylene (HDPE)
Cross-linked Polyethylene (XLPE)
Others (Ultra-high-molecular-weight polyethylene [UHMWPE] and Medium-density polyethylene [MDPE])
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