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."
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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.
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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.
Wire & Cable Plastics Market: Region-wise Analysis
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.
Wire & Cable Plastics Market: Competition landscape
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
- Polyethylene (PE)
- 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])
- Polyvinyl Chloride (PVC)
- Polypropylene (PP)
- Others (including Polyolefin, Polyvinylidene Fluoride (PVDF), Nylon, Chlorinated Polyethylene [CPE])
Wire & Cable Plastics Market, by Voltage
- Low Voltage
- Medium Voltage
- High Voltage
- Extra-high Voltage
Wire & Cable Plastics Market, by Type
- Flame Retardant
Wire & Cable Plastics Market, by End-use Industry
- IT & Telecommunication
- Building & Construction
- Aerospace & Defense
- Oil & Gas
- Power & Energy
Wire & Cable Plastics Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
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