Wire And Cable Jacket Material Market to Garner $8.3 Billion, Globally, By 2031 at 6.27% CAGR, Says Allied Market Research

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Jul 04, 2022, 09:40 ET

PORTLAND, Ore., July 4, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Wire And Cable Jacket Material Market by Temperature Rating (200°C to 250°C, 250°C to 300°C, 300°C Above), by Material Type (Polyetheretherketone, Polyimide, Polytetrafluoroethylene, Perfluoroalkoxy, Others), by End Use (Aerospace and Defense, Subsea, Artificial Lift System, Power Generation, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031." According to the report, the global wire & cable jacket materials industry was estimated at $4.6 billion in 2021, and is expected to hit $8.3 billion by 2031, registering a CAGR of 6.27% from 2022 to 2031.

Determinants of growth-

High demand for wire & cable materials due to advancements in material science and introduction of new types of wires in accord with applications across various industrial domains drive the growth of the global wire & cable jacket materials market. At the same time, developments in R&D activities has created an array of opportunities for the key players in the industry.

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Covid-19 Scenario-

The ban on export and import along with the disrupted supply chain impacted the wire & cable jacket materials market negatively.
The demand for wire & cable jacket materials witnessed a decline from industries such as aerospace, and power generation. However, the market has now gotten back to track.

The perfluoroalkoxy segment to retain the lion's share-

By material type, the perfluoroalkoxy segment held the major share in 2021, garnering nearly one-third of the global wire & cable jacket materials market. This is owing to the fact that PFA provides strong chemical resistance, in addition to excellent temperature ratings. The polymide segment, on the other hand, is projected to cite the fastest CAGR of 6.89% throughout the forecast period.

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The aerospace and defense segment to dominate by 2030-

By end-use, the aerospace and defense segment contributed to the lion's share in 2021, holding nearly one-third of the global wire & cable jacket materials market. Aircraft to military applications require ruggedized cable assemblies to form a highly reliable network backbone. These jacket materials can be specially designed to protect all signal transmissions from external thermal, chemical, mechanical, and environmental stressors. These factors propel the segment growth. The artificial lift system segment, however, is anticipated to manifest the fastest CAGR of 6.96% from 2022 to 2031. This is attributed to the fact that artificial lift system is mostly used in the oil & gas industry, which requires wire and cable jacket material to perform at a high level in harsh environments.

Asia-Pacific held the major share in 2021-

By region, Asia-Pacific dominated in 2021, garnering more than one-third of the global wire & cable jacket materials market. The same region is also expected to cite the fastest CAGR of 6.61% throughout the forecast period. This is because the subsea industry is growing rapidly across the province.

Key players in the industry-

Calmont Wire & Cable Inc.
DuPont
Fluorocarbon Group
Galaxy Wire & Cable, Inc.
Evonik Industries AG
Habia Cable
Arkema S.A.
Groupe PolyAlto
OFS Fitel, LLC
3M

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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