According to latest research by Future Market Insights, Cable Material market is set to witness steady growth, expanding at a CAGR of 4-5% during 2021-2031. The power cables market is one of the fastest growing markets in the global cables market category. Demand for Cable Material will witness steady growth in short-term, with high potential growth opportunities in the long-run.
Demand from electrical industry will remain the backbone of the market, however new opportunities in the future will also come from sales in Telecom sector.
What is Driving Demand for Cable Material?
Rise in global population and increase in disposable income of consumers are key factors boosting the demand for residential homes and various other construction projects. This is estimated to propel the demand for power cable materials over the next few years.
Furthermore, increasing technological advancements in material sciences, improved synthetic insulating compounds which has been developed from thermoplastic, thermosetting and fluorocarbon materials. These materials are widely used for developing power cable insulation and jacketing. Thus, growing power cable usage is anticipated to fuel the market demand in the forthcoming years.
The developed countries are integrating wind and other renewable energies, and are expanding their power transmission and distribution networks to extent electrification to remote and rural areas. HVDC cables in the electrical transmission, LV cables for building and vehicles, and active fiber optic cable market in the telecom are huge areas for market growth.
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Power Sector to Propel Market Sales
Increasing demand for electricity in the emerging and developed countries, backed by increasing investment in infrastructure, is expected to drive the cables market globally.
Moreover, an intelligent cable technology has been developed that can analyze and record different parameters throughout the cable system. This technology is expected to make energy and data streams more secure and efficient that create a lucrative opportunity for the market in the upcoming years.
But the outbreak of the ongoing COVID-19 pandemic have a strong impact on the overall growth of the global cable materials market in 2020. The global market will grow at a sluggish rate in the year due to minimum industrial activity in several regions of the world, supply chain barriers, and restrictions on cross-border trade and transportation.
With closure of the automotive sector, delay in construction projects, and low demand from various end-use industries, the global cable materials market is expected to grow at a slow pace. However long term outlook remains stable given the strong demand from power infrastructure development.
US and Canada Cable Material Market Outlook
U.S. and Canada are expanding their existing renewable power generation plants to cope with the rapidly increasing power demand which, in turn, has created a significant need for power cables.
U.S. and Canada witnessed rapid increase in data consumption, which has resulted in investments by companies such as AT&T and Verizon in fiber optic network in the region. This factor is boosting the demand for cable materials in this countries.
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Increasing demand for electricity in the emerging and developed countries, such as China, India, Germany, the U.S. and the U.K., backed by increasing industrialization and urbanization and demand for LV cables is expected to drive the power cables market globally.
Asia Pacific Demand Outlook for Cable Material
Increase in demand from the ICT sector especially in China, India, Malaysia and high demand in intelligent systems and IoT are the key drivers of the telecom cables market.
Volatility in raw material prices and an increase in competition has created pressure on the manufacturers’ profit margin, due to which, some of the global players in the industry have shifted their production facilities to APAC region that facilitate low cost of manufacturing.
Asia Pacific holds a major share of the global cable materials market. Energy demand in Asia Pacific is projected to rise at a rapid pace during the forecast period with simultaneous increase in energy usage in sectors such as industry, transport, and household, and in newly electrified rural areas in countries of the region.
China accounts for almost 25% of the global primary energy consumption. Moreover, demand for housing among the middle-income group in India is expected to increase over the next few years. The Government of India is taking active steps to bridge the gap between demand and supply.
As per an estimate, every year, 2 million new housing units are built in urban areas, while 4.5 million units are built in rural areas of the country. These factors are likely to drive the wire and cable materials market in Asia Pacific during the forecast period.
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Who are the Key Manufacturers and Suppliers of Cable Material?
Some of the leading manufacturers and suppliers of Cable Material include
- Celanese Corporation
- BASF SE
- NITTO DENKO CORPORATION
- ITW Formex
- Elantas GmbH
- Nikkan Industries Co. Ltd
- Dr. Dietrich Müller GmbH
- Dr. Dietrich Müller GmbH
- Exxon Mobil Corporation.
Many leading manufacturers and suppliers have longstanding contracts with end-users to supply Cable Material. Further, many manufacturers are looking towards developing high performance materials which have increased chemical resistance and can withstand harsh environments.
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, macro-economic 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.
By Material Type:
By End Use Industry:
- Telecom/Datacom Cable
- Power Cable
- Ext & Int. Telecom
- Winding Wire
- Fiber Optic Cables
- LV energy
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years
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