Spools Market: Introduction
Wire & cables industry plays a vital role in shaping the world infrastructure. The global wire & cable industry is rapidly growing due to the emerging markets ramping up their digital infrastructure developments and developed world is renovating its age old infrastructure for power transmission & distribution and telecommunication. Wire & cable packaging industry witnessed changing trends during last few years. Safety issues such as fire hazards, damage of fibre optic cables etc. are demanding high-end sophisticated packaging for wire & cables. Spools or reels are the packaging products used to pack or bundle the cables or wires. Spools are a cylindrical round drum-shaped object to carry wires & cables. These are usually made of wood, metal, plastic and cardboard. The selection of the spool or reel depends on the diameter and load of the wire or cable intended to transport. Emerging markets like India, China, Russia, Mexico, Argentina, South Africa and Brazil are the target markets which spool manufacturers should focus on. TMR analysis shows that the market is projected to grow at a healthy CAGR with higher growth in emerging markets.
Spools: Market Dynamics
Growing trends of transforming traditional age old infrastructure to digital is driving the global wire & cables industry, which in turn drives the global spools market. Governments’ emphasis on digital infrastructure developments also influences the above mentioned factor. Growing safety concerns on fire hazards and breaking up of cables during transportation demands high durability and efficient spools. Shipping space optimization is the major concern of wire and cable industries face today. Spools with modern technology touch are addressing this aforementioned issue.
Growing demand for renewable energy sources such as solar and wind energy, where challenge is to efficiently store and transfer the power demands reliable, durable and efficient spools, which is driving the global spools market. Load weight optimization, where lightweight wooden, plastic or rigid cardboard spools are used to bundle the wire and cables. Materials used by many spool manufacturers are 100% recyclable, which reduces carbon footprint considerably, which is driving the growth of spools market. To reduce the packaging costs wire & cable industry manufacturers are started to use returnable spools, which is another driving force of the spools market. Unorganized spools market has a considerable market share in global spools market. Unorganized spools manufacturers lack skilled labours, infrastructure and technology, which is restraining the overall growth of the global spools market. Indian spools market is the hotspot among the emerging markets according to TMR analysis.
India spools market has a strong growth potential due to its rapidly growing infrastructure developments such as Make in India, Smart City and Sagarmala Projects. China is the second pick among emerging markets where it is investing heavily in China Pakistan Economic Corridor (CPEC) which is estimated to be more than US$ 50 billion project and One Belt One Road (OBOR). Adding to these developments, there are many other infrastructure developments going alongside in aerospace, electronics and semiconductor and automotive industries.
Spools: Market Segmentation
The global spools market is segmented on the basis of material type, technology and end use. On the basis of end-use, the global spools market is segmented into building & construction, power transformation & distribution, telecommunications, automotive, electronics & semiconductor, textile, and others. On the basis of material, the global spools market is segmented into wood, plastic, metal and cardboard. Wood and plastic together, are expected to dominate the overall global spools market, due to their lightweight and durability. Cardboard spools are used extensively in lightweight applications. On the basis of technology, the global spools market is segmented into returnable and non-returnable.
Spools: Regional outlook
Spools market has been segmented on the basis of region into North America, Latin America, Eastern Europe, Western Europe, Asia Pacific Excluding Japan (APEJ), Middle East & Africa (MEA), and Japan. Spools market in APEJ is expected to be the fastest growing market due to growing production and government policies to transform the existing infrastructure to digital world. North America and Europe are also expected to grow at a healthy CAGR due to renovating of age old infrastructure.
Spools: Key players
Some of the players in the global Spools market are Sonoco Products Company, Carris Reels, Inc., Vikas Spool Private Limited (VSPL), Pontrilas Group Packaging Ltd, Bobbins India, HI-TECH PLAST, Ace Metal, Inc., and others.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.