Reports
Reports
The rising demand from the construction industry due to the growing urbanization in numerous countries is estimated to bring considerable growth prospects for the wire & cable compounds market during the forecast period of 2021-2031. The popular concept of smart city is also proving to be a beneficial growth opportunity for the wire & cable compounds market. Furthermore, the characteristics of wire & cable compounds also make them a favorite among numerous applications.
Wire compounds and cable compounds offer premium insulation and jacketing solutions to various materials like conducting materials. Their function makes them a prominent part of the wire and cable industry. These compounds are prepared from synthetic and mineral raw materials. The benefits attached to using wire & cable compounds helps in increasing the growth rate of the global market. Apart from the construction industry, wire & cable compounds are used extensively in applications across the power sector, telecommunication sector, automotive sector, healthcare sector, and others. Wire & cable compounds are available in two types namely halogenated polymers and non-halogenated polymers.
The wire & cable compounds market has various domestic and global players indulging in fierce competition for acquiring a large consumer base. The players are involved in intense research and development activities for deriving new formulations that help in boosting the revenues of the players in the wire & cable compounds market, eventually strengthening the growth prospects. Strategic collaborations are crucial for the growth of the wire & cable compounds market. Mergers, acquisitions, joint ventures, and partnerships are of great importance to expand the influence of the players, especially in untapped regions.
Some key players into the wire & cable compounds market are Eastman Chemical Company, Siam Cement Public Company Limited, Evonik Industries AG, DuPont de Nemours, Inc., and Hanwha Solutions Corporation.
The growing focus on urbanization and the rising popularity of the smart city concept among numerous countries is expected to bring promising growth for the wire & cable compounds market. These compounds are used on a large scale in commercial and residential sectors. Thus, this aspect may prove to be a boon for the overall growth of the wire & cable compounds market. Furthermore, the evolving telecommunication sector is expected to attract substantial growth for the wire & cable compounds market. Polyvinyl chloride compounds are used extensively in the telecommunication sector owing to their outstanding insulating characteristics. Thus, these factors bode well for the overall growth of the wire & cable compounds market.
The sales of automotives have increased steadily over the years. The rising disposable income of many individuals around the globe has led to an increase in the sales of automotives. As wire & cable compounds are used in vehicles substantially, the global market is anticipated to bring good growth prospects.
The COVID-19 pandemic has weakened the growth of the wire & cable compounds market. The rising virus transmission led to large-scale lockdown restrictions, resulting in shutting down of factories and manufacturing units, eventually ruining the growth projections of the wire & cable compounds market. Furthermore, border restrictions had a negative impact on the growth of the wire & cable compounds market. Nevertheless, the easing of lockdown restrictions is prognosticated to stabilize the growth of the wire & cable compounds market.
North America is estimated to emerge as a prominent country in terms of growth for the wire & cable compounds market. The expanding telecommunication sector in the region is expected to attract considerable growth for the wire & cable compounds market. Asia Pacific is prognosticated to observe rapid growth due to the rising urbanization in various countries across the region.
N/A
Copyright © Transparency Market Research, Inc. All Rights reserved
Trust Online
Wire & Cable Compounds Market
