Wire & Cable Plastics Market
Wire & Cable Plastics Market (Material: Derivative Polyethylene [PE], Polyvinyl Chloride [PVC], Polypropylene [PP], and Others; Voltage: Low Voltage, Medium Voltage, High Voltage, and Extra-high Voltage; Type: Flame Retardant and Standard; and End-use Industry: IT & Telecommunication, Building & Construction, Aerospace & Defense, Automotive, Oil & Gas, and Power & Energy) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019 - 2027
Press Release :
Flexible PVC to Power Wire & Cable Plastics Market in Europe
Flexible polyvinyl chloride (PVC) is found to have a steady growth in terms of its usage in various appliances and electrical equipment in the Europe wire & cable plastics market. Since the uptake of consumer electronics is high in Europe, the demand for flexible PVC is on the rise. As such, PVC material segment of the wire & cable plastics market is estimated to reach an output of ~4,700 kilo tons by the end of 2022. Hence, companies are focusing on increasing the production of PVC wire & cable plastics to cater to the needs of stakeholders in the market value chain.
Companies are generating steady revenue streams by maximizing the use flexible PVC in the ever-increasing sector of consumer electronics. Thus, PVC is acquiring dominance in various domestic and IT devices in commercial environments. Companies are increasing the production of plasticizers to produce bendable and soft PVC wire and cables.
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Companies Plan Business Expansions through Russia’s Growing IT & Telecom Sector
Companies in the wire & cable plastics market are eyeing opportunities in high growth regions such as Russia to expand their business in IT & telecommunication. As such, IT & telecommunication end-use industry segment of the wire & cable plastics market is estimated to reach a value of ~US$ 1.7 Bn by 2027. Since Europe accounts for the second-highest revenue in the market of wire & cable plastics, manufacturers are expecting stable business grounds in Russia’s IT & telecommunication.
Manufacturers are increasing their efficacy in fiber optic cables (FOC) in Russia’s IT & telecommunication industry. the China’s FOC consumption slowed down in recent years, stakeholders in Russia aimed to strike a competitive edge in the IT & telecommunication industry.
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Recycling Black Plastic Waste Helps Overcome Issues of Plastic Disposal
The wire & cable plastics market is largely fragmented with regional and local players accounting for ~60% of the total market stake. This indicates that emerging players pose as a tough competition to leading players. However, companies need to address the issue of plastic disposal.
Growing concerns regarding plastic leading to increased environmental impact act as a barrier for companies in the market for wire & cable plastics. Hence, companies should adopt alternative methods to streamline their production practices. For instance, manufacturers in the wire & cable plastics market are adopting cost-effective methods of recycling black plastic waste and converting it into carbon nanotube electrical cables.
Recycling plastic waste is serving as a cost-efficient way for manufacturers in the market for wire & cable plastics to overcome the issue of plastic disposal. Companies are increasing their scope for incremental opportunities by manufacturing flexible electronics fabrics that create energy. They are tapping opportunities by developing antennas for 5G networks to prevent incidence of electric shocks in spacecraft.
Energy Savings through Space-saving Insulation Generate Growth Opportunities for Companies
Apart from the ill effects of plastic on the environment, advantages of plastic are gaining grounds in the ever-increasing building & construction sector. As such, building & construction end-use industry is projected for exponential growth in the wire & cable plastics market. Hence, manufacturers are innovating in new plastic materials such as cross-linked polyethylene to cater to the needs of stakeholders in the building & construction industry.
High durability and corrosion-free attributes of plastic are making it a popular choice among engineers and architects. Hence, companies are increasing the availability of wire & cable plastics in booming construction industries of Asia Pacific. Moreover, the wire & cable plastics market is Asia Pacific is anticipated for significant growth during the forecast period.
On the other hand, there is a need for energy conservation in the building & construction industry of Europe. Thus, companies in the market for wire & cable plastics are helping builders in energy savings through insulation.
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PCV material segment is gaining momentum in Europe’s wire & cable plastics market, owing to its efficient fire retardant and high protection attributes in a wide range of operating temperatures.
Recycling black plastic waste is proving instrumental for stakeholders in the aerospace industry, since carbon nanotubes made from recycled plastic helps in the production of antennas for 5G networks that prevent incidence of electric shocks in spacecraft. However, recycling cable plastic is an issue in countries such as Russia where recycling facilities are not fully functional. Since recycling all plastic materials is not a feasible option, manufacturers should increase R&D to develop new materials in cable products that can be efficiently recycled.
Wire & Cable Plastics Market: Overview
- Wire and cable plastics are made of several types of materials such as polyethylene, polyvinyl chloride, and polypropylene. Plastic used in wires and cables serves as a jacketing and insulating material. It protects the underlying cable core from mechanical damage, moisture, and chemicals during installation as well as throughout the service life of the cable.
- The global electricity demand reached 900 TWh in 2018, an increase of 4% over that in 2010. Renewable energy and nuclear power primarily contributed to this rise in the demand for electricity. Rise in the demand for electricity from residential, industrial, and commercial sectors drives the global wire & cable plastics market.
Key Drivers of Wire & Cable Plastics Market
- Over the last few years, rise in the demand to provide electricity access primarily in developing and underdeveloped countries/sub-regions such as India, Bangladesh, Kenya, and sub-Saharan Africa has necessitated the expansion of power infrastructure. Thus, rise in the demand to provide electricity access is driving the wire & cable plastics market in these countries.
- According to Sustainable Development Goal, the global electrification rate rose from 83% in 2010 to 89% in 2017. Moreover, government-initiated electrification programs are attracting investments in the power sector. For instance, the Government of India has introduced ‘Deendayal Upadhyaya Gram Jyoti Yojana for Rural Electrification (DDUGJY-RE). Under the scheme, the Ministry of Power has sanctioned 921 projects to electrify 121,225 un-electrified villages across the country. This, in turn, would propel the wire & cable plastics market in India during the forecast period.
- Plans to increase access to electricity boost the demand for wire and cable plastics. Wire and cable plastics are employed to ensure safety of persons near the equipment associated with the system that is utilized to transmit power from one place to another.
Major Challenges for Wire & Cable Plastics Market
- Recently, busbar trunking systems are being used to distribute electric power by using copper or aluminum busbars with suitable enclosures and to offer protection to prevent cables from getting damaged due to foreign bodies. This factor restrains the global wire & cable plastics market.
- Rise in awareness about benefits offered by busbar trunking systems over cables and wires used in residential and commercial establishments is projected to hamper the global wire & cable plastics market during the forecast period
Lucrative Opportunities for Wire & Cable Plastics Market
- The power sector suffers significant T&D (transmission and distribution) losses during transmission of electricity from generating stations to points of consumption. According to the World Bank, global electric power T&D losses increased from 8.166% of the produced electricity in 2011 to 8.251% in 2014.
- Rise in the adoption of cross-linked polyethylene cables is anticipated to present significant opportunities to the global wire & cable plastics market during the forecast period
Asia Pacific to Dominate Wire & Cable Plastics Market
- Rising demand for light, power, and communications in Asia Pacific is anticipated to fuel the wire & cable plastics market in the region from 2019 to 2027. In Asia Pacific, countries such as China, India, and Japan are witnessing growth in construction activities, due to urbanization and increase in the disposable income. This, in turn, is fueling the wire & cable plastics market in the region.
- Most countries in Africa are witnessing increase in the access to electricity. Rising demand for oil and gas in Middle East & Africa is propelling the wire & cable plastics market in the region.
Polyvinyl Chloride to be Key Material
- In terms of material, the polyvinyl chloride segment held a major share of the global wire & cable plastics market in 2018 and it is likely to continue its dominance throughout the forecast period. PVC cables are extensively used for wiring of domestic home appliances, house wiring, internal wiring for lighting circuits in factories, and power supply for office automation, due to their high tensile strength, superior conductivity, better flexibility, and ease of joining. This factor drives the polyvinyl chloride segment.
Rise in Demand for Use in High Voltage Wires
- In terms of voltage, the high voltage segment constituted a key share of the global wire & cable plastics market in 2018. High voltage wires and cables are largely used in power transmission. Thermosetting plastics and thermoplastics are employed for insulation, which resists electric leakage and prevents the wire's current from coming in contact with other conductors. This fuels the high voltage segment of the global wire & cable plastics market.
Leading Players Actively Engage in Joint Ventures and R&D Activities
- SABIC, Formosa Plastics, Solvay Group, BASF SE, and Arkema Group are some of the top players operating in the global wire & cable plastics market
- Formosa Plastics was a major player operating in the global wire & cable plastics market in 2018. Significant share held by the company can be primarily attributed to its constant efforts toward technological innovations. The company manufactures PVC, the demand for which is rising at a rapid pace.
- Companies are also focusing on growth strategies such as new product launches, acquisitions, partnerships, and collaborations. These activities have paved the way for expansion of business as well as customer base of these players.
Wire & Cable Plastics Market – Scope of the Report
TMR’s recent publication on the global wire & cable plastics market provides audiences with an overall market outlook, with the help of comprehensive assessment of the global market scenario. TMR’s study on the global wire & cable plastics market analyzes the market with respect to the historical and current market scenario and offers forecast for the period from 2019 to 2027.
Report readers are able to make important decisions pertaining to their business with a wealth of information and exclusive insights on the global wire & cable plastics market enclosed in the study. The report on the global market also provides in-depth understanding of key market trends and advancements made by companies. This TMR report is divided into different sections to allow readers to gain individual understanding of the global wire & cable plastics market.
Key Queries Addressed in Report
- How much revenue is expected to be generated in the global wire & cable plastics market by the end of the forecast period?
- Which material segment of the global wire & cable plastics market is likely to generate the maximum revenue by 2027?
- What are key growth indicators and market dynamics that are expected to drive the global wire & cable plastics market in the next five years?
- Which regions are estimated to provide lucrative opportunities to the wire & cable plastics market?
- What are the essential strategies adopted by key players operating in the global wire & cable plastics market in order to expand their geographical presence?
The first section of the TMR report on the global wire & cable plastics market begins with a premise that includes report scope, market segmentation, and research highlights. This is followed by the executive summary that highlights aspects of the global wire & cable plastics market covered in the study. This section provides brief understanding of market elements and enables readers to understand the aspects covered in the study. The report also includes market dynamics that offer understanding of market drivers, restraints, and opportunities.
The next section includes segmentation analysis of the global wire & cable plastics market. This evaluation includes segmentation of the global wire & cable plastics market based on material, voltage, type, end-use industry, and region. Furthermore, analysis of key segments, year-on-year growth projection, and basis point share analysis are included in the report. These help readers identify promising areas for growth of the market.
The TMR’s study on the global wire & cable plastics market offers assessment of the geographical landscape of the market. Regional study helps market competitors make important decisions pertaining to their business. Individualized, country-wise, and segment-wise analysis pertaining to individual regions helps readers decipher the growth potential for the market across various geographies. Supported by year-on-year growth projection and global market value and volume share, this section is a vital part of the report.
The study on the global wire & cable plastics market offers a holistic competitive value judgment, with details of leading as well as emerging market players. The dashboard view of competitors operating in the global wire & cable plastics market allows readers to understand business strategies of these players along with their performance.
The TMR’s report on the global wire & cable plastics market is based on detailed estimation of the market, with the inclusion of comprehensive primary and secondary research inputs. Detailed investigation of the global wire & cable plastics market, in terms of competition scenario, is supported by individual-level examination of different avenues related to the market. Furthermore, for secondary research, analysts scrutinized numerous annual report publications, white papers, market association publications, and company websites to obtain the required understanding of the global wire & cable plastics market. This helps TMR’s analysts derive crucial predictions and forecast of the global wire & cable plastics market. Readers can access the study of the global wire & cable plastics market to gain projected market analysis for the period from 2019 to 2027.
Wire & Cable Plastics Market: Segmentation