Wire and Cable Materials Market: Introduction
The global wire and cable materials market was valued over US$ 124.2 Bn in 2019. It is anticipated to expand at a CAGR of 4.5 % during the forecast period. The global wire and cable materials market is driven by increase in the demand for wire and cable materials in building & construction, telecommunication, and automotive industries across the globe. The global population is estimated to increase from 6.4 billion in 2005 to 8.2 billion by 2030. The construction industry in Asia Pacific is projected to expand at a rapid pace during the forecast period. In China, residential construction is expected to expand at a sluggish, but steady pace. Residential and non-residential construction sectors are expected to expand at a considerable pace.
In 2019, National Development and Reform Commission of the People’s Republic of China approved 26 infrastructure projects with a total expected investment of US$ 142 Bn. The Government of China plans to diversify its economy by building infrastructure projects in all provinces of the country in order to counter the country’s slowing economy growth, due to its dependence on exports and the manufacturing sector. In addition to above investment of US$ 142 Bn made by the National Development and Reform Commission toward infrastructure development projects, Beijing Municipal Commission of Development and Reform also announced upcoming infrastructure projects worth US$ 36 Bn. This rise in construction activities in China and India is boosting the construction industry in the Asia Pacific, thereby driving the demand for wires and cable materials. Increase in demand to transmit data from one place to another and investments in telecommunication industry is key factors estimated to propel the wire and cable materials market between 2024 and 2030.
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Surge in Concerns over Plastic Disposal to Hamper Wire and Cable Materials Market
The demand for plastic has increased significantly across the globe over the last decade, owing to applications in sectors such as electrical & electronics for insulating wires and cables. Plastic is made of several types of polymers such as polyethylene, polypropylenes, polyesters, PVC, and polyamides (including nylon). Most of these polymers are not biodegradable and therefore, can remain as waste in the environment for a very long time; it could pose risks to human health and environment. In some cases, plastics can be difficult to reuse and/or recycle. For instance, recycling of PVC is tougher than other polymers, as raw PVC contains high chlorine content and high quantity of hazardous additives are utilized in polymers to achieve the desired material quality. Therefore, continuous demand for plastics has raised concerns about the adverse environment impact due to continuous accumulation in landfills, as plastic waste does not degrade or degrades at a very low pace. For instance, on average, 50% of the waste plastic generated in Europe is recovered, while the rest is sent to landfills. This factor is likely to hamper the wire and cable materials market during the forecast period.
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Asia Pacific Dominates Wire and Cable Materials Market
In terms of volume, Asia Pacific holds a majority share of the global wire and cable materials market in 2019. Energy demand in Asia Pacific is projected to rise at a rapid pace during the forecast period, with simultaneous increase in energy usage in transportation and household, and in newly electrified rural areas in countries of the region. The wire and cable materials market in Europe is expected witness significant growth in the near future, owing to initiatives such as Digital Agendas for Europe 2025. These measures would help people as well as businesses in Europe reap benefits of digitization. Thus, the growing use of wires and cables in the IT & telecommunication sector in the region is anticipated to drive the wire and cable materials market in Europe in the near future. However, the market share held by Europe is estimated to decline due to the rapid expansion of the market in Asia Pacific.
North America 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 wire and cable materials in the region. The increasing access to electricity in Latin America and Middle East & Africa is fueling the wire and cable materials market in these regions. Power cables are used for transmission of electricity.
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