Market Trends of Wire and Cable Compound Industry
This section covers the major market trends shaping the Wire & Cable Compound Market according to our research experts:
Power Industry to Dominate the Market
- Power sector stands to be the dominating segment owing to the extensive consumption of wire and cable compound in the power transmission sector.
- Wire compound and cable compound provide high high-quality insulation, sheath to conducting materials, high durability, chemical and corrosion resistance, superior mechanical stability, elasticity and abrasion resistance to the cable and wire, thus increasing popularity for wire and cable compounds.
- Countries such as China, India, UNited Kingdom, United States and Vietnam among others are witnessing the construction of power plants, the requirement for wire and cable compound market is expected to rise from these countries over the forecast period.
- Increasing investment in smart electricity grid network and HVDC transmission further offer opportunities for wire and cable compounds.
- Asia-Pacific have been registering strong growth in utilization of wire and cable compound in construction, automotive and power generation industry, which is expected to drive the market over the forecast period.
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Asia-Pacific Region to Dominate the Market
- Asia-Pacific region stands to be the governing market for wire and cable compound. Factors, such as the growing need for energy, high demand from the construction segment and increasing consumers in countries like China, India, and ASEAN Countries are expected to propel the market growth.
- Increasing utilization in power generation and transmission sector due to the renewal of power transmission networks is expected to provide thrust to the demand of wire and cable compounds.
- Escalating market for wire and cable compound can be attributed to the growing popularity of ethernet, growing usage in the medical devices industry like ultrasound, defibrillator, X-ray devices, etc. and advances in communications technology.
- Countries like China, India, and Vietnam have been recording a rise in residential construction projects, which is likely to enhance the consumption of wire and cable compound in the region. China has over 24,000 hospitals that needed to be modernized in 2018. In addition, there has been a noticeable growth observed in the new construction of hospitals in the country over the past few years. In 2018, China had around 235 airports and the country plans to take this total to 260 by 2020. It is estimated that around 450 airports will be needed across the country by 2035.
- Hence, all such market trends are expected to drive the demand for wire and cable compound market in the region during the forecast period.
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