Numerous types of plastics are available in the market which are extensively utilized in the wires & cables industry. These plastics include polyvinyl chloride (PVC), polypropylene (PP), polyethylene (PE), cross-linked polyethylene, polyolefin, nylon, and fluorine plastics such as polyvinyldiene fluoride (PVDF). PE is widely used in the wires & cables industry. PE possess high breakdown field strength, weather resistance, and high resistivity, which makes them an ideal choice as electronic insulation materials. PE-based wires & cables are extensively used as cable sheath for communication cable insulation. Fluorine plastics are gaining momentum in the wires & cables industry due to their high insulation properties, working temperature, and resistance to chemicals, oil, and UV radiation. These plastics have high flame resistance and are costly.
Rising demand for insulation in the wires & cables industry to protect cables from extreme weather conditions and harsh industrial environment is driving the global wire & cable plastics market. Additionally, increase in demand for underground power lines and cables, expansion in wind and solar energy industries that requires large amounts of wires and cables that can withstand temperature and weather conditions is anticipated to propel the wire & cable plastics market during the forecast period. High cost of cable recycling, fluctuations in raw material prices, and risks associated with halide-based wire & cable plastics are likely to restrain the market during the forecast period. However, increase in demand for high-speed data networks and high performance cables for the automotive industry are projected to create lucrative opportunities for wire & cable plastics manufacturers across the globe.
The global wire & cable plastics market can be segmented based on voltage, installation, end-user, and region. In terms of voltage, the market can be segregated into low voltage, medium voltage, high voltage, and extra high voltage. Based on installation, the wire & cable plastics market can be bifurcated into overhead and underground. In terms of end-user, the market can be divided into automotive, building & construction, oil & gas, IT & telecommunication, aerospace & defense, and energy & powder. The building & construction segment dominated the wire & cable plastics market from the past few years. Rise in construction activities and increase in construction expenditure in developing economies such as China, India, and Vietnam are expected to boost the market during the forecast period. Rising demand for coaxial cables, power, magnets, and fiber optic wires & cables boost the global wire & cable plastics market.
In terms of region, the global wire & cable plastics market can be categorized into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa. Asia Pacific is a leading consumer of wire & cable plastics, followed by North America. Rising demand for wires & cables from the building & construction industry, especially in China, India, and ASEAN countries is expected to propel the market in Asia Pacific during the forecast period. Increasing demand for high strength wires & cables in the U.S. for oil & gas and chemical processing industries is likely to boost the market in North America. In Europe, Germany, France, and the U.K. are leading consumers of wire & cable plastics. Increasing demand for high performance wire & cable plastics from the automotive industry is expected to fuel the market in the region. Latin America and Middle East & Africa are highly dependent on raw material import, which is anticipated to restrain the market in these regions. However, rise in construction activities in countries such as GCC and Brazil due to reviving economy and growing number of expats are projected to boost the sales of wire & cable plastics in both these regions.
Global Wire & Cable Plastics Market: Key Players
Key players operating in the global wire & cable plastics market include Cabot Corporation, SCG Chemicals, INEOS Olefins & Polymers USA, Solvay Group, and Arkema S.A.