Market Overview:
The global plastic-coated wires
market is set to touch USD 5,501.7 million by 2023, at a CAGR of 6.28% from
2018 to 2023 (forecast period), according to Market Research Future (MRFR).
The market for plastic-coated
wires is positively influenced by the combination of factors like the growing
demand in power generation as well as telecommunication. Also, rapid
urbanization and infrastructure spending along with the increase in
transmission grid capacity is exhibited to bore well with the market for
plastic-coated wires in the coming years.
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Apart from these factors,
favorable government initiatives in the housing sector are striving to offer
growth opportunities to the industry players. In addition, the elevating demand
for efficient energy and data communication in tier-2 and tier-3 cities is set
to give way to the market growth in the coming years. On the flip side,
fluctuations in the prices of raw materials like synthetic polymers could be
threaten the plastic-coated wires market growth. However, the restraining
factor could be overcome by the production of bio-based or green plastic-coated
wires.
Segmentation Analysis:
By the type of coating, the
global plastic-coated wires market is segmented into polyvinyl chloride (PVC),
polyethylene (PE), polyethylene terephthalate (PET), polyamide (PA), among
others. Among these, the polyvinyl chloride (PVC) segment held the largest
market share of 59.0% in 2017 and is expected to remain dominant throughout the
forecast period with a market share of 59.3% in 2023. The growing need for
affordable as well as high-performance PVC coating materials in wires is
presumed to drive the demand during the review period. Close on its heels is
the polyethylene (PE) segment which was the second-largest market with the
share of 21.2% in 2017 and is deemed to clock in the highest CAGR of 7.02%
during the review period. This growth can be credited to its lower cost
compared to other types of coated wires. It can command a demand close to 1,213
kilotons by 2023.
Substrate-wise, the
plastic-coated wires market has been segmented on the basis of rounded copper
wires, rounded stainless-steel wires, rounded carbon wires, and others. The
rounded copper wires segment accounted for the largest market share of 47.3% in
2017 and is expected to remain dominant during the forecast period with a
projected market share of 49.3% in 2023. The rounded stainless-steel wires
market accounted for the second-largest market share of 23.8% in 2017. It can
generate revenue at 5.49% CAGR over the forecast period.
Based on application, the
plastic-coated wires market has been segmented into medical instruments,
machine tools electrical appliances, and equipment, chain and brush, printing
and paper, weaving wire, and others. The electrical appliances segment managed
to accrue a 52.4% market share with a value of USD 2,009.5 million in 2017 and
bound to reach USD 2,995.6 million by 2023. The segment growth is the
result of the expanding e-commerce business as well as the elevation in the
spending on consumer electronics. Going forward, the growth of the real estate
sector coupled with the strong presence of retail stores that provide
electronics and textiles have been profitable for the market. In addition, the
growing use of plastic-coated wires for manufacturing automotive interiors
wires is presumed to augment the product demand. Lastly, the growing need for
lighter automobiles for improved fuel efficiency and the increasing production
of hybrid and electric cars are slated to work in favor of the plastic-coated
wires market.
Regional Analysis:
Region-wise, the plastic-coated
wires market covers Europe, North America, Asia Pacific, Latin America,
and the Middle East & Africa. The market in Asia Pacific accounted for a
39.4% share whereas the region of Europe captured the market share of 29.7%
among all the regions.
The market in Asia Pacific had
reached the value of USD 1,512.7 million in 2017. The regional market is
anticipated to reach the value of USD 2,304.7 million by the end of 2023. The
reasons behind the tremendous expansion of the market in the region are the
burgeoning population and the subsequent increasing rate of urbanization.
Whereas, the market in Europe was
worth USD 1,140.8 in 2017, with an estimated value of USD 1,543.3 by 2023. The
market in the region is flourishing on account of the massive contribution of
various countries such as United Kingdom, Germany, France among others. Other factors
backing the strong growth of the market include evolving application
requirements like artificial intelligence (AI) capabilities, long battery life,
and biometrics.
Competitive Dashboard:
The leading companies mentioned
in the plastic-coated wires market report include Wire Works Friedr. Lötters
GmbH & Co. KG (Germany), Gavitt Wire & Cable Company, Inc. (US), Von
Roll Holding AG (Switzerland), Precision Wires (India), American Spring Wire
Corporation (US), Carl Stahl Sava Ind. (US), BetafenceNV (Belgium), KTS Wire
Ltd (UK), Loos &Co. Inc. (US), Bekaert (Belgium), Haver & Boecker OHG
(Germany), Dr.-Ing. Meywald GmbH & Co. KG (Germany) among others. Mergers,
alliances, along with ventures are strategical moves that are taken by players
in order to gain a considerable share of the market.
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