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.
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.
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