Plastic-coated Wires Market Research Report: by Coating (Poly Vinyl Chloride, Polyethylene, Polyethylene Terephthalate, Polyamide, Others), by Substrate (Rounded Copper Wires, Rounded Stainless-Steel Wires, Rounded Carbon Wires, Others), by Application (Electrical Appliances, Machine Tools & Equipment, Medical Instruments, Printing & Paper, Chain & Brush, Weaving Wire, Others), and Region – Forecast to 2023
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.
Plastic-Coated Wires Market Size 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.
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.
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.
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.