According to latest research by Future Market Insights, Cable Material market is set to witness steady growth, expanding at a CAGR of 4-5% during 2021-2031. The power cables market is one of the fastest growing markets in the global cables market category. Demand for Cable Material will witness steady growth in short-term, with high potential growth opportunities in the long-run. Demand from electrical industry will remain the backbone of the market, however new opportunities in the future will also come from sales in Telecom sector.
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What is Driving Demand for Cable Material?
Rise in global population and increase in disposable income of consumers are key factors boosting the demand for residential homes and various other construction projects. This is estimated to propel the demand for power cable materials over the next few years.
Furthermore, increasing technological advancements in material sciences, improved synthetic insulating compounds which has been developed from thermoplastic, thermosetting and fluorocarbon materials. These materials are widely used for developing power cable insulation and jacketing. Thus, growing power cable usage is anticipated to fuel the market demand in the forthcoming years.
Power Sector To Propel Market Sales
Increasing demand for electricity in the emerging and developed countries, backed by increasing investment in infrastructure, is expected to drive the cables market globally.
Moreover, an intelligent cable technology has been developed that can analyze and record different parameters throughout the cable system. This technology is expected to make energy and data streams more secure and efficient that create a lucrative opportunity for the market in the upcoming years.
US and Canada Cable Material Market Outlook
U.S. and Canada are expanding their existing renewable power generation plants to cope with the rapidly increasing power demand which, in turn, has created a significant need for power cables.
U.S. and Canada witnessed rapid increase in data consumption, which has resulted in investments by companies such as AT&T and Verizon in fiber optic network in the region. This factor is boosting the demand for cable materials in this countries.
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Who are the Key Manufacturers and Suppliers of Cable Material?
Some of the leading manufacturers and suppliers of Cable Material include
- Celanese Corporation
- BASF SE
- NITTO DENKO CORPORATION
- Alphagary
- 3M
- DuPont
- Dow
- ITW Formex
Market Report Highlights:
- Detailed overview of parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
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