Wire Insulation and Jacketing Compounds Market Size by Type (Halogenated Plastic Wire Insulation and Jacketing Compounds and Non-Halogenated Plastic Wire Insulation and Jacketing Compounds), By End-user (Automotive and Transportation, Building Construction, Energy, and Others), Regions, Segmentation, and forecast till 2030.
Pune India, Jan. 12, 2023 (GLOBE NEWSWIRE) — The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and the Middle East and Africa. These are the key regions where the wire insulation and jacketing compounds market is operating and is predicted to expand soon. The manufacturers and suppliers involved in the wire insulation and jacketing compounds market are present across various countries in the above-mentioned regions.
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The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as the type, end-user, and regions. Apart from this, the key driving factors, restraints, potential growth opportunities and market challenges are also discussed in the below paragraphs.
The significant players operating in the global wire insulation and jacketing compounds market are I. du Pont de Nemours and Company, Sonneborn LLC., General Cable Technologies Corporation, Melos GmbH, Electric Cable Compounds Inc., Polyone Corporation, Solvay SA, Trelleborg AB, Eastman Chemical Company, Mexichem Specialty Compounds Limited among others. To achieve a substantial market share in the worldwide wire insulation and jacketing compounds market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.
The purpose of jackets is to assist in installation, provide sun protection, and aid in fire resistance. By shielding wires from moisture and heat, insulation materials prevent electrical leaks, prevent wire currents from touching other conductors, and maintain the material integrity of the wire. HFFR sheathing compound has been developed with low smoke and enhanced char characteristics for enhanced protection by manufacturers, for example, as a HFFR sheathing compound. Aside from providing additional protection, cable designers were also expected to be able to choose less expensive protective tapes while maintaining fire protection with the extra protection. There are some factors which are hampering the market growth such as high costs associated with the product and rising environmental issues. In electrical cables, halogenated polymers such as polyvinyl chloride produce cost-effective solutions, but the compounds of polyvinyl chloride are not biodegradable and remain in the environment for long periods of time, which is not good for the environment. The growth of the telecom sector will further increase the demand for wire compounds and cable compounds, according to the India Brand Equity Foundation (IBEF), Dixon Technologies plans to invest Rs 200 crores (US$ 26.69 million) in the telecom PLI scheme in October 2021. The wire insulation & jacketing compounds market has experienced significant growth due to the superior characteristics of their products, such as excellent thermo-mechanical properties.
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Scope of Wire Insulation and Jacketing Compounds Market Report:
Report Metric | Information |
Study Period | 2022-2030 |
Base Year | 2022 |
Forecast Period | 2023-2030 |
Market Share Unit | USD Billion |
Segments Covered | Type, End-User and Regions. |
Regions Covered | North America, Europe, Asia-Pacific, South America, and Middle-East and Africa |
Major Players | I. du Pont de Nemours and Company, Sonneborn LLC., General Cable Technologies Corporation, Melos GmbH, Electric Cable Compounds Inc., Polyone Corporation, Solvay SA, Trelleborg AB, Eastman Chemical Company, Mexichem Specialty Compounds Limited among others. |
Segmentation Analysis
Halogenated plastic wire insulation and jacketing compounds are expected to be the fastest-growing segment in 2022.
The type segment is halogenated plastic wire insulation and jacketing compounds and non-halogenated plastic wire insulation and jacketing compounds. The halogenated plastic wire insulation and jacketing compounds segment are expected to witness the highest growth rate during the forecast period. A halogenated polymer offers flameproof, wear-resistant, and shockproof properties such as polyvinyl chloride. A common end-use industry for chlorinated polyethylene is wire and cable jacketing construction, and automotive due to its superior tensile strength and abrasion resistance, which propels the market growth.
Building construction is expected to be the fastest-growing segment in 2022.
The end-user includes automotive and transportation, building construction, energy, and others. The building construction segment is expected to witness the highest growth rate during the forecast period. A million new homes will be built in 2022, according to the Federal National Mortgage Association. There are several advantages to wire insulation and jacketing compounds, including their insulation properties, mechanical strength, electrical resistance, high thermal resistance to low temperatures, low toxicity, and minimal emission of combustion products and smoke. Its characteristics make wire insulation and jacketing compounds—which are used for wiring—ideal solutions in high-rise buildings and industrial settings.
Regional Analysis
The regional analysis provides a detailed perception of the key regions and the countries. Some of the key countries analyzed for the wire insulation and jacketing compounds market include the US, Canada, Mexico, Germany, France, the U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa, and Saudi Arabia.
The Asia Pacific region witnessed a major share. In Asian nations including China, India, and Japan, the demand for wire insulation and jacketing compounds is expected to increase due to the emergence of a variety of end-use sectors. Moreover, the rising demand for automobiles in the region will propel the growth of the wire insulation and jacketing compounds market. Furthermore, huge investments in the innovation of wire insulation and jacketing compounds will create new opportunities for market growth.
Country Analysis
- Germany
Germany’s wire insulation and jacketing compounds market size was valued at USD 0.43 billion in 2022 and is expected to reach USD 0.64 billion by 2030, at a CAGR of 5.3% from 2023 to 2030. Wire Insulation and Jacketing Compounds in Germany are heavily influenced by the increasing building and construction industries as well as the country’s high vehicle manufacturing.
- China
China wire insulation and jacketing compounds’ market size was valued at USD 0.6 billion in 2022 and is expected to reach USD 0.9 billion by 2030, at a CAGR of 5.6% from 2023 to 2030.
In China, wire insulation and jacketing compounds are in high demand because of their high strength, stiffness, heat resistance, chemical resistance, and other thermal and chemical properties. Automotive applications use wire insulation and jacketing compounds, which is boosting the market growth in the country.
- India
India’s wire insulation and jacketing compounds market size was valued at USD 0.46 billion in 2022 and is expected to reach USD 0.70 billion by 2030, at a CAGR of 5.5% from 2023 to 2030.
India’s market is growing because of global travel, which has resulted in major automobile manufacturers increasing production over the past years, due to the excellent properties of wire insulation and jacketing compounds, such as their hardness and recyclable properties, they are used in various automotive applications.
Covid-19 Impact
Covid-19 had a major impact on almost all industries, such as electronics, semiconductors, manufacturing, automobile, etc. However, several companies operating in the technology sector have seen increased revenue due to significant changes in consumer preferences toward technological services. In addition, the pandemic has led to significant growth in technology across developing and developed countries.
Furthermore, the growth of this market is mainly driven owing to the rising demand for wire insulation and jacketing compounds from the telecom industry, propelling the growth of the market across the countries.
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