The current valuation of the sheath materials market in 2022 is US$ 11 billion and it is projected to grow at a promising CAGR of 5% between 2022-2032 to reach a market size of US$ 17 Billion.
| Attributes | Details |
|---|---|
| Market Valuation (2022) | US$ 11 Billion |
| Market Valuation (2032) | US$ 17 Billion |
| CAGR | 5% |
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It is forecasted that in upcoming years there will be an increased application of sheath materials in AC and DC motors. Key industry players are aiming to expand the market through expanding present distribution channels.
Latest technological innovations require the application of sheath materials that promote appliance efficiency. Hence, research and development activities have helped in the creation of sheath materials suitable for varying temperature conditions.
Recent campaigns for sustainability have increased the demand for energy-efficient motors. The development of energy-efficient motors requires the use of cables with high-efficiency sheath materials.
However, the industry is highly fragmented based on segmentation, which is a critical restraint in the market growth for sheath materials.
During the forecast period, the Asia Pacific region is expected to register the highest CAGR. This is because there is rising demand for commercial goods in the region. Rapidly expanding industries in developing countries such as India and China are projected to cause steady growth of the sheath material market in the region.
Particularly, the Indian electronics industry is experiencing an exponential rise, at a recent valuation of over US$400 Billion. Thus, several industry key players have invested in this region, leading to a rise in global sheath market value. These include Flextronics, Continental, Delphi, Nidec, Motherson, Amphenol, Qualcomm, and LG.
Middle Eastern market is also experiencing growth due to the increased application of sheath materials for industrial use.
The adoption of eco-friendly vehicles in the European region is expected to consolidate the regional sheath materials market. Similarly, increased consumer demand continues to drive sheath materials market expansion in the North American region.
A sheath can be defined as a protective covering around an electrical wire or as a closed fitting cover for a knife or sword. The sheath around a knife is usually made up of leather, plastic, nylon or kydex. However, the sheath used in cable wire are usually made up of metals, non-metals and alloys like lead, aluminium, titanium, stainless steel, carbon steel, incoloy, hastelloy-x (iron, chromium, molybdenum) etc.
A sheath material should be resistant enough to hold the knife with sharp blades while the knife is not in use. Moreover, the sheath ought to be solidly constructed, it should have a snug fit so that the knife blade doesn’t get dislodged by accident. For the cable wires, material should be selected on the basis of maximum allowable sheath temperature, material being heated and required corrosion resistance.
The market for sheath materials is expected to have a positive growth rate over the forecast period, due to numerous factors such as its significant fire resistant properties and physical strength, thereby increasing the efficiency of products. The global sheath materials market is expected to witness a moderate growth during the forecast period.
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One of the major driver impacting the growth of sheath materials market is its excellent properties such as high resistance to heat, moisture and other external factors which could otherwise damage the products. Due to increase in efficiency and durability of products sheath materials are highly used, thus having a positive impact on the global sheath materials market.
The plastic and Kydex sheath effect the sharpness of knife blade and hence are very less preferred. This in turn is expected to restrain the growth of global sheath materials market.
The major trends observed in the global sheath materials market are the use of PVC (Polyvinyl chloride) due to its low cost, high physical strength, and good flame resistant properties. Over the past few years, the consumption of Kydex (thermoplastic acrylic-polyvinyl chloride materials) has increased significantly.
The global sheath materials market can be segmented on the basis of material, product type and application areas. On the basis of material type, the global sheath materials market can be categorized as leather, kydex, plastic, nylon, lead, aluminum, titanium, incoloy, stainless steel, ceramic sheath thermocouple and others (hastelloy-x, alloy of iron, chromium, molybdenum).
On the basis of chemical product type the global sheath materials market can be segmented as thermoplastic (soft when heated, hardened when cooled) and thermosetting. On the basis of application the global sheath materials marketcan be segmented into knife sheath, cable wire sheath and heaters.
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The global sheath materials market can be segmented on the basis of geography into North America, Latin America, Eastern Europe, Western Europe, and Asia-Pacific excluding Japan (APEJ), Japan, Middle East and Africa (MEA).
Due to the increase in industries and cabling requirements in the developing countries of Asia the market is expected to grow at a greater rate in this region. North America and Europe are expected to witness a sluggish growth during the forecast period.
Some of the key players identified across the value chain of global sheath materials market are as follows:
Steel will, Durex industries, Ducab, Marttiini, Caledonian, SAB Bröckskes GmbH & Co. KG and many more.
The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data.
It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to market segments such as geography, technology and applications.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain.
The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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Sheath Materials Market
