According to Future Market Insights, the global cable material market is projected to increase at a CAGR of 6.5% in the forecast period from 2023 to 2033 where the market size of cable material in 2023 was US$ 9.75 billion and in 2033 it will reach by US$ 18.3 billion.
The power cable market is considered to be the fastest-growing market where the demand for cable material has witnessed steady growth not only in the short term but also with high potential growth opportunities in the long run.
| Data Points | Key Statistics |
|---|---|
| Expected Market Value of the Cable Material Market in 2023 | US$ 9.75 billion |
| Expected Market Value of the Cable Material Market in 2033 | US$ 18.3 billion |
| Growth Rate | CAGR of 6.5% |
| Forecast Period | 2023 to 2033 |
An increase in the global population with the respective disposable income of consumers is the key factor that will boost the demand for residential homes and various other construction projects. This is predicted to push the demand side for power cable material in the upcoming years. Also, increase in technological advancements in material sciences, improved synthetic insulating compounds have been developed from thermoplastic, thermosetting, and fluorocarbon materials, such materials are largely used in the development of power cable insulation and jacketing. Developed countries are assimilating wind with other renewable energies by expanding their power transmission with distribution networks to an extent to electrify remote and rural areas. HVDC cables, LV cables, and the optic fiber cable market are huge areas for market growth.
The development of intelligent cable technology has been analyzed that can record different parameters throughout the cable system. This technology has also raised the expectation to make energy and data streams more secure and effluent which will create a lucrative opportunity for the market.
But previously due to the COVID-19 pandemic, a large impact has affected the overall growth of the global cable material market in the past 2-3 years. Yet, the global market will grow, but at a slower pace due to the minimal involvement of industrial activity in several regions of the world, supply chain barriers, and also restrictions on the cross - border trade and transportation. Only due to this, there has been a delay in construction projects and also low demand from different end-use industries. However, the long-term outlook with thus remain stable given the strong demand for power infrastructure development.
North America dominates the cable material market globally due to the rapid advance defense systems in these regions. Therefore, the rapid advancement in the aerospace and defense sector in the USA is anticipated to boost sales as the world’s top exporters and manufacturers of defense products are situated here. Also, the USA and Canada have witnessed accelerated growth in data consumption, resulting in investments by companies such as AT&T and Verizon in the fiber optic network region.
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Some of the key market players in the cable material market are-
Celanese Corporation
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3M
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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.
Principal Consultant
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.
The developed countries are integrating wind and other renewable energies, and are expanding their power transmission and distribution networks to extent electrification to remote and rural areas. HVDC cables in the electrical transmission, LV cables for building and vehicles, and active fiber optic cable market in the telecom are huge areas for market growth.
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.
But the outbreak of the ongoing COVID-19 pandemic have a strong impact on the overall growth of the global cable materials market in 2020. The global market will grow at a sluggish rate in the year due to minimum industrial activity in several regions of the world, supply chain barriers, and restrictions on cross-border trade and transportation.
With closure of the automotive sector, delay in construction projects, and low demand from various end-use industries, the global cable materials market is expected to grow at a slow pace. However long term outlook remains stable given the strong demand from power infrastructure development.
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The USA 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.
The USA 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.
Increasing demand for electricity in the emerging and developed countries, such as China, India, Germany, the USA and the United Kingdom, backed by increasing industrialization and urbanization and demand for LV cables is expected to drive the power cables market globally.
Increase in demand from the ICT sector especially in China, India, Malaysia and high demand in intelligent systems and IoT are the key drivers of the telecom cables market.
Volatility in raw material prices and an increase in competition has created pressure on the manufacturers’ profit margin, due to which, some of the global players in the industry have shifted their production facilities to APAC region that facilitate low cost of manufacturing.
Asia Pacific holds a major share of the global cable materials market. Energy demand in Asia Pacific is projected to rise at a rapid pace during the forecast period with simultaneous increase in energy usage in sectors such as industry, transport, and household, and in newly electrified rural areas in countries of the region.
China accounts for almost 25% of the global primary energy consumption. Moreover, demand for housing among the middle-income group in India is expected to increase over the next few years. The Government of India is taking active steps to bridge the gap between demand and supply.
As per an estimate, every year, 2 million new housing units are built in urban areas, while 4.5 million units are built in rural areas of the country. These factors are likely to drive the wire and cable materials market in Asia Pacific during the forecast period.
Some of the leading manufacturers and suppliers of Cable Material include
Many leading manufacturers and suppliers have longstanding contracts with end-users to supply Cable Material. Further, many manufacturers are looking towards developing high performance materials which have increased chemical resistance and can withstand harsh environments.
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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