Global PVC Material In Automotive Cable Market 2019 Industry Forecasts To 2024
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The global fire resistant cable materials market size was valued at USD 509.3 million in 2019 and is anticipated to grow at a compound annual growth rate (CAGR) of 4.4% from 2020 to 2027. Growing demand for insulating electric channels to tackle extreme heat and fire mishaps in building structures and manufacturing units is anticipated to ascend the demand for fire resistant cable materials over the forecast period. Stringent green building codes in North America and European economies are positively influencing the utilization of sustainable and fire resistant building materials, which is anticipated to have a positive impact on the demand for fire resistant cable materials. Increasing installation of electric wires in modern residential homes and commercial buildings and office spaces is likely to ascend the market growth.
In the U.S., demand for fire-resistant cable materials is anticipated to ascend at a significant rate owing to rise in demand for fire-resistant building structures. Moreover, abundant availability of raw materials in the country, along with well-established commercial channels and the presence of prominent manufacturers, is likely to support the market growth in the projected period.
Growing construction industry across the globe, specifically for commercial and office constructions, has surged the demand for sustainable building materials. To comply with green building codes, the modern commercial buildings and office space need fire resistant electric systems to tackle fire mishaps. This is further likely to affect market growth positively.
The Cross-linked Polyethylene (XLPE) material segment accounted for the largest market share of 41.2% in 2019 and is expected to witness the highest growth from 2020 to 2027. High-grade insulation properties, coupled with superior electric conductor characteristics, are likely to increase the popularity of these materials for fire resistant cables over the forecast period.
The ability of XLPE to sustain in harsh weather conditions has increased its usage in the production of cables for long-distance electricity transmissions. The cables jacketed with cross-linked polyethylene offer superior insulation and enhanced current capacity and lightweight characteristics. Thus, these materials are gaining traction in the market.
Polyvinyl Chloride (PVC) jacketing materials accounted for a substantial share in the market in 2019 owing to their wide commercial availability and known characteristics. Moreover, flexibility, low cost, wear resistance, and heat resistance up to 105-degree temperature are propelling its penetration in the market.
In 2019, the building and construction industry led the market with a 35.5% share and is anticipated to witness the fastest growth from 2020 to 2027. The industry was the largest consumer of fire-resistant materials for cable jacketing applications. Growing concerns regarding fire resistant properties of building structures and the need for sustainable materials to tackle mishaps in the construction projects are anticipated to support the demand for products.
Asia Pacific was the largest regional market with a share of 31.6% in 2019 and is anticipated to maintain its lead over the forecast period. China, India, Japan, South Korea, and Australia are the leading consumers of fire-resistant cables on account of rising need for fire safety in commercial and residential buildings. Furthermore, growing automotive production and prominent manufacturing of electrical machinery and equipment are expected to support industry growth in this region.
China accounted for the largest share of the overall consumption of fire resistant cable materials in the region owing to wide demand from building and construction applications. Well-established electrical and electronic industry in the country, along with an increasing number of bases for production, is further likely to increase the demand for products over the forecast period.
The automotive industry in the European economies is anticipated to ascend the demand for fire-resistant cable jacketing materials owing to an increase in the production of electric vehicles. Moreover, the building and construction industry in France, Italy, and Germany is expected to augment the market growth over the projected period.
Middle East and Africa is expected to exhibit the fastest CAGR of 5.1% from 2020 to 2027. Strong growth in the construction industry in Middle East and African is expected to build new commercial and office spaces across the region, thus creating scope for fire resistant materials in the construction projects. Saudi Arabia and UAE have several construction projects in the pipeline that are expected to provide growth prospects for the market.
Prominent players in the industry are focusing on the introduction of enhanced materials that can sustain the extreme heat and fire flames for a longer duration. Key industry participants are engaged in strategic activities including mergers & acquisitions, joint ventures, and third party manufacturing to expand their geographical reach and enhance their product offerings. Moreover, players are making continuous investments in R&D for the improvement of the material in order to sustain in a competitive environment. Some of the prominent players in the global fire resistant cable materials market include:
This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2016 to 2027. For the purpose of this study, Grand View Research has segmented the global fire resistant cable materials market report on the basis of material, end use, and region:
The global plastic market size was valued at USD 593.00 billion in 2021. It is expected to expand at a compound annual growth rate (CAGR) of 3.7% from 2022 to 2030. The increasing plastic consumption in the construction, automotive, and electrical & electronics industries is projected to support market growth during the forecast period. Regulations to decrease gross vehicle weight to improve fuel efficiency and eventually reduce carbon emissions are driving plastic consumption as a substitute for metals, including aluminum and steel, for manufacturing automotive components.
The plastics market demand in the U.S. was valued at USD 86.02 billion in 2021. The high market share of the country is attributed to the presence of the well-established automotive, aerospace & defense, and electronics industries. The country is characterized by a low-risk environment, a stable economy, and a robust financial sector. These factors have provided a multitude of opportunities for investors in recent years, which are likely to trigger infrastructure spending in the country. This, in turn, is projected to positively impact the demand for plastics in the U.S. construction industry.
Calendering is one of the potential application segments in the plastics market. It is used to process thermoplastic materials into films and sheeting. It is mainly used for PVC as well as certain other modified thermoplastics. The process consists of five steps - pre-blending, fluxing, calendering, cooling, and winding-up. It allows specialty surface treatments of films or sheets such as enhancing or embossing the physical properties or in-line lamination. The growing packaging industry is driving the demand for films and sheets which, in turn, is further creating the demand for calendering.
Asia Pacific (including China) dominated the plastics market and accounted for over 44.0% share of the global revenue in 2021. The rapidly-growing manufacturing sector is expected to propel the demand for plastic in the automotive, construction, packaging, and electrical & electronics industries. In the recent past, India and China have witnessed a spike in automotive production owing to technology transfer to the sector from the Western markets.
This report forecasts revenue and volume growth at global, regional & country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2019 to 2030. For the purpose of this study, Grand View Research has segmented the global plastic market report on the basis of product, application, end-use, and region:
[300 pages Report] Global polyvinyl chloride (PVC) market growth is primarily complemented by elevated demand in packaging, automotive and construction industries. The polyvinyl chloride (PVC) market is set for positive growth at approximately 4.2% CAGR over the course of projection period (2019-2029). The key end-use segment catalysing the growth of PVC market is pipe & fittings segment.
Furthermore, the growing demand for wires & cables in different industries, such as electrical & electronics, automotive, and construction, is projected to result in the rising need for plasticizers in the years to come. Geographically, Asia-Pacific (APAC) has emerged has the largest plasticizers market in recent years, which can be owing to the growth of the manufacturing, healthcare, construction, chemicals, urban infrastructure, and various other endues industries in countries including Indonesia, China, India, and various Southeast Asian countries.
The global plasticizers market is expected to reach US$18,538 mln by 2022, as per Allied Market Research. The market was valued at US$15,179 mln in 2015 and is projected to register CAGR of 2.9% from 2016 to 2022. The phthalates type held two-thirds of the global market in 2015. Plasticizers are additives applied in polymers & other materials to enhance their softness, flexibility, and processability. They are applicable in flooring & wall coverings, films & sheets, wires & cables, coated fabrics, consumer goods, and several others. The global plasticizers market is segmented based on type, application, and geography. Raw materials for plasticizers generally comprise esterification of different types of alcohols & acids as well as other chemicals as per the required application. Emerging applications of plasticizers in various end-user industries and high demand for non-phthalate plasticizers in different regions are major factors that are expected to drive the market growth. However, strict government regulations over some of the phthalates and toxicity of PVC polymer may hamper this growth. Increase in demand for bio-based plasticizers for products, such as personal care cosmetics, toys, food contact materials, health care commodities, and others, are expected to create growth opportunities for various players in the market. Bio-based plasticizers, such as epoxides & sebacates, are expected to grow at the highest CAGR throughout the analysis period, due to their remarkable properties such as non-toxic nature, high efficiency, improved heat stability, lower volatility, and others. These are employed in automotive, adhesive & sealants, paints & coatings, and other end uses. In 2015, the phthalates type occupied major market in terms of revenue; However, this trend is expected to decline to some extent during the forecast period, owing to the harmful effects of few phthalate plasticizers such as endocrine disruption and damage to reproductive system as well as kidney, lungs, and liver, resulting in their complete or interim level ban by regulatory bodies. The main applications employing plasticizers include floorings & walls and wires & cables. Moreover, the wires & cables application segment accounted for second largest market share in 2015, and is expected to grow at the CAGR of 2.3% during the forecast period. According to Eswara Prasad, Team Leader, Chemicals & Materials at Allied Market Research, \"Construction & packaging firms have resulted in high growth rates of flooring & wall as well as film & sheet covering application segments. Asia-Pacific is a leader in plasticizers market due to huge production & demand in China. Increasing focus of manufacturers & consumers on bio-derived plasticizers has led to rigorous R&D, thus resulting in a large number of patents published on it in recent years\". Key Findings of Plasticizers Market * Film & sheet coverings is anticipated to be the fastest growing application segment, in value terms, growing at a CAGR of 3.5% from 2016 to 2022. * Asia-Pacific is expected to continue to be the dominant share holder, with more than half of the global plasticizers market, with highest CAGR of 3.2% in terms of revenue. * The flooring & wall segment occupied the maximum market share, and is expected to grow at a CAGR of 3.4% during the forecast period. * China is the largest country in terms of demand & supply in global plasticizers market. * DINP segment accounted for one-third of the global phthalates market in 2015 * In 2015, Asia-Pacific and LAMEA collectively accounted for more than half of the global plasticizers market, with lucrative CAGR and are expected to continue this trend. This is attributed to upsurge in construction & packaging industries, specifically in China, India, Brazil, and other developing economies. Growth in urbanization & industrialization are the main reasons for growth of the plasticizers market in Asia-Pacific. The major companies profiled in the report include Arkema S.A., BASF SE, Daelim Industrial Co. Ltd., Dow Chemical Company, LG Chem Ltd., Evonik Industries AG, ExxonMobil Chemical, Eastman Chemical Company, Ineos Group, and UPC Group. 153554b96e
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