Dublin, Aug. 02, 2024 (GLOBE NEWSWIRE) -- The "Wire and Cable Jacket Material Market - Forecasts from 2024 to 2029" report has been added to ResearchAndMarkets.com's offering.
The wire and cable jacket material market is set to experience robust growth, with a projected Compound Annual Growth Rate (CAGR) of 4.69% over the period from 2022 to 2029. This industry, serving as the cornerstone for the protection and efficiency of electrical systems, is expected to surge from a valuation of US$4.805 billion in 2022 to an impressive US$6.621 billion by 2029.
Protective Applications Drive Demand for Jacketing Solutions
Central to the burgeoning market is the escalating need for energy and power globally, alongside the expansion of power transmission and distribution networks. Wire and cable jacket materials, acclaimed for their critical role in safeguarding wires and cables from environmental and mechanical hazards, are increasingly in demand to facilitate a diverse array of applications—from underground cabling to expansive communications networks.
Communications Sector to Spearhead Market Expansion
The communication segment, necessitating high-caliber and durable wire and cable jacketing, stands to be a pivotal growth driver. With the advent of 5G technology and IoT, the capacity for high-speed information transfer demands the reliability that advanced wire and cable jacket materials provide. The surge in remote work dynamics further accentuates the requirement for these materials, supporting a growth trajectory for the market.
Asia Pacific and North America Emerge as Leading Markets
Geographically, the Asia Pacific region is anticipated to witness substantial growth, with China, India, and Japan leading the charge. This is largely attributed to a combination of burgeoning populations, urbanization, and industrialization spurring the demand for wire and cable jacket materials. In parallel, North America is forecasted to register a moderate growth rate, backed by steady demand within the construction sector, among other industries.
Recent Developments Showcase Market Innovations
Industry players have not stood still, evidenced by recent developments signaling a forward momentum. AutomationDirect's unveiling of their 300V Atlas Type AWM wire, manufactured in the USA and in compliance with NEC and NFPA standards, is a testament to this innovation. Furthermore, the collaboration of Borealis and Borouge at the WIRE trade show in 2022 demonstrates their commitment to sustainability, as they introduced Borcycle™ M jacketing compound and pledged to make their portfolio ADCA-free. Hydro Group has also broadened their offerings with new cable jacket options designed to meet the specific needs of Defence, Renewable, and Oil & Gas applications.
The industry is defined by a quest for excellence, innovation, and resilience, as reflected in the diverse applications and advancements across the sector. The wire and cable jacket material market stands as a backbone for various industries, ensuring not only the transmission of power and data but also exemplifying a commitment to quality and sustainability for future growth.
Segmentation Highlights Market Diversity
The market is segmented by material into categories such as PUR, PVC, TPR/TPE, thermoplastic CPE, and others, showcasing the versatility of offerings available. This diversity extends to a wide range of end-users, including Aerospace and Defence, Medical, Communication, Robotics, and more. A comprehensive geographical analysis further breaks down the market into distinct regional segments, allowing for a granular understanding of the global landscape of wire and cable jacket material demand.
In conclusion, the wire and cable jacket material market is poised for a period of sustained growth, driven by technological advancements, geographic expansion, and a strong demand from an array of end-user industries.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 142 |
| Forecast Period | 2022 - 2029 |
| Estimated Market Value (USD) in 2022 | $4.81 Billion |
| Forecasted Market Value (USD) by 2029 | $6.62 Billion |
| Compound Annual Growth Rate | 4.6% |
| Regions Covered | Global |
Companies Featured
- Arkema
- MISUMI
- Calmont Wire & Cable Inc.
- Galaxy Wire & Cable, Inc.
- Habia Cable
- TE Connectivity
- Dow
- W. L. Gore & Associates, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/2bi7pe
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