The global wire and cable industry market is expected to be favorably impacted over the forecast period by increasing demand across various applications such as braking, transmission, lights, engine, air conditioners and seat heaters. Increasing use in-vehicle wiring applications is also expected to fuel market demand over the next few years. Further, growing demand in power transmit ssion and distribution sector is estimated to drive market growth. Infrastructure developments and increasing capacity of transmission grids are expected to further drive the market over the forecast period.Government initiatives for housing sector areprojected to provide positive avenues to market growth over the forecast period. Additionally, increasing demand in telecommunication sector is anticipated to favor the wire and cable market growth over the next few years.
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Growing environmental concern regarding recycling and disposal of automotive wires and cables is expected to hinder market growth over the forecast period. Increasing usage of wireless devices may also restrict the wire and cable market. Rising popularity of fiber-optic cables is expected to hamper the market growth over the next few years. However, growing usage in residential and commercial buildings is expected to provide opportunity for the market growth over the forecast period.
The wire and cable market can be segmented on the basis of type and application. Wires and cable types include aluminum, copper, nickel, steel and others. Further, cable and wires are used in various applications such as in buildings, home appliances, automotive, communication and others. Cables and wires can be used in low, medium and high voltage applications.
Asia Pacific is expected to grow significantly over the forecasted period owing to increasing demand in countries such as India and China. Additionally, increased demand in telecommunication sector is also projected to boost the market in this region. North America and Europe are estimated to grow at a significant rate over the next few years owing to increasing demand of wires and cables in residential and commercial buildings.
Key market players in the wire and cable industry market include Cords Cable Industries Limited, Belden Inc., Torrent Cables, Finolex Cables, Taishan Electric Wire and Cable, Hitachi Cable,LS Cable & System, Enfield Cables, Chongqing Yuneng and Marlin Wire.
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