Wire & Cable Plastics Market: Technological Advancements and Growing Demand for 5G Infrastructure Driving Industry Evolution
The global wire & cable plastics market is on the cusp of a transformative period, driven by exciting technological innovations and a growing environmental consciousness, poised to reshape the industry by the end of 2022. Key catalysts propelling this evolution include the proliferation of the Internet of Things (IoT), the insatiable demand for high-speed 5G connectivity, and the urbanization wave sweeping across developing economies. Additionally, the need for safer homes and buildings is expected to boost the demand for wire & cable materials used in security and fire alarm applications.
Asia Pacific Leads the Charge in Technological Developments and Climate Change Solutions
Asia Pacific is set to witness rapid technological advancements, particularly in driverless vehicle technology and environmental conservation efforts aimed at combating climate change. The foundation for these futuristic technologies, notably 5G, relies heavily on fiber-based networks. The growing adoption of IoT in vehicles for enhanced safety and advanced automation in countries such as India, Malaysia, and the Philippines presents substantial opportunities for the wire and cables market. Polymer manufacturers are poised to capitalize on this expansive market by introducing innovative products tailored to these regions.
PVC and Fluoropolymer Emerge as Ideal Choices
PVC (Polyvinyl Chloride) stands out as an ideal choice for a wide range of applications due to its inherent properties. It possesses fire-retardant qualities that can suppress combustion in the event of fires, preventing the spread of flames. This is particularly crucial for indoor and outdoor applications where safety standards are paramount. PVC offers insulation, strength, and protection across various operating temperatures, making it indispensable for inner electric wires, cables, and fiber optics used in extreme temperature conditions, from underground installations to powerful automotive applications.
Fluoropolymers, inherently resistant to fire, meet code and insurance requirements, making them an excellent choice for industries such as energy and oil & gas. Energy companies that heavily invest in recording equipment, transmission cables, and deep well cables require protective coatings and insulation provided by fluoropolymers.
Polyethylene is also gaining traction among wire & cable manufacturers for jacketing and sheathing applications. It is progressively finding its place in high-temperature cable applications, and cross-linked polyethylene has already replaced PVC in low-temperature cable applications.
Technological Advancements Driving Demand for Right Plastic Materials
The proliferation of wireless devices, including cameras, security systems, and smart appliances, has expanded the boundaries of media equipment. Constant upgrades in wireless technologies and electronic devices have resulted in a surge in demand for power and data transmission. However, heavy transmission generates heat that, when not insulated with the right material, can lead to data degradation and unsafe temperatures. This has created an undeniable demand for suitable plastic materials for wire & cable applications across industries, including building & construction, automotive, healthcare, and more.
Moreover, the demand for advanced plastic materials and cable coatings for overhead power lines to prevent sparks and fires is expected to further propel the growth of plastics in wire & cable applications.
Asia Pacific’s Infrastructural Development Takes Center Stage
Countries like China, India, and Japan are experiencing significant growth in construction activities, driven by urbanization and increased consumer spending capacity. The rising demand for lighting, power, and communications in the Asia Pacific region is set to contribute to substantial growth in the wire & cable plastics market. Europe’s wire & cable industry is also poised for remarkable expansion, thanks to initiatives like ‘Digital Agendas for Europe-2025.’ Furthermore, the increasing use of wires and cables in the IT & telecommunication sector is expected to drive the wire & cable plastics market.
Global Industry Leaders Expanding in High-Growth Regions
Prominent players in the wire & cable plastics industry, including BASF SE, SCG Chemicals Co. Ltd., LyondellBasell Industries Holdings B.V., Arkema Group, Solvay SA, SABIC, Borealis AG, Songwon Industrial Group, BLS Polymer Ltd., Lucobit AG, Hanwha Europe GmbH, Daikin America, Inc., Finolex Cables, and Formosa Plastics, are actively pursuing opportunities in high-growth regions such as Russia, the United States, China, India, and Japan to expand their businesses, particularly in IT & telecommunication applications.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 – By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)
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