Wire And Cable Jacket Material Market Expected to Reach $8.3 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Wire And Cable Jacket Material Market," The wire and cable jacket material market was valued at $4.6 billion in 2021, and is estimated to reach $8.3 billion by 2031, growing at a CAGR of 6.27% from 2022 to 2031.

A typical cable wire and cable insulation and jacketing product comprises a wire conductor (typically copper) covered by insulation, and a jacket that encloses the insulated wire(s). Insulation is applied on conducting materials for electrical isolation between the conductor and the ground. Jacket material is applied over conductor insulations or cable core for mechanical, chemical, or electrical protection.

The market growth is driven by high demand for such products across various applications. Wire and cable materials have evolved at a rapid pace over the past couple of decades, due to advancements in material science, R&D activities, and introduction of new types of wires in accord with applications across various industrial domains. While electrical cables are growing in demand globally, the uptake of mechanical cables is on the rise due to which, a steady growth of the global wire and cable jacket materials market is projected during the forecast period.

The wire and cable jacket materials market is categorized into material type, temperature rating, end-use, and region. On the basis of material type, the perfluoroalkoxy segment accounted 30.4% revenue market share of the global wire and cable jacket material market in 2021, and is expected to maintain its dominance during the forecast period. The ability of PFA to dissipate less energy at high frequencies and their high insulating ability makes them an ideal material for use in the production of cables for the electronics & semiconductor industry.

On the basis of temperature rating, the 250°C to 300°C segment dominated the global wire and cable jacket material market in terms of revenue, in 2021. Wire and cable jacket materials that withstand 250°C to 300°C temperature include, perfluoroalkoxy (PFA) and tetrafluoroethylene (TFE).

On the basis of end-use, the aerospace and defense segment dominated the global wire and cable jacket material market in terms of revenue, in 2021. These thermoplastic material types increase durability and efficiency of aerospace and defense cable and wire, which, in turn, facilitate better production quality in the market.

By region, Asia Pacific dominates the global market with a market share of 34.6% in 2021, and the Asia Pacific is expected to grow with the fastest growth rate over the forecast period. In various Asia-Pacific countries, the subsea industry is growing rapidly which is beneficial for wire and cable jacket material market growth. In Asia-Pacific, a number of undersea as well as ground optical fiber projects that are either in the pipeline or in progress are also expected to fuel the demand for wire and cable jacket materials during the assessment period.

The key players operating in the global wire & cable jacket material market include Arkema S.A., Calmont Wire & Cable Inc., DuPont, Evonik Industries AG, Fluorocarbon Group, Galaxy Wire & Cable, Inc., Habia Cable, Groupe PolyAlto, OFS Fitel, LLC, and 3M.

KEY FINDINGS OF STUDY

• By material type, the polyimide segment is projected to grow at the highest CAGR of approximately 6.89%, in terms of revenue, during the forecast period.
• By temperature rating, the 250°C to 300°C segment is expected to dominate the market during the forecast period.
• By end use, the artificial lift system segment is projected to grow at the highest CAGR of approximately 6.96%, in terms of revenue, during the forecast period.
• Region-wise, Asia Pacific is the major consumer of wire & cable jacket materials among other regions. It accounted for around 34.6% of the global market share in 2021 and Asia-Pacific is expected to show a lucrative growth rate over the forecast period.

COVID-19 Impact on Market

• During the COVID-19 pandemic, the wire & cable jacket materials industry was impacted in terms of distribution and logistics due to lockdown across the globe. Wire & cable jacket materials production and distribution came to a halt because of the economic downturn due to the pandemic.
• The COVID-19 pandemic disrupted the aerospace, power generation, and automotive industries resulting in reduced usage of wire and cable jacket materials in these industries.
• The global COVID-19 pandemic hindered inter-country activity and import &export of wire and cable jacket materials due to varied economic and legal limitations globally. As a result, the wire and cable jacket materials market impacted moderately in 2021. However, by the beginning of 2021, all the industries started their operation due to which the demand for wire and cable jacket materials improved in the aerospace, power generation, and automotive industries