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2024 Insulated Cables Market Report : Market Size, Growth Drivers, And Key Trends
Insulated Cables Global Market Report 2024
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According to The Business Research Company's, The insulated cables market size has grown strongly in recent years. It will grow from $123.58 billion in 2023 to $129.9 billion in 2024 at a compound annual growth rate (CAGR) of 5.1%. The growth in the historic period can be attributed to urbanization and infrastructure development, electrification of rural areas, industrialization, renewable energy integration.
The insulated cables market size is expected to see steady growth in the next few years. It will grow to $154.69 billion in 2028 at a compound annual growth rate (CAGR) of 4.5%. The growth in the forecast period can be attributed to energy transition, electrification of transportation, smart grids and iot integration, 5g expansion, aging infrastructure replacement. Major trends in the forecast period include high-voltage direct current (hvdc) cables, fire-resistant insulation, fiber optic integration, environmentally friendly materials, customization and specialization.
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Market Drivers and Trends:
Increased use of insulated cables and wires in the automotive sector will enhance the growth of the insulated cables market. Insulated wires are used to handle unique stress during the manufacturing process in the automotive industry and are also used to connect car batteries with other components. The heavy demand for insulated wires in the automotive industry is supported by the wide range of insulting wires offered by the manufacturers in the insulated cables market For instance, In April 2022, In a report published by European Automobile Manufacturers Association, a lobbying and standards group of the automobile industry in the European Union, in 2021, 79.1 million motor vehicles were produced worldwide, a 1.3% increase over 2020. Additionally, according to the Global EV Outlook 2021, consumers spent USD 120 billion on electric vehicle purchases in 2020, a 50% increase over 2019. Therefore, the increasing use of insulated cables and wires in the automotive sector is driving the growth of the insulated cables market.
Major companies operating in the insulated cables market are developing innovative products such as KetaSpire KT-857 to provide innovative solutions to the automotive industry. KetaSpire KT-857 is a high-purity PEEK extrusion compound designed especially for copper magnet wire insulation in electric motors. For instance, in May 2023, Solvay, a Belgium-based chemicals company launched KetaSpire KT-857 (PEEK) extrusion for monolayer e-motor magnet wire insulation. The technology eliminates the need for a primer and a topcoat, which simplifies the manufacturing process and reduces costs. The compound also ensures better adhesion in a faster and more cost-effective way.
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Major Key Players of the Market:
Southwire Company LLC, General Cable, 3M Company, ABL Electronic Supplies Inc., AFC Cable Systems, Amphenol Corporation, Asia Pacific Wire and Cable Corporation Limited, Belden Inc., Cable USA, LS Corporation, Hellermann Tyton, Legrand Electric Ltd, Brady, Panduit, TE Connectivity Ltd., K-Sun, Partex Marking Systems, Phoenix Contact, Thomas and Betts, CCL Industries Inc (Avery), Fujikura Ltd., Hitachi Ltd., Leoni AG, Nexans SA, Sumitomo Electric Industries Ltd., Superior Essex, The Okonite Company, Tratos, TPC Wire & Cable, Tyco Electronics, United Copper Industries, W. L. Gore & Associates, Yazaki
Insulated Cables Market 2024 Key Insights:
• The insulated cables market size is expected to see steady growth in the next few years. It will grow to $154.69 billion in 2028 at a compound annual growth rate (CAGR) of 4.5%.
• Rising Demand For Insulated Cables In The Automotive Sector
• Innovative Products In The Insulated Cables Market
• The Asia-Pacific was the largest region in the insulated cables market in 2023
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