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Global PVC Material In Automotive Cable Market 2019 Industry Forecasts To 2024
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Global PVC Material in Automotive Cable Market Expected to Grow at a CAGR of 5.2% by 2024
The global PVC material in automotive cable market is projected to reach USD 6.3 billion by 2024, growing at a compound annual growth rate (CAGR) of 5.2% from 2019 to 2024, according to a new report by Market Research Future (MRFR).
PVC (polyvinyl chloride) is a synthetic plastic polymer that is widely used in the automotive industry for various applications, such as insulation, sheathing, and jacketing of wires and cables. PVC material offers several advantages over other materials, such as low cost, high flexibility, durability, resistance to heat, flame, abrasion, chemicals, and moisture.
The global PVC material in automotive cable market is driven by the increasing demand for vehicles, especially electric and hybrid vehicles, which require more wiring and cabling systems. Moreover, the rising adoption of advanced driver assistance systems (ADAS), infotainment systems, and safety features in vehicles also boosts the demand for PVC material in automotive cable market. Furthermore, the stringent regulations and standards for vehicle emissions and fuel efficiency also encourage the use of lightweight and eco-friendly PVC material in automotive cable market.
However, the global PVC material in automotive cable market may face some challenges, such as the volatility in raw material prices, the environmental concerns associated with PVC disposal and recycling, and the competition from alternative materials, such as thermoplastic elastomers (TPE) and polyethylene (PE).
The global PVC material in automotive cable market is segmented by type, application, vehicle type, and region. By type, the market is divided into soft PVC and rigid PVC. By application, the market is categorized into battery cables, primary wires, brake cables, ABS cables, and others. By vehicle type, the market is classified into passenger cars and commercial vehicles. By region, the market is analyzed across North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.
Asia-Pacific is expected to dominate the global PVC material in automotive cable market during the forecast period, owing to the rapid growth of the automotive industry in countries such as China, India, Japan, South Korea, and Indonesia. The increasing production and sales of vehicles, along with the rising disposable income and urbanization in these countries are some of the key factors driving the growth of the PVC material in automotive cable market in this region.
North America is also expected to witness significant growth in the global PVC material in automotive cable market during the forecast period, due to the high demand for electric and hybrid vehicles in this region. The presence of major automakers and suppliers, such as General Motors (US), Ford Motor Company (US), Tesla (US), Delphi Technologies (UK), and Lear Corporation (US), also contributes to the growth of the PVC material in automotive cable market in North America.
Europe is expected to hold a substantial share of the global PVC material in automotive cable market during the forecast period, due to the stringent regulations and standards for vehicle emissions and fuel efficiency in this region. The increasing adoption of ADAS, infotainment systems, and safety features in vehicles also drives the demand for PVC material in automotive cable market in Europe.
Latin America and the Middle East and Africa are expected to show moderate growth in the global PVC material in automotive cable market during the forecast period,
due to the growing demand for vehicles and the improving economic conditions in these regions.
The key players operating in the global PVC material in automotive cable market include BASF SE (Germany), DowDuPont Inc. (US), Exxon Mobil Corporation (US), INEOS Group Holdings S.A. (UK), LG Chem Ltd. (South Korea), Mitsubishi Chemical Corporation (Japan), Shin-Etsu Chemical Co., Ltd. (Japan), SABIC (Saudi Arabia), Solvay S.A. (Belgium), and Teknor Apex Company (US).
The report provides an in-depth analysis of the global PVC material in automotive cable market along with its drivers, restraints,
opportunities,
challenges,
trends,
and competitive landscape. It also provides a detailed segmentation of
the market by type,
application,
vehicle type,
and region.
The report also covers
the key strategies adopted by
the leading players
to gain a competitive edge
in
the market. aa16f39245