The automotive industry has witnessed a massive change in the last century. Today, lightweight and high-power vehicles have become the norm the world over, making mobility easier than never before. This leap has led to a flourishing automotive industry, which is in constant need of wire and cable materials to make various types of vehicles. The growth of the global automotive wire and cable materials market has solely been due to rising demand of automobiles. This market is mainly being steered by the developing economies in Asia Pacific along with the stabilizing U.S. economy. Improving technologies and innovative approaches have also led to high usage of wire and cable materials in every car.
Browse the full Global Automotive Wire and Cable Materials Market Report: http://www.mrrse.com/automotive-wire-cable-materials
The global automotive wire and cable materials market is segmented on the basis of product type and geography. The products in the market are XLPE, PVC, TPU, PPE, and others. Geographically, this market is divided into North America, Asia Pacific, Europe, and Rest of the World.
Growing GDP of Asia Pacific Countries to Drive Global Wire and Cable Materials Market
In terms of geography, Asia Pacific is expected to be the biggest consumer of automotive wire and cable materials. This position can be attributed to factors such as high demand for commercial and personal vehicles in the region. According to analysts, this demand is a result of the soaring GDP of countries such as Malaysia, India, China, and Indonesia, which is providing the citizens higher purchasing power.
North America Faring Better than Europe Automotive Wire and Cable Materials Market
The second largest consumer of automotive wire and cable materials is North America, followed closely by Europe. Despite several top-notch automobile manufacturers being located in Europe, the maximum demand for cables and wires is generated from other parts of the world, such as Asia Pacific. Hence, even though production of European cars will not be significantly hampered, North America and Asia Pacific will surge ahead of the Europe market in the coming years.
PVC to be Slowly Replaced by PPE and XLPE
The popularly used products in the global automotive wire and cable materials market are XLPE and PVC, as their characteristics fit the bill perfectly. Moreover, these materials can also be used over a wide temperature range. However, several automobile manufacturers have phased out the usage of PVC materials for cars, as they cannot be recycled due to their high toxicity. In addition to this, PVC insulated wire is also being replaced by insulating materials such as PPE and XLPE.
Browse the full Press Release of Global Automotive Wire and Cable Materials Market: http://www.mrrse.com/automotive-wire-cable-materials-market
The PVC segment has a renewed hope for grabbing a larger share in the global automotive wire and cable materials market as several manufacturers are using biobased plasticizers. The new PVC products are expected to be 40% less toxic as compared to the ones made with phthalates.
The global automotive wire and cable materials market is being dominated by some of the key players such as Coficab Tunisie SA, Leoni AG, Draka Holding N.V., Yazaki Corporation, and Sumitomo Electric Industry.