Polyurethane Insulation Materials Market Report, published by Allied Market Research, forecasts that the global market was valued at $16,816 million in 2016, and is expected to reach $28,776 million by 2023, supported by a CAGR of 7.8% during the forecast period 2017 to 2023. In 2016, wires & cable segment accounted for major share in terms of revenue.
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Polyethylene is one of the commonly used polymers and is synthesized chemically from ethylene. Polyethylene is available in different densities with the ultra-high molecular weight grade, offering toughness that outlasts steel in some applications. Polyethylene insulation material has high resistance to heat and is durable, lightweight, and dust repellent. It finds application in wires & cables, packaging, and consumer goods industry.
Wire & cable sector is expected to grow rapidly due to increase in demand from power, telecommunication, and real estate sectors in the emerging economies such as India, China, Brazil, and Russia, which fuels the polyethylene insulation materials market. Burgeoning population in Asia-Pacific region especially of India and China has led to the increased consumption of consumer goods representing a bright spot for polyethylene insulation materials market during the forecast period. General economic performance, policies on infrastructure improvements, the level of capital equipment investment and maintenance, seasonality, occasional events such as rebuilding efforts linked to the damage caused by hurricanes, and other natural events influenced sales in the U.S.
Wires & cables is the leading application of polyethylene insulation materials. Low dielectric constant and resistance to moisture makes it an ideal insulator, used to manufacture wires and cables. The sector is expected to grow at a compound annual growth rate of 10.3% during the period 2017-2023 in India, thereby driving the growth of the polyethylene insulation materials market.
Volatility in the prices of raw material and regulatory intervention from the environment bodies and federal agencies is projected to hamper the growth of the market during the forecast period.
Key Findings of the Polyethylene Insulation Materials Market:
- Asia-Pacific is expected to continue to lead the market during the forecast period followed by LAMEA
- In 2016, wires & cables application segment generated the highest revenue and is projected to grow at a CAGR of 7.9% during the forecast period
- Wires & cables is the fastest growing application for polyethylene insulation materials market
- In 2016, Asia-Pacific and LAMEA accounted for approximately half of the share for revenue in global polyethylene insulation materials market in 2016
- The polyethylene insulation materials market in North America is anticipated to grow at a CAGR of 5.7% from 2017 to 2023
The key players operating in the global polyethylene insulation materials market are The DOW Chemical Company, Arkema Group, Borealis AG, Akzonoble N.V., Lyondellbasell Industries N.V., 3H Vinacom Co., Ltd., Exxonmobil Chemical Company, Inc., Falcone Specialities AG, Hanwha Chemical, and Polyone Corporation.