HVAC CABLES MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

The global HVAC cables market has been witnessing considerable volatility in the prices of key raw materials over the past couple of years. Fluctuations in the prices of metals like copper and aluminum that are extensively used in manufacturing HVAC cables have negatively impacted the growth trajectory of this market. Copper prices especially have seen sharp swings, rising from USD 7,500 per tonne in 2020 to over US$ 10,000 per tonne in 2021 owing to supply constraints and high demand from China. This rise in copper prices increased the manufacturing cost of HVAC cables substantially. As HVAC cable producers could only pass on a portion of this hike to consumers, margins shrunk significantly.

Market Opportunities: Emergence of bio-based cable materials

The emergence of bio-based cable materials offers tremendous opportunities for growth in the global HVAC cables market. Bio-based polymers synthesized from natural and renewable resources like lignin, cellulose or vegetable oils are increasingly being used as substitutes for traditional petroleum-based cable insulation and jacket materials. Some of the key advantages of bio-based cable materials include enhanced sustainability, reduced environmental footprint, and improved recyclability.

Bio-based cable materials allow manufacturers to provide more eco-friendly and sustainable product offerings that meet the rising demand for green and renewable solutions.