CLEVELAND, July 13, 2021 /PRNewswire/ — A spike in homebuilding activity amid a hot US housing market will continue to boost near-term demand for insulated wire and cables used in the construction industry, according to a new Freedonia Group analysis:
- The residential construction market has been a source of strength for US construction wire and cable demand during the COVID-19 pandemic – not only avoiding a decline, but actually posting growth in 2020.
- Market performance is on track to be even better in 2021, with housing starts reaching their highest level since before the Great Recession.
- In particular, new single-family housing construction boomed over this span, spurring strong sales of general purpose thermoplastic and thermoset insulated wire and cable.
Through 2025, Residential Building Construction Activity to Remain Elevated
US demand for construction wire and cable is forecast to increase 3.1% per year to $7.3 billion in 2025, supported by elevated residential construction activity.
While new single-family housing starts are forecast to peak in 2022, residential building construction activity is expected to remain elevated, and wire and cable sales to this market will be well above the 2019 level in 2025. Stronger growth could be possible with a recovery in the multifamily construction market, which underperformed as the pandemic spurred migration to lower-density areas.
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Construction Wire & Cable analyzes the US market for insulated cable and wire used in the construction market. Historical data (2010, 2015, and 2020) and forecasts for 2025 and 2030 are provided in millions of dollars for demand, shipments, and net exports.
Historical and forecast sales are also provided for major construction end use markets including:
- residential building
- commercial building
Major product segments covered are:
- building wire and cable (thermoplastic insulated; nonmetallic and underground; thermoset insulated; metallic armored; service entrance; other building wire and cable (e.g., low-voltage doorbell wire))
- telephone wire and cable
- electronic wire and cable, including coaxial cable and multiconductor wire and cable
- power wire and cable
- fiber optic cable (single-mode and multimode)
About the Freedonia Group – The Freedonia Group, a division of MarketResearch.com, is the premier international industrial research company, providing our clients with product analyses, market forecasts, industry trends, and market share information. From one-person consulting firms to global conglomerates, our analysts provide companies with unbiased, reliable industry market research and analysis to help them make important business decisions. With over 100 studies published annually, we support over 90% of the industrial Fortune 500 companies. Find off-the-shelf studies at https://www.freedoniagroup.com/ or contact us for custom research: +1 440.842.2400.
SOURCE The Freedonia Group