Spools Market: Introduction
Wire & cables industry plays a vital role in shaping the world infrastructure. The global wire & cable industry is rapidly growing due to the emerging markets ramping up their digital infrastructure developments and developed world is renovating its age old infrastructure for power transmission & distribution and telecommunication. Wire & cable packaging industry witnessed changing trends during last few years. Safety issues such as fire hazards, damage of fibre optic cables etc. are demanding high-end sophisticated packaging for wire & cables. Spools or reels are the packaging products used to pack or bundle the cables or wires. Spools are a cylindrical round drum-shaped object to carry wires & cables. These are usually made of wood, metal, plastic and cardboard. The selection of the spool or reel depends on the diameter and load of the wire or cable intended to transport. Emerging markets like India, China, Russia, Mexico, Argentina, South Africa and Brazil are the target markets which spool manufacturers should focus on. FMI analysis shows that the market is projected to grow at a healthy CAGR with higher growth in emerging markets.
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Spools: Market Dynamics
Growing trends of transforming traditional age old infrastructure to digital is driving the global wire & cables industry, which in turn drives the global spools market. Governments’ emphasis on digital infrastructure developments also influences the above mentioned factor. Growing safety concerns on fire hazards and breaking up of cables during transportation demands high durability and efficient spools. Shipping space optimization is the major concern of wire and cable industries face today. Spools with modern technology touch are addressing this aforementioned issue. Growing demand for renewable energy sources such as solar and wind energy, where challenge is to efficiently store and transfer the power demands reliable, durable and efficient spools, which is driving the global spools market. Load weight optimization, where lightweight wooden, plastic or rigid cardboard spools are used to bundle the wire and cables. Materials used by many spool manufacturers are 100% recyclable, which reduces carbon footprint considerably, which is driving the growth of spools market
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