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According to a report by commodity research institute CRU, in 2019, global demand for insulated metal wires and cables will increase by only 0.
9% year-on-year to 19 million tons (measured by conductor weight).
This was due to
weaker-than-expected demand in many major consumer markets around the world.
China, which accounts for 35% of global consumption, will grow year-on-year in 2019 at a record low of 1.
6%, mainly due to a sharp decline in the automotive industry and a slowdown
in grid investment.
In addition, India's overall economic weakness, coupled with shrinking automobile production, further pushed down the CRU demand forecast
.
In Europe, cable demand is expected to decline in 2019, driven by a sharp decline
in Germany, driven by a strong contraction in the automotive industry.
At the same time, North American markets are also moving lower
due to more pessimistic views on U.
S.
economic growth.
Taken together, combined with concerns about the health of the global economy, CRU is more bearish
on the outlook for 2020.
CRU said, "Instead of expecting a strong rebound in 2020, we expect cable demand to increase by only 1-2%
year-on-year in conductor tons.
" ”
In addition to this, CRU remains optimistic
about medium-term growth in cable demand.
CRU expects the compound annual growth rate of insulated metal wire and cable demand to remain healthy between 2019 and 2024, roughly equivalent to the growth rate between 2014 and 2019, and despite short-term fluctuations, it still highlights the overall stability
of the industry.
CRU believes that continued construction, utilities and industrial investment in emerging economies such as India, the ASEAN region and the African continent can provide opportunities
for insulated metal wire and cable globally.
According to a report by commodity research institute CRU, in 2019, global demand for insulated metal wires and cables will increase by only 0.
9% year-on-year to 19 million tons (measured by conductor weight).
This was due to
weaker-than-expected demand in many major consumer markets around the world.
China, which accounts for 35% of global consumption, will grow year-on-year in 2019 at a record low of 1.
6%, mainly due to a sharp decline in the automotive industry and a slowdown
in grid investment.
In addition, India's overall economic weakness, coupled with shrinking automobile production, further pushed down the CRU demand forecast
.
In Europe, cable demand is expected to decline in 2019, driven by a sharp decline
in Germany, driven by a strong contraction in the automotive industry.
At the same time, North American markets are also moving lower
due to more pessimistic views on U.
S.
economic growth.
Taken together, combined with concerns about the health of the global economy, CRU is more bearish
on the outlook for 2020.
CRU said, "Instead of expecting a strong rebound in 2020, we expect cable demand to increase by only 1-2%
year-on-year in conductor tons.
" ”
In addition to this, CRU remains optimistic
about medium-term growth in cable demand.
CRU expects the compound annual growth rate of insulated metal wire and cable demand to remain healthy between 2019 and 2024, roughly equivalent to the growth rate between 2014 and 2019, and despite short-term fluctuations, it still highlights the overall stability
of the industry.
CRU believes that continued construction, utilities and industrial investment in emerging economies such as India, the ASEAN region and the African continent can provide opportunities
for insulated metal wire and cable globally.
