The British commodity research organization CRU predicts that in 2021, the global consumption of insulated metal wires and cables will increase by more than 5% year on year, even though the agency has recently lowered its annual demand forecast.

CRU said that the downward revision of its full-year demand forecast is mainly due to weaker demand in China, one of the largest consumer markets. At the same time, due to the long-term shortage of semiconductors, global automotive cable demand also showed a weakening trend in the second half of this year.

By 2022, CRU predicts that total cable demand will once again grow at a healthy rate higher than the historical average because many countries and regions still have room to make up for losses during the pandemic.

Regarding the mid-term forecast for the next five years, CRU believes that, in addition to the demand-driven Chinese and North American markets, emerging markets and green energy development will become increasingly important driving forces for the growth of cable demand from 2022 to 2026.