Press release
Wire & Cable Compounds Market Size Projected To Reach $21.51 Billion By 2034 With A Cagr Of 9.8%
Wire & Cable Compounds
What Is the Expected Wire & Cable Compounds Market Size During the Forecast Period?
In the past few years, the wire & cable compounds market has seen considerable growth. The market, which was valued at $13.57 billion in 2024, is anticipated to reach $14.81 billion in 2025, growing at a compound annual growth rate (CAGR) of 9.2%. The sizeable growth during this historical period can be credited to factors such as infrastructure development, the expansion of telecommunication networks, the rising automotive industry, renewable energy projects, and ongoing urbanization and construction activities.
The market size of wire & cable compounds is set to witness robust growth in the coming years, expanding to $21.51 billion by 2029 at a compounded annual growth rate (CAGR) of 9.8%. This surge in growth during the forecast period can be attributed to the deployment of 5G technology, proliferation of the Electric Vehicle (EV) market, the integration of renewable energy, initiatives towards the development of smart cities, and the upgrading of power grids. Some significant trends during this forecast period include the emergence of Low-Smoke Zero-Halogen (LSZH) compounds, increased demand for high-performing compounds in data communication, focus on materials that are lightweight and eco-friendly, the application of nanotechnology for improved properties, and tailoring of formulations to suit specific uses.
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What Are the High-Growth Segments in the Wire & Cable Compounds Market?
The wire & cable compounds market covered in this report is segmented -
1) By Type: Halogenated Polymers, Non-Halogenated Polymers
2) By Function: Insulation, Sheathing
3) By End-Use Industry: Construction Wind Energy, Power, Communication, Automotive, Other End Use Industries
Subsegments:
1) By Halogenated Polymers: Polyvinyl Chloride (PVC), Chlorinated Polyethylene (CPE), Ethylene Vinyl Acetate (EVA)
2) By Non-Halogenated Polymers: Polypropylene (PP), Polyethylene (PE), Thermoplastic Elastomers (TPE), Cross-Linked Polyethylene (XLPE)
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What Key Drivers Are Expected to Influence Future Wire & Cable Compounds Market Growth?
The expansion of the construction industry is anticipated to significantly boost the wire and cable compounds market. The construction industry encompasses all activities related to the creation, upkeep, and repair of infrastructures, making substantial use of wire and cable compounds. These compounds instill wires with high-grade insulation and prevent moisture infiltration within power transmission or telecommunication cables. For example, Global Construction Perspectives and Oxford Economics suggested in January 2022 that by 2030, worldwide construction production is projected to rise by 85% to $15.5 trillion. China, the United States, and India are expected to spearhead this increase, contributing 57% of the total growth. Furthermore, the US construction market is set to grow more rapidly than China's over the coming 15 years. Thus, the accelerating construction sector is fueling the expansion of the wire and cable compounds market.
Which Companies Hold the Largest Share Across Different Wire & Cable Compounds Market Segments?
Major companies operating in the wire & cable compounds market include Exxon Mobil Corporation, Mitsubishi Chemical Corporation, Sumitomo Electric Industries Ltd., Evonik Industries AG, Prysmian Group, DuPont de Nemours Inc., Siam Cement Public Company Limited, Solvay S.A., Hanwha Solutions Corporation, Nexans SA, Borouge, Avient Corporation, Cabot Corporation, Trelleborg AB, Eastman Chemical Company, Belden Inc., Teknor Apex Company, SCG Chemicals Co Ltd., Southwire Company LLC, RIKEN TECHNOS CORPORATION, Electric Cable Compounds Inc, Chemceed LLC, Alphagary Limited, BUSS AG, Melos GmbH, Dugar Polymers Limited, Relicab Cable Manufacturing Limited, Techno Vinyl Polymers India Ltd., General Cable Technologies Corporation, PVCL
What Trends Are Driving Growth in The Wire & Cable Compounds Market?
Cutting-edge technology is a rising trend becoming increasingly popular in the wire and cable compounds industry. To maintain their market standing, leading companies are rolling out new products empowered by high-tech capabilities. For example, in February 2022, the US chemical firm, Lubrizol Corporation, introduced a fresh non-halogenated, flame-retardant grade polymer compound slated for wire and cable use. The innovative compound, manufactured without halogens, boasts enhanced key features such as drying duration, drying heat, mechanical aspects, and flame resistance properties.
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What Are the Emerging Geographies for The Wire & Cable Compounds Market Growth?
North America was the largest region in the wire & cable compounds market in 2024. The regions covered in the wire & cable compounds market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Wire & Cable Compounds Market?
2. What is the CAGR expected in the Wire & Cable Compounds Market?
3. What Are the Key Innovations Transforming the Wire & Cable Compounds Industry?
4. Which Region Is Leading the Wire & Cable Compounds Market?
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