The wire and cable compounds market is witnessing rapid growth, escalating from $12.63 billion in 2023 to $13.9 billion in 2024, showcasing a CAGR of 10.1%. Key growth factors include infrastructure development and expansion in telecommunication networks. The market is anticipated to reach $20.05 billion by 2028, with a CAGR of 9.6%, propelled by the deployment of 5G technology and electric vehicle market growth.
Major Driver In The Wire and Cable Compounds Market
The burgeoning construction sector is poised to propel the expansion of the wire and cable compounds market. This sector encompasses industries and trades engaged in the creation, maintenance, and repair of infrastructures. Wire and cable compounds find extensive use in construction to provide superior insulation to wires and prevent moisture intrusion into power transmission or telecommunication cables. Global Construction Perspectives and Oxford Economics forecasted in January 2022 that global construction production would soar by 85% to $15.5 trillion by 2030, with China, the United States, and India leading the way and contributing 57% of the increase. The U.S. construction market is anticipated to expand more rapidly than China's over the next 15 years. Consequently, the surging construction sector fosters the growth of the wire and cable compounds market, a trend reflected in the market size figures for 2023, 2024, and 2028.
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Wire and Cable Compounds Market Competitive Landscape
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
Key Wire and Cable Compounds Market Trend
Technological advancements are a key trend gaining popularity in the wire and cable compounds market going forward. Major companies are developing new products with advanced technologies to sustain their position in the wire and cable compounds market. For instance, in February 2022, Lubrizol Corporation, a US-based chemicals company launched a new non-halogenated, flame-retardant grade polymer compound for wire and cable applications. The new compound is made without the use of halogens and has improved key performance attributes like drying time, drying temperature, mechanicals, and flame retardant properties.
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Wire and Cable Compounds Market Segmentation
The wire and 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
By Geography:The regions covered in the wire & cable compounds market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the wire & cable compounds market in 2023.
The Wire and Cable Compounds Global Market Report 2024 furnishes information about the global wire and cable compounds market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
