Wire & Cable Compounds Market
What combination of drivers is leading to accelerated growth in the wire & cable compounds market?
The expansion of the construction sector is anticipated to promote the growth of the wire and cable compounds market. The construction realm encompasses the industry and commerce aspects associated with the development, upkeep and repair of infrastructure. These wire and cable compounds are essential in the construction industry as they lend wires superior insulating properties and prevent moisture ingress into power transmission or telecommunication cables. For instance, in January 2022, Global Construction Perspectives and Oxford Economics, a group of economists based in the UK, predicted that by 2030, worldwide construction production will rise by 85% to $15.5 trillion. China, the United States, and India are expected to spearhead this growth, contributing to 57% of the surge. In the following 15 years, the US construction industry is set to grow at a faster rate than China’s. Hence, the escalating construction sector supports the growth trajectory of the wire and cable compounds market.
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What is the projected compound annual growth rate (CAGR) of the wire & cable compounds market from 2025 to 2034, and what factors influence it?
In recent times, the wire & cable compounds market size has experienced a considerable increase. The market is projected to expand from $13.57 billion in 2024 to $14.81 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 9.2%. This growth during the historic period is primarily due to factors such as infrastructure development, burgeoning telecommunication networks, the progression of the automotive industry, renewable energy projects, and the spur in urbanization and construction activities.
In the coming years, the market size for wire & cable compounds is projected to experience robust growth. The market is anticipated to reach a valuation of $21.51 billion by 2029, growing at a compound annual growth rate (CAGR) of 9.8%. The predicted growth during the forecast period is due to factors such as the adoption of 5G technology, the growth of the electric vehicle (EV) market, the incorporation of renewable energy, initiatives related to smart cities, and the upgrading of power grids. Key trends for the forecast period include the creation of low-smoke zero-halogen (LSZH) compounds, the increased need for high-performance compounds in data communication, emphasis on lightweight and ecologically friendly materials, the use of nanotechnology for improved characteristics, and bespoke formulations for specific uses.
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How are the latest trends influencing the growth of the wire & cable compounds market?
Increasing technological innovation is a notable trend making waves in the wire and cable compounds market. Major players are creating new products utilizing advanced technologies to maintain their market presence. For instance, in February 2022, Lubrizol Corporation, an American chemicals corporation, unveiled a non-halogenated, flame-resistant polymer compound for wire and cable purposes. This novel compound, which avoids the use of halogens, exhibits enhanced focal performance characteristics including drying time and temperature, mechanical properties, and flame retardancy.
What are the major segments of the wire & cable compounds market and their role in driving growth?
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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Which geographical regions are pioneering growth in the wire & cable compounds market?
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.
Who are the key firms paving the way for growth in the wire & cable compounds market?
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
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What Is Covered In The Wire & Cable Compounds Global Market Report?
•Market Size Forecast: Examine the wire & cable compounds market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the wire & cable compounds market for a structured understanding.
•Key Players Overview: Analyze major players in the wire & cable compounds market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the wire & cable compounds market.
•Segment Contributions: Evaluate how different segments drive overall growth in the wire & cable compounds market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the wire & cable compounds market.
•Industry Challenges: Identify potential risks and obstacles affecting the wire & cable compounds market.
•Competitive Landscape: Review strategic developments in the wire & cable compounds market, including expansions, agreements, and new product launches.
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