Wire & Cable Compounds Global Market Report 2024

The wire & cable compounds market size has grown rapidly in recent years. It will grow from $12.63 billion in 2023 to $13.9 billion in 2024 at a compound annual growth rate (CAGR) of 10.1%. The growth in the historic period can be attributed to infrastructure development, the expansion of telecommunication networks, growth in the automotive industry, renewable energy projects, and increased urbanization and construction activities.

The wire & cable compounds market size is expected to see strong growth in the next few years. It will grow to $20.05 billion in 2028 at a compound annual growth rate (CAGR) of 9.6%. The anticipated growth in the forecast period is driven by the deployment of 5G technology, the expansion of the electric vehicle (EV) market, the integration of renewable energy sources, initiatives for smart cities, and the modernization of power grids. Major trends expected in this period include the development of low-smoke zero-halogen (LSZH) compounds, increased demand for high-performance compounds in data communication, a focus on lightweight and environmentally friendly materials, the integration of nanotechnology for enhanced material properties, and the use of customized formulations for specific applications.

The upward trajectory of the construction sector is set to drive the expansion of the wire and cable compounds market in the foreseeable future. Within the realm of industry and commerce, the construction sector encompasses activities centered on creating, sustaining, and refurbishing infrastructures. Wire and cable compounds play a pivotal role in this sector by providing wires with robust insulation and safeguarding power transmission or telecommunication cables against moisture infiltration. For instance, as reported in January 2022 by Global Construction Perspectives and Oxford Economics, UK-based academic economists, there's an anticipated 85% surge in global construction production by 2030, amounting to $15.5 trillion. China, the United States, and India are poised to spearhead this growth, collectively contributing 57% to the projected increase. Notably, the US construction market is forecasted to experience more rapid expansion over the next 15 years compared to China. Consequently, the burgeoning construction sector stands as the key driver propelling the expansion of the wire and cable compounds market.

The burgeoning global need for electricity is poised to drive the expansion of the wire and cable compound market. Electricity, as a form of energy arising from charged particles, utilizes wire and cable compounds to enable the efficient and secure transmission of electric currents. These compounds serve by establishing a conductive pathway, minimizing energy dissipation, and mitigating the risks associated with electrical hazards. As an example, as per the World Energy and Climate Statistics presented by Enerdata, a France-based information services company, electricity consumption in the United States observed a 1.8% uptick in 2022. Hence, the escalating worldwide demand for electricity stands as the primary force propelling the growth of the wire and cable compound market.

Technological advancements are a significant trend gaining traction in the wire and cable compounds market. Major companies are focusing on developing new products with advanced technologies to maintain their position in the market. For example, in February 2022, Lubrizol Corporation, a US-based chemicals company, introduced a new non-halogenated, flame-retardant grade polymer compound for wire and cable applications. This new compound is manufactured without the use of halogens and boasts improved key performance attributes such as drying time, drying temperature, mechanical properties, and flame retardancy.

Prominent companies in the wire and cable compounds market are actively engaged in developing new products featuring advanced technologies, including the thinnest LAN cable, to introduce highly advanced and innovative solutions for critical applications. A LAN cable, also known as a local area network cable, is a type of networking cable used for communication and connecting various network components such as computers, switches, routers, printers, and other devices within a local area network. For example, in February 2022, LS Cable & System, a South Korea-based chemicals company, launched the world's thinnest LAN cable with a remarkable 6mm outer diameter. This groundbreaking cable is capable of transmitting data at speeds of up to 10 gigabytes per second and outperforms other general-purpose products by reducing the outer diameter by approximately 20 percent.

In October 2023, Ravicab Cables Private Limited, an India-based specialized cable manufacturer, acquired Leoni Cable Solutions India Pvt. Ltd. (LCSI) for an undisclosed sum. This acquisition is part of Ravicab Cables' strategic initiatives, aiming to expand its market reach, broaden its product range, and achieve synergistic growth in its business operations. Leoni Cable Solutions India Pvt. Ltd. (LCSI) is a fully owned subsidiary of Leoni AG, a Germany-based manufacturer known for its fire survival cables, high-tension power cables, and low-tension control cables.

Major companies operating in the wire & cable compounds market report are 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.

North America was the largest region in the wire & cable compounds market in 2023. The regions covered in the wire & cable compounds market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries 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.

The main types of wire and cable compounds are categorized as halogenated polymers and non-halogenated polymers. Halogenated polymers include materials such as polyvinyl chloride (PVC) and chlorinated polyethylene (CPE). These compounds are used for insulation and sheathing purposes in various industries such as construction, wind energy, power, communication, automotive, and others.

The wire and cable compounds market research report is one of a series of new reports that provides wire and cable compounds market statistics, including wire and cable compounds industry global market size, regional shares, competitors with a wire and cable compounds market share, detailed wire and cable compounds market segments, market trends and opportunities, and any further data you may need to thrive in the wire & cable compounds industry. This wire and cable compounds market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The wire and cable compounds market consist of sales of thermoplastic polyester (PBT), crosslinked polyethylene (XLPE), and polyvinyl chloride (PVC). Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.