The Wire & Cable Compounds Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s 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, expanding telecommunication networks, automotive industry growth, renewable energy projects, 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 growth in the forecast period can be attributed to 5G technology deployment, electric vehicle (EV) market expansion, renewable energy integration, smart cities initiatives, upgradation of power grids. Major trends in the forecast period include development of low-smoke zero-halogen (LSZH) compounds, demand for high-performance compounds in data communication, focus on lightweight and environmentally friendly materials, integration of nanotechnology for enhanced properties, customized formulations for specific applications.
The growing construction sector is expected to propel the growth of the wire and cable compounds market going forward. The construction sector refers to the sector of industry and trade that deals with creating, maintaining, and repairing infrastructures. Wire and cable compounds are used in the construction sector to provide wires with a high level of insulation and to stop moisture from getting inside power transmission or telecommunication cables. For instance, in January 2022, according to Global Construction Perspectives and Oxford Economics, UK-based academic economists, by 2030, global construction production is expected to increase by 85% to $15.5 trillion, with China, the United States, and India taking the lead and contributing 57% of the increase. Over the next 15 years, the US construction market is going to expand more quickly than China’s. Therefore, the growing construction sector is driving the growth of the wire and cable compounds market.
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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
Top Major Player
Exxon Mobil Corporation
Mitsubishi Chemical Corporation
Sumitomo Electric Industries Ltd.
Evonik Industries AG
Prysmian Group
Major companies in the wire and cable compounds market are developing new products with advanced technologies, such as the thinnest LAN cable, to introduce a highly advanced and innovative product for critical applications. A LAN cable, or local area network cable, is a type of networking cable used to provide communication and connect different network components such as computers, switches, routers, printers, and other devices in a local area network. For instance, in February 2022, LS Cable & System, a South Korea-based chemicals company, launched the world’s thinnest LAN cable with a 6mm outer diameter. The cable is capable of transmitting up to 10-gigabytes of data per second and can surpass other general-purpose products by reducing the outer diameter by about 20 percent.
The wire & cable compounds market report table of contents includes:
1. Executive Summary
2. Wire & Cable Compounds Market Characteristics
3. Wire & Cable Compounds Market Trends And Strategies
4. Wire & Cable Compounds Market – Macro Economic Scenario
5. Global Wire & Cable Compounds Market Size and Growth
………………………
32. Global Wire & Cable Compounds Market Competitive Benchmarking
33. Global Wire & Cable Compounds Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Wire & Cable Compounds Market
35. Wire & Cable Compounds Market Future Outlook and Potential Analysis
36. Appendix
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