Wire Compound and Cable Compound Market

Wire Compound and Cable Compound Market Size (2023-2028)

The wire compound and cable compound market is likely to progress from $ 13.49 billion in 2022 at an annual compound rate of 9.8% during the outlook period between 2023-2028

Wire and cable compounds are primarily used in different end-user sectors such as automotive, construction, energy, and communication. Rapid growth in infrastructure, primarily in developing economies, is expected to fuel the development of the global wire and cable compounds market in the near future. Wire compounds and cable compounds are an integral part of the cable and wire industry as these compounds provide high-quality insulation and cladding to conductive materials. These compounds have high durability, excellent corrosion, and chemical resistance, as well as high mechanical stability, flexibility, and abrasion resistance properties. Construction is the fastest-growing segment of the end-use industry in the wire and cable compounds market. The construction industry is a significant end-use business that is expected to experience the highest growth rate between 2020 and 2025. Growth in the building and construction industry and increased government investment in infrastructure projects have resulted in increasing global demand for wire and cable compounds.

Wire compounds and cable compounds are used to provide high-quality insulation and prevent moisture leaks in power and telecommunication cables.  In general, it serves as a cover for conductive materials. They find wide applications in various industries, such as automotive, construction, energy, and communication. With the growing demand for infrastructure development in all emerging economies, the main factor is helping to stimulate market growth. Also, the growing need for wire and cable compounds in the automotive sector and increased private and government investment in the use of renewable energy resources is other key factor driving the market growth. Furthermore, the increasing adaptation of advanced compounds in oil and gas, marine, aerospace and offshore is supporting this market growth. However, factors such as government rules imposed on the employment of halogenated polymers and slow expansion are expected to hamper industry expansion. The market is stimulated by the growth of the energy and automotive industries and by the increase in infrastructure development activities worldwide.

Wire Compound and Cable Compound Market Drivers and Restraints

The increasing population of developing countries is driving the sectors of the economy which constitute the basic necessities of modern life like power, construction, communication, healthcare, automotive, etc. All these industries make use of wires in some form or other. The fact that the wire compound and cable compound industry is so generic in terms of application is driving the industry. Wires have become ubiquitous in their usage in modern life. They are used to transport electricity and information and sometimes they may even be used in the medical sector in pinhole surgeries to transport light. This can be done by the phenomenon of total internal reflection. As a result, the factors that are driving the economy are the same factors that are driving the Wire Compound and Cable Compound Market. Rising income levels across emerging economies are also propelling the market.

Increasingly turbulent political environments in oil-producing countries are causing great uncertainty in the polymer market. As most of the starting materials for the polymers are petroleum-derived, the fluctuations in the oil prices are greatly affecting the polymers and elastomers market. The implementation of international and American sanctions on some crude oil-exporting nations has caused a scarcity of oil and has thus increased oil prices recently. The increasing labor and transportation costs are only adding to the woes of the market.

WIRE COMPOUND AND CABLE COMPOUND MARKET REPORT COVERAGE

Wire Compound and Cable Compound Market Segmentation until 2028.

WIRE COMPOUND AND CABLE COMPOUND MARKET BY TYPE

• Non-halogenated polymers
• Halogenated polymers

Halogenated polymers, one of the segments analyzed and dimensioned in this study, have growth potential of over 6.2%. The changing dynamics behind this growth is essential for companies in this space to keep abreast of the changing pulse of the market. Expected to reach more than $ 7.8 billion by 2025, halogenated polymers will bring healthy gains that will add significant momentum to global growth.

WIRE COMPOUND AND CABLE COMPOUND MARKET BY END-USER

• Construction
• Power
• Communication
• Automotive
• Others

The construction sector is predicted to be the biggest sector of the wire compound and cable compound industry in 2020, on the basis of value.

WIRE COMPOUND AND CABLE COMPOUND MARKET BY REGION

• North America

• Latin America

• Europe

• Asia Pacific

• Middle East & Africa

Wire Compound and Cable Compound Market Key Players:

1. General Cable Technologies Corporation (U.S.)
2. PolyOne Corporation (U.S.)
3. Exxon Mobil Corporation (U.S.)
4. Eastman Chemical Company (U.S.)
5. Electric Cable Compounds Inc. (U.S.)
6. E. I. DuPont de Nemours and Company (U.S.)
7. Solvay S.A. (Belgium)
8. Trelleborg AB (Sweden)
9. Borouge (UAE)
10. Mexichem Specialty Compounds Inc. (Mexico)
11. Others