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Global Wire Compounds and Cable Compounds Market to Reach $17 Billion by 2026

Wire and cable compounds are primarily used for providing high degree of insulation to wires and preventing moisture leakage in power transmission or telecommunication cables. Representing flexible, durable and quality insulators, wire and cable compounds are known for their ability to impart superior mechanical stability along with excellent corrosive and chemical resistance to wires and cables. These compounds are intended to act as effective jackets to conducting materials, making them perfect for used in a broad array of industries, from power and automotive to construction and communication. Wire and cable compounds are categorized into halogenated and non-halogenated polymers. Halogenated polymers include Polyvinyl Chloride (PVC) and Chlorinated Polyethylene (CPE). Non-Halogenated Polymers include Cross-Linked Polyethylene (XLPE), Thermoplastic Elastomers (TPES), Thermoplastic Olefins (TPOS), Thermoplastic Polyurethane (TPU) and Thermoplastic Vulcanates (TPV) among others.

Amid the COVID-19 crisis, the global market for Wire Compounds and Cable Compounds estimated at US$12.9 Billion in the year 2022, is projected to reach a revised size of US$17 Billion by 2026, growing at a CAGR of 6.6% over the analysis period. Halogenated Polymers, one of the segments analyzed in the report, is projected to grow at a 6.2% CAGR to reach US$10.5 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Non-Halogenated Polymers segment is readjusted to a revised 7.1% CAGR for the next 7-year period. This segment currently accounts for a 41% share of the global Wire Compounds and Cable Compounds market.

The U.S. Market is Estimated at $1.8 Billion in 2022, While China is Forecast to Reach $5.2 Billion by 2026

The Wire Compounds and Cable Compounds market in the U.S. is estimated at US$1.8 Billion in the year 2022. The country currently accounts for a 14.16% share in the global market. China, the world second largest economy, is forecast to reach an estimated market size of US$5.2 Billion in the year 2026 trailing a CAGR of 7.4% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 5.3% and 5.8% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 5.8% CAGR while Rest of European market (as defined in the study) will reach US$5.7 Billion by the close of the analysis period.

Wire and cable compounds are widely used in power transmission applications. Increasing investment in smart grids along with rising production of renewable energy is presumed to fuel the market growth. Wire and cable compounds are also gaining from government initiatives toward upgrade of transmission & distribution systems and increasing number of wind and offshore farms. The market growth is further facilitated by continuous expansion of the automotive industry and ongoing investments in infrastructure development. Market growth will also be facilitated by increasing demand from automotive applications including e-mobility owing to their superior heat resistance and mechanical rollover resistance. These cables and wires are extensively used for connecting car battery to other components. Automotive applications also use high-voltage single- and multi-core wires and cables to transmit power. Increasing use of advanced wire and cable compounds in the automotive industry along with public and private investments to promote generation of renewable energy is expected to bode well for growth in the market. The increasing acceptance of electric vehicles is anticipated to provide lucrative opportunities for players serving the global wire & cable market. The trend is expected to yield volume gains and create strong demand for wire harnesses. In comparison to traditional internal combustion engine vehicles, electric vehicles use around three-fold the amount of wire harnesses for operations.

By End-Use, Construction Segment to Reach $7.5 Billion by 2026

Construction continues to be the commanding segment of the market. Growth in the construction sector is stimulated by increasing focus of developing economies on infrastructure development and construction activity. With the global population growing at a robust rate, specifically in the developing nations, demand for housing units and infrastructure facilities is expected to increase post-COVID 19, thereby offering huge growth opportunities for the wires and cables market. Global market for Construction (End-Use) segment is estimated at US$5.5 Billion in 2022, and is projected to reach US$7.5 Billion by 2026 reflecting a compounded annual growth rate of 7.4% over the analysis period. China constitutes the largest regional market for Construction segment, accounting for 33.9% of the global sales. China is poised to register the fastest compounded annual growth rate of 8.1% over the analysis period, to reach US$2.7 Billion by 2026.