The Wire And Cable Compounds Market Is Estimated To Grow To $18.6 Billion By 2027 – By The Business Research Company

The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

LONDON, Sept. 15, 2023 /PRNewswire/ — As per The Business Research Company’s Wire And Cable Compounds Global Market Report 2023, the global wire & cable compounds market is experiencing substantial growth. The market, which stood at $11.32 billion in 2022, has surged to an impressive $12.58 billion in 2023, marking a remarkable 11.1% compound annual growth rate (CAGR). Projections indicate that the global wire & cable compounds market is on a trajectory to reach an estimated $18.65 billion in 2027, showcasing a robust CAGR of 10.4%. Several factors are contributing to this exceptional growth.

Driving Factors

  1. 5G Revolution: The deployment of 5G technology is driving an increased demand for wire and cable compounds as connectivity becomes paramount in our digital world.
  2. Renewable Energy Boom: With renewable energy sources gaining momentum, the wire & cable compounds market benefits from the evolving energy landscape.
  3. Automotive Industry Evolution: As the automotive industry undergoes significant changes, wire and cable compounds are essential for powering electric and hybrid vehicles.
  4. Connectivity Projects: Expanding investments in connectivity projects globally further propel market growth.

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Sustainability Takes Center Stage

One notable trend is the industry’s shift towards recyclable and sustainable compounds. As environmental awareness grows, there’s a rising demand for compounds that reduce waste and minimize the use of non-renewable resources.

For instance, Dow Inc., a leading material science company, introduced the Endurance HFDD-4201 SC compound, a novel cross-linked polyethylene (XLPE) solution, which not only lowers CO2 emissions during manufacturing but also enhances the reliability and durability of power transmission cables.

Fragmented Market with Key Players

The global wire and cable compounds market is fairly fragmented, with numerous players operating in the field. Key industry leaders are expanding their operational capabilities by establishing new production plants worldwide and developing advanced technologies to boost component production.

Solvay S.A. leads the market with a 4.0% share, followed by DuPont de Nemours Inc., Evonik Industries AG, and others. The top ten competitors accounted for 24.9% of the total market in 2022.

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Regional Insights

Asia Pacific led the wire and cable compounds market in 2022, accounting for 49.5% of the total, followed by North America and Western Europe. The fastest-growing regions in the market are expected to be Africa and the Middle East.

Market Segmentation

The wire & cable compounds market is segmented by type (Halogenated Polymers, Non-Halogenated Polymers), function (Insulation, Sheathing), and end-use industry (Construction Wind Energy, Power, Communication, Automotive, Other End Use Industries).

In the market segmentation by function, the halogenated polymers segment is expected to witness substantial growth, gaining $4,772.6 million of global annual sales by 2027.

The wire & cable compounds market is not just growing; it’s thriving, driven by innovation, sustainability, and the evolving global landscape. Businesses operating in this arena are poised for remarkable opportunities in the years ahead.

View More Similar Market Reports:

Wires And Cables Global Market Report 2023

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