Home » Market » Global Wire & Cable Compounds Industry to Reach $19.2 Billion by 2026

Global Wire & Cable Compounds Industry to Reach $19.2 Billion by 2026

Market growth

The global wire & cable compounds market size is projected to grow from USD 12.5 billion in 2021 to USD 19.2 billion by 2026, at a CAGR of 9.0% between 2021 and 2026, reported ResearchAndMarkets.

 

Wire & cable compounds are specialty application materials used to formulate insulating and jacketing materials for wires & cables. They are also used in manufacturing semi-conductive shields for cables. These wire & cable compounds offer enhanced quality and performance standards which include new standards for safety, sustainability, and reliability as they provide high insulation properties. These wire & cable compounds are used in the construction, power, communication, and automotive industries. Wire & cable compounds have a major role in coating wires & cables as they provide safety insulation to the conducting wires

 

Halogenated polymers by type are the fastest-growing wire & cable compounds type of wire & cable compounds market in terms of value

 

Halogenated polymers are projected to register the highest CAGR in terms of value between 2021 and 2026. Halogenated polymers include polyvinyl chloride (PVC) and chlorinated polyethylene (CPE) which are widely used in various industries such as wire & cable, footwear, plastics, and packaging. PVC is used in a wider range of applications than CPE.

 

Construction is the fastest-growing end-use industry of wire & cable compounds market, in terms of value

 

Construction is the largest and is projected to be the fastest-growing end-use industry of wire & cable compounds during the period of study. In the construction industry, wire & cable compounds are used for commercial, residential, and industrial purposes for power transmission and low and medium-voltage cable applications.

 

APAC is the fastest-growing wire & cable compounds market

 

APAC is projected to register the highest CAGR in terms of value in the global wire & cable compounds market during the forecast period. APAC dominated the wire & cable compounds industry in 2020. The Asia Pacific region is projected to be the fastest-growing market for wire & cable compounds owing to economic growth in emerging countries and a strong foothold in the developed countries in the market. The demand generated for wire & cable compounds from emerging countries is attributed to increased industrialization and urbanization. The demand generated from developed countries is majorly driven by the increased household spending due to the rapidly expanding middle class and rising disposable incomes.

 

Due to COVID-19, wire & cable compounds producers and numerous companies have halted their production sites across various countries that has led to reduced demand for wire & cable compounds, APAC countries. The recovery in the end-use industries with restoration in the supply chain would drive the wire & cable compounds demand during the forecast period.

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