Austin, Dec. 04, 2024 (GLOBE NEWSWIRE) -- The Wire & Cable Compounds Market Size was valued at USD 14.84 billion in 2023, and is expected to reach USD 32.50 billion by 2032 and grow at a CAGR of 9.32% over the forecast period 2024-2032.
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Wire & Cable Compounds Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 14.84 billion |
| Market Size by 2032 | USD 32.50 billion |
| CAGR | CAGR of 9.32% by 2024-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Growth Drivers |
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The Wire & Cable Compounds Market has experienced remarkable growth and changes in recent years. Companies operating in this space have been undergoing various changes, reflecting wider trends and shifts in the market's dynamics. The further expansion of both telecommunications and electrical infrastructure has driven demand for high-performance wire and cable compounds considerably. For instance, major players like Dow Inc. and BASF have recently introduced new product series focused on advanced requirements for the latest applications, considering sustainability in combination with enhanced performance. Furthermore, the adoption rate of electric vehicles and renewable energy systems has significantly ramped up the demand for advanced compounds with better insulation and durability.
The market dynamics of the wire and cable compound industry have changed significantly based on some propelling factors. Consistent growth has been witnessed in telecommunications infrastructure, alongside an increasing rate of electric vehicle adoption. Fronting the launch of each of these new and value-added compounds to meet the growing market since its inception as major producers are companies like Dow Inc. and BASF. The low-smoke, halogen-free compounds introduced by Dow have been very important in improving the safety standards of many application areas. The development at BASF of high-performance compounds with improved thermal stability meets the high demands on systems applied in current electronics. The market has seen very strong activity since meeting these tough demands.
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In 2023, the halogenated polymers dominated the wire and cable compound market, holding a share of approximately 64% in 2023.
That stalwart of them all-PVC. The reign of PVC is not due to tradition alone; indeed, it certainly is an industry workhorse. This versatile material finds applications across many sectors including footwear, plastics, and packaging, but when talking about the world of wire & cable, one can't gainsay its leading position in the market. PVC has the privileged status of being the third highest-produced synthetic plastic polymer globally, after polyethylene and polypropylene. This positioning of PVC is expected to retain its lead and capture the lion's share in the wire & cable compounds market. But PVC does not act alone. Enter CPE, its savior. Chlorinated polyethylene plays a supporting role. It contains roughly 30-40% chlorine. This twist now enables CPE to play its role even as a modifier for PVC. Thus, CPE fine-tunes PVC properties in applications intended for the wire & cable industry.
Trends Analysis: Wire & Cable Compounds Market
The trends in the wire and cable compounds market are toward the development of green, eco-friendly, and sustainable materials. Companies are investing more in compounds offering better recyclability and lesser environmental impact. There is also a notable shift towards compounds with improved performance characteristics like higher thermal stability, resistance to chemicals, and UV radiation. The second most crucial factor that is immensely helpful in making wire and cable compounds high-performing and functional is the adoption of nanotechnology-based advanced manufacturing techniques.
Recent Developments
May 2024: DuPont announced it would split into three independent companies: Electronics, Water, and diversified industrial operations. The goal of such a move was to be more agile and ensure greater growth potential.
June 2024: TEGO Guard 9000 won the Ringier Technology Innovation Award for its fast-setting exterior wall paint technology.
Regional Analysis
In 2023, the North American region dominated the Wire & Cable Compounds Market with an estimated market share of about 50%. The leading position of the region could be attributed to the highly developed industrial base in the region. The wire & cable compounds market is one such market that thrives with growth in the domestic industry. A few industries of North America are experiencing explosive growth. The communication industry is among those industries. Continuous technological advancement and large-scale investments in communication infrastructure drive the industry, which in turn drives growth in wire & cable compounds demand. The government actively invests in renewable energy systems like solar and wind power plants. All these projects for clean energy come along with the requirement for wires and cables, which means greater demand for the required compounds. While these renewable energy initiatives gain momentum, the wire & cable compounds' demand in the power sector would consequently surge.
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BENEFITS:
1 No. Of Pages: 350 Pages Report
2 Regions/Countries:
- North America (3 Countries)
- Europe (~15 Countries)
- Asia Pacific (~10 Countries)
- Latin America (~5 Countries)
- Middle East & Africa (~5 Countries) (Include Israel)
3 ME Sheet: Market Estimation in Excel Format
4 Company Analysis:
- Major 16 companies covered in final report.
- Additional 5 companies will be covered as per client demand complimentary.
5 Statistical Insights and Trends Reporting:
- Vehicle Production and Sales Volumes, 2020-2032, by Region
- Emission Standards Compliance, by Region
- Vehicle Technology Adoption, by Region
- Consumer Preferences, by Region
6 Buying Options
- Single User License: USD 3350
- Enterprise User License: USD 5350
- Excel Data Sheet: USD 2350
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