The wire and cable compounds market is projected to grow at a CAGR of 4.57% over the forecast period, increasing from US$16.747 billion in 2025 to US$20.943 billion by 2030.
The growth of certain industries has been important in the increased demand for the wire and cable compounds market. The electrical and electronics sector is one of the fastest and largest growing industries. Recently, the Ministry of Electronics & Information Technology released Electronics Manufacturing in India stating that the electronics manufacturing industry will grow to US$ 300 billion by 2025-26. This increased consumption of electrical and electronics is backed by the trade of the semiconductor industry in 2024 which was USD$510.099 billion, this number suggests the application of semiconductors in the electrical and electronics industry.
Furthermore, the observed trend in the wire and cable compounds industry is the use of sustainable alternatives as materials. In April 2024, ABB introduced one of the industry's first cable protection systems made from recycled fishing nets. According to the company estimated 1 million tons of abandoned and discarded fishing gear (ALDFG), litter the world's oceans every year, endangering marine life as a major source of ocean plastic pollution. To mitigate this dangerous marine pollution, ABB launched industry-leading cable protection crafted from 50% recycle-based polyamide using primarily recovered fishing nets.
Further, the expansion of the construction industry growth is a significant driver in the expansion of the wire and cable compounds market. In the USA, the total construction spending was US$2.01 trillion in May 2023 which expanded from US$1.93 trillion in May 2022. This increasing construction industry propels the materials used including wire and cable compounds.
The expanding automobile industry is one key factor pushing the market demand for wire and cable compounds. This growth is attributed to the growing electric vehicle sector and wire and cable products needed for the various electronic devices within automobiles. Modern automobiles need primary wire and battery cables for multi-functionality. Certain battery cable grades are suitable for 125°C or 150°C and need to be designed to meet SAE J-1,127 and ISO 6,722 requirements. Moreover, the application of electrical and electronics such as engine management, ignition, radio, telematics, car puters, infotainment systems, etc. boost the market significantly.
The growing demand for electric vehicles worldwide is pushing the need for insulated materials. According to the International Energy Agency (IEA), the sales of electric vehicles have been the largest in China. Increasing sales from 6 million in 2022, 8.1 million in 2023, and reaching 10.1 million in 2024. Keeping this increased demand for electric vehicles, Solvay announced the launch of KetaSpire KT-857, a new polyetheretherketone (PEEK) extrusion compound designed especially for copper magnet wire insulation in electric motors in May 2023. The development of the custom-engineered insulation material was driven by the move of OEMs towards higher-density batteries and electric powertrains operating at 800V.
According to the OICA (International Organization of Motor Vehicle Manufacturers), the global production of automobiles increased by 10% in 2023 compared to the previous year. This increased demand for automobiles will fuel the overall market for wire and cable compounds.
Adding to this, according to the U.S. Department of Commerce, the total construction spending in the United States in July 2024 was US$2.16 trillion, which was 6.7% higher than that of July 2023,when the spending was US$2.02 trillion.
In addition, the rise in electric vehicle adoption has significantly impacted the market as it increases the demand for specialized wire and cable compounds that can handle the specific requirements of EV applications. In this regard, electric vehicle sales according to the IEA rose from 1 million in 2022 to 1.6 million in the year 2023 in the United States.
The growth of certain industries has been important in the increased demand for the wire and cable compounds market. The electrical and electronics sector is one of the fastest and largest growing industries. Recently, the Ministry of Electronics & Information Technology released Electronics Manufacturing in India stating that the electronics manufacturing industry will grow to US$ 300 billion by 2025-26. This increased consumption of electrical and electronics is backed by the trade of the semiconductor industry in 2024 which was USD$510.099 billion, this number suggests the application of semiconductors in the electrical and electronics industry.
Furthermore, the observed trend in the wire and cable compounds industry is the use of sustainable alternatives as materials. In April 2024, ABB introduced one of the industry's first cable protection systems made from recycled fishing nets. According to the company estimated 1 million tons of abandoned and discarded fishing gear (ALDFG), litter the world's oceans every year, endangering marine life as a major source of ocean plastic pollution. To mitigate this dangerous marine pollution, ABB launched industry-leading cable protection crafted from 50% recycle-based polyamide using primarily recovered fishing nets.
Further, the expansion of the construction industry growth is a significant driver in the expansion of the wire and cable compounds market. In the USA, the total construction spending was US$2.01 trillion in May 2023 which expanded from US$1.93 trillion in May 2022. This increasing construction industry propels the materials used including wire and cable compounds.
Wire and cable compounds market drivers:
The increasing automotive industry is predicted to promote the wire and cable compounds market expansion.The expanding automobile industry is one key factor pushing the market demand for wire and cable compounds. This growth is attributed to the growing electric vehicle sector and wire and cable products needed for the various electronic devices within automobiles. Modern automobiles need primary wire and battery cables for multi-functionality. Certain battery cable grades are suitable for 125°C or 150°C and need to be designed to meet SAE J-1,127 and ISO 6,722 requirements. Moreover, the application of electrical and electronics such as engine management, ignition, radio, telematics, car puters, infotainment systems, etc. boost the market significantly.
The growing demand for electric vehicles worldwide is pushing the need for insulated materials. According to the International Energy Agency (IEA), the sales of electric vehicles have been the largest in China. Increasing sales from 6 million in 2022, 8.1 million in 2023, and reaching 10.1 million in 2024. Keeping this increased demand for electric vehicles, Solvay announced the launch of KetaSpire KT-857, a new polyetheretherketone (PEEK) extrusion compound designed especially for copper magnet wire insulation in electric motors in May 2023. The development of the custom-engineered insulation material was driven by the move of OEMs towards higher-density batteries and electric powertrains operating at 800V.
According to the OICA (International Organization of Motor Vehicle Manufacturers), the global production of automobiles increased by 10% in 2023 compared to the previous year. This increased demand for automobiles will fuel the overall market for wire and cable compounds.
Wire and cable compounds market geographical outlook:
Based on geography, the wire and cable compounds market is segmented into the Americas, Europe Middle East and Africa, and the Asia-Pacific.Several factors drive the United States wire and cable compounds market. The primary driver is the strong infrastructure within the United States, along with continued investments in upgrading and expanding power grids, telecommunications networks, and transportation systems. For instance, the Joint Centre for Housing Studies of Harvard United (JCHS), released a report in March 2023, known as Improving America's Housing 2023, it stated that the US remodeling sector was rising rapidly, and in 2022, and investment in USD567 billion was done for remodeling old houses. Hence, such rising investment in the construction, and remodeling sector in the United States is anticipated to propel the market growth in the coming years.Adding to this, according to the U.S. Department of Commerce, the total construction spending in the United States in July 2024 was US$2.16 trillion, which was 6.7% higher than that of July 2023,when the spending was US$2.02 trillion.
In addition, the rise in electric vehicle adoption has significantly impacted the market as it increases the demand for specialized wire and cable compounds that can handle the specific requirements of EV applications. In this regard, electric vehicle sales according to the IEA rose from 1 million in 2022 to 1.6 million in the year 2023 in the United States.
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Industry and Market Insights, Opportunity Assessment, Product Demand Forecasting, Market Entry Strategy, Geographical Expansion, Capital Investment Decisions, Regulatory Framework & Implications, New Product Development, Competitive IntelligenceReport Coverage:
- Historical data & forecasts from 2022 to 2030
- Growth Opportunities, Challenges, Supply Chain Outlook, Regulatory Framework, Customer Behaviour, and Trend Analysis
- Competitive Positioning, Strategies, and Market Share Analysis
- Revenue Growth and Forecast Assessment of segments and regions including countries
- Company Profiling (Strategies, Products, Financial Information, and Key Developments among others)
The wire and cable compounds market is analyzed into the following segments:
By Product
- Fiber Optic Cable
- Coaxial Cable
- Others
By Polymer Type
- Polyvinyl Chloride (PVC)
- Thermoplastic Elastomer (TPE)
- Thermoplastic Polyurethane (TPU)
- Thermoplastic Olefin (TPO)
- Others
By End-User Industry
- Automotive
- Construction
- Electrical and Electronics
- Health Care
- Power
- Telecommunication
- Others
By Geography
- North America
- South America
- Europe
- Middle East and Africa
- Asia-Pacific
Table of Contents
1. INTRODUCTION
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
5. WIRE AND CABLE COMPOUNDS MARKET BY PRODUCT
6. WIRE AND CABLE COMPOUNDS MARKET BY POLYMER TYPE
7. WIRE AND CABLE COMPOUNDS MARKET BY END-USER INDUSTRY
8. WIRE AND CABLE COMPOUNDS MARKET BY GEOGRAPHY
9. COMPETITIVE ENVIRONMENT AND ANALYSIS
10. COMPANY PROFILES
Companies Mentioned
- Alphagary
- BUSS AG
- Cabot Corporation
- Chemceed
- Electric Cable Compounds Inc.
- Melos GmbH
- Bihani Group
- Relicab Cable Manufacturing Limited
- SCG Chemicals Co., Ltd.
- Solvay
- Teknor Apex
- Trelleborg
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 149 |
| Published | December 2024 |
| Forecast Period | 2025 - 2030 |
| Estimated Market Value ( USD | $ 16.75 Billion |
| Forecasted Market Value ( USD | $ 20.94 Billion |
| Compound Annual Growth Rate | 4.5% |
| Regions Covered | Global |
| No. of Companies Mentioned | 12 |
