Wire & Cable Compounds Global Market Report 2023
Major players in the wire and cable compound market are DuPont de Nemours Inc., Solvay S.A., Evonik Industries AG, Borouge, Avient Corporation, Eastman Chemical Company, Exxon Mobil Corporation, Hanwha Solutions Corporation, Siam Cement Public Company Limited, Trelleborg AB, Mitsubishi Chemical Corporation, Teknor Apex Company, Techno Vinyl Polymers India Ltd.
New York, March 06, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Wire & Cable Compounds Global Market Report 2023" - https://www.reportlinker.com/p06426364/?utm_source=GNW
, Dugar Polymers Limited, and Electric Cable Compounds Inc.
The global wire & cable compounds market grew from $11.32 billion in 2022 to $12.58 billion in 2023 at a compound annual growth rate (CAGR) of 11.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The wire & cable compounds market is expected to grow to $18.65 billion in 2027 at a CAGR of 10.4%.
The wire and cable compound market consist of sales of thermoplastic polyester (PBT), crosslinked polyethylene (XLPE), and polyvinyl chloride (PVC).Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Wire and cable compounds refer to substances that are used to formulate insulating and jacketing materials for wires and cables to protect telecommunication and power transmission wires from moisture intrusion and are also used to create wires and cables with exceptional durability, corrosion and chemical resistance, mechanical stability, flexibility, and abrasion resistance.
North America was the largest region in the wire and cable compound market in 2021. The regions covered in this wire and cable compound market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
The main types of wire and cable compounds are halogenated polymers and non-halogenated polymers.Halogenated polymers refer to polymers that include polyvinyl chloride (PVC) and chlorinated polyethylene (CPE).
The functions include insulation and sheathing. The various end-use industries include construction, wind energy, power, communication, automotive, and other end-use industries.
The growing construction sector is expected to propel the growth of the wire and cable compound market going forward.The construction sector refers to the sector of industry and trade that deals with creating, maintaining, and repairing infrastructures.
Wire and cable compounds are used in the construction sector to provide wires with a high level of insulation and to stop moisture from getting inside power transmission or telecommunication cables. For instance, in January 2022, according to Global Construction Perspectives and Oxford Economics, UK-based academic economists, by 2030, global construction production is expected to increase by 85% to $15.5 trillion, with China, the United States, and India taking the lead and contributing 57% of the increase. Over the next 15 years, the US construction market is going to expand more quickly than China’s. Therefore, the growing construction sector is driving the growth of the wire & cable compound market.
Technological advancements are a key trend gaining popularity in the wire and cable compound market going forward.Major companies are developing new products with advanced technologies to sustain their position in the wire and cable compound market.
For instance, in September 2020, HEXPOL Technologies, a Germany-based international polymer compounding group, launched a comprehensive portfolio of wire and cable compounds based on high-performance materials such as VMQ, additives, advanced rubber technologies, and thermoplastic elastomers.The unique features include low smoke, low toxicity, and flame retardancy without halogens.
Materials are RoHS, SVHC, and REACH compliant, and come in grades that adhere to IEC 60811 or EN 50363 international cable standards.
In September 2020, Borealis, an Austria-based chemical company, acquired a controlling stake in DYM Solution Co. Ltd., for an undisclosed amount. Through the acquisition, Borealis aims to solidify its position as a global supplier of wire and cable material solutions. DYM Solution is a South Korea-based manufacturer of compound materials for cables and wires.
The countries covered in the wire and cable compound market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The wire and cable compound market research report is one of a series of new reports that provides wire and cable compound market statistics, including wire and cable compound industry global market size, regional shares, competitors with a wire and cable compound market share, detailed wire and cable compound market segments, market trends and opportunities, and any further data you may need to thrive in the wire and cable compound industry. This wire and cable compound market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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