According to the new market research report “Wire & Cable Compounds Market by Type (Halogenated Polymers (PVC, CPE), Non-halogenated Polymers (XLPE, TPES, TPV, TPU), End-use Industry (Construction, Automotive, Power, Communication and others) and Region – Global Forecast to 2026”, published by MarketsandMarkets™, the global Wire & Cable Compounds Market size is expected to grow from USD 12.5 billion in 2021 to USD 19.2 billion by 2026, at a CAGR of 9.0% during the forecast period. The wire & cable compounds industry is growing due to the increase in the demand in construction, automotive, power, communication, and other industries.
Halogenated polymer segment comprise a major share of the wire & cable compounds market in terms of value.
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. PVC compounds accounted for the largest market share among all types of halogenated and non-halogenated polymers. PVC is the worlds third-highest produced synthetic plastic polymer, followed by polyethylene and polypropylene, and is projected to account for the largest share of the market. CPE is a form of polyethylene which has a chlorine content of approximately 30.0% to 40.0%. CPE acts as a modifier of PVC depending upon the application.
The construction end-use industry accounted for the largest market share in the global wire & cable compounds market during the forecast period in terms of value.
The construction industry plays a crucial role in the economic growth of a country. During the last decade, the construction sector created a high number of job opportunities, which further strengthened economic development in countries as well as regions. The construction industry is further categorized into commercial, industrial, and residential. The construction industry accounts for the largest share of the market and this growth is attributed to increasing industrialization, economic development, and urbanization.
North America is expected to account for the largest market share in the wire & cable compounds market during the forecast period.
North America accounted for the largest share, in terms of value, of the global wire & cable compounds market in 2020. The demand for wire & cable compounds from all regions is attributed to increasing industrialization, growing commercial and residential building sectors, and automotive industry.
The key players in the market include DuPont de Nemours, Inc. (US), Solvay S.A. (Belgium), Evonik Industries AG (Germany), Borouge (UAE), Avient Corporation (US), Eastman Chemical Company (US), Exxon Mobil Corporation (US), Hanwha Solutions Corporation (South Korea), Siam Cement Public Company Limited (Thailand), Trelleborg AB (Sweden), Mitsubishi Chemical Corporation (Japan), and RIKEN TECHNOS CORPORATION (Japan). These companies are involved in adopting various inorganic and organic strategies to increase their foothold in the wire & cable compounds market. These players have taken different organic and inorganic developmental strategies over the past five years. PR Newswire