The global wire & cable compounds market size is expected to reach USD 26.37 billion by 2030 according to a new study by Polaris Market Research. The report “Wire & Cable Compounds Market Share, Size, Trends, Industry Analysis Report, By Type (Halogenated Polymers, Non- Halogenated Polymers); By End-Use (Construction, Wind Energy, Power, Communication, Automotive, Others); By Region; Segment Forecast, 2022 - 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
Rapidly rising industrialization by the government organization and the widespread use of wire compounds across various verticals boost industry growth during the forecast period. The increasing application of cables is expected to dominate the growth wire and cable compounds industry during the evaluation period. Non-metallic holstered, armored, instrumentation, low-voltage, and communication cables are among the most influential cables presently offered in the global wire compounds market. The market is projected to expand at an impressive rate during the forecast period, expected to drive the growth of high-speed internet and an increasing focus on high-quality telecommunication infrastructure.
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Further, in December 2021, at a general assembly event of the UNIDO General Conference's 19th session, the United Nations Industrial Development Organization (UNIDO) initiated its 2022 Industrial Development Report (IDR), The Future of Industrialization in a Post-pandemic World. The COVID-19 global epidemic has had and remains to have damaging consequences on economies and societies, threatening to undo years of progress toward achieving the Sustainable Development Goals. One interesting finding is that the industrial sector is important in fostering socioeconomic adaptability.
Manufacturing keeps economic systems afloat and moving forward by ensuring access to essential goods such as food, medicines, and vaccines. These large increases the critical importance of achieving SDG 9 to meet the goals of the 2030 Agenda. Thus, these factors, such as industrialization and adoption across various verticals, are boosting the industry growth during the forecast period.
The construction segment garnered the largest revenue share in the global wire compounds market. Wire compounds are used in the construction industry to transmit low- and medium-voltage wire implementations in commercial, residential, and industrial applications. The construction industry accounts for most market growth, which can be attributed to increased industrialization and urbanization.
Market players such as Hanwha Solutions Corporation, Borouge, DuPont De Nemours, Inc., Eastman Chemical Company, Avient Corporation, Evonik Industries Ag, Exxon Mobil Corporation, Riken Technos Corporation, General Cable Technologies Corporation, Melos GmbH, Mitsubishi Chemical Holdings Corporation, Electric Cable Compounds Inc., Siam Cement Group, Solvay S.A., and Trelleborg AB are some key players operating in the global market.
In November 2021, Avient Corporation, a leading provider of specialized and environmentally friendly material solutions and services, introduced new ECCOH grades for telecom and industrial manufacturers. These compounds broaden its Low Smoke and Fume Non-Halogen (LSFOH) portfolio and offer new solutions for reducing waste by broadening the compound durability.
The increased demand for LSFOH products is driven by continued growth in fiber optic compound, telecommunications infrastructure, and the new IEC 60794-6 requirement. The two new cable externally bonded formulations, ECCOH 5565 and ECCOH 5978 UV broaden Avient's solution portfolio and potentially increase wire lifetime.
Polaris Market Research has segmented the wire & cable compounds market report based on type, end-use, and region:
Wire & Cable Compounds, Type Outlook (Revenue - USD Billion, 2018 - 2030)
Wire & Cable Compounds, End-Use Outlook (Revenue - USD Billion, 2018 - 2030)
Wire & Cable Compounds, Regional Outlook (Revenue - USD Billion, 2018 - 2030)