The wire and cable plastics market size is projected to reach US$ 17.88 billion by 2031 from US$ 11.58 billion in 2023; the market is expected to register a CAGR of 5.6% during 2023–2031. The increasing focus on recycling and bio-based materials is expected to bring new trends to the market in the coming years.
The energy & power industry is witnessing a substantial surge in demand for wire and cable plastics, driven by the global shift toward advanced energy infrastructure, renewable energy integration, and the modernization of aging power systems. Plastics, including polyethylene (PE), polyvinyl chloride (PVC), and cross-linked polyethylene (XLPE), are integral materials in the insulation, sheathing, and protection of wires and cables. These plastics offer unique properties, such as flexibility, electrical resistance, durability, and cost-effectiveness, making them indispensable in meeting the growing demands of the industry. With the rising utilization of renewable energy sources such as solar, wind, and hydropower, the need for robust and reliable cabling solutions is escalating. These energy systems often operate in challenging environments, exposing cables to extreme temperatures, UV radiation, and moisture. The increasing focus on electrification in remote and underserved areas, particularly in developing countries, also propels this demand.
Plastics are used in wires and cables as a jacketing and insulating material. A few commonly used plastics for wire and cables are polyethylene, polyvinyl chloride, polypropylene, cross-linked polyethylene, and thermoplastic elastomers, among others. Plastic-insulated wires and cables are highly used in residential, commercial, and industrial applications as they securely provide electricity, data, and voice communication to electrical devices. Wires and cables are used in industries such as construction, automotive, electrical & electronics, aerospace & defense, telecommunications, oil & gas, energy & power, etc.
A few of the major factors driving the wire and cables plastics market are the rising demand from the energy & power industry and the growing building and construction industry. The global energy & power industry is witnessing substantial growth, driven by the global shift toward advanced energy infrastructure and renewable energy integration.
The building and construction industry’s growth is fueled by several factors, including the increasing need for infrastructure development, the rise in residential and commercial construction, and advancements in modern electrical systems. As the global population grows and urbanization accelerates, there is a surging demand for electricity and communication networks, both of which are reliant on the efficient use of wires and cables. Electrical wiring is essential for powering homes, offices, schools, hospitals, and other critical infrastructures. Further, the integration of smart technologies in modern buildings, including smart lighting, HVAC systems, and security solutions, fueled the need for advanced cables capable of supporting higher power loads and data transmission.
In Europe, the growing population of countries such as the UK, Austria, Italy, and France, as well as urbanization, is leading to an urgent need for more housing. In response, both private developers and governments of these countries have initiated extensive housing projects to alleviate the housing shortage. For instance, under the Affordable Homes Programme 2021–2026, the UK government has planned to deliver up to 180,000 new homes. The variety of residential developments, from high-rise apartments and suburban houses to luxury estates and affordable housing, requires a wide range of wires and cables. These products offer a solution for homeowners seeking modern, high-performance wires and cables that can withstand the varying climates of countries in Europe. In the construction industry, innovative and durable wires and cables are vital for powering modern infrastructure, supporting digital connectivity, and ensuring the safety and efficiency of building systems. Thus, the growing building and construction industry fuels the wire and cable plastics market growth.
The global telecommunications industry is expanding, which is driven by technological advancements and increasing internet penetration, leading to an increased need for robust and reliable cabling infrastructure. This demand directly impacts the consumption of plastics used in manufacturing telecommunication cables, including optical fiber cables, coaxial cables, and ethernet cables—which rely on materials such as PE, PVC, and PP for insulating, jacketing, and durability. With 5G technology requiring high-capacity fiber optics cables for seamless data transmission, the telecommunication industry demands superior quality that offers enhanced protection against environmental factors such as moisture, heat, and UV radiation. Further, data centers and cloud servers are essential for storing and processing massive volumes of data and require extensive cabling networks for power distribution, data transmission, and cooling systems. Plastics play a crucial role in providing insulation and durability for these cables, ensuring operational efficiency and safety. As enterprises and governments invest in building new data centers and upgrading existing ones, the demand for high-quality, heat-resistant, and fire-retardant plastics for wire and cable applications is expected to rise in the future.
Key segments that contributed to the derivation of the wire and cable plastics market analysis are material, voltage, and end-use industry.
The geographic scope of the wire and cable plastics market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
Asia Pacific is expected to dominate the market over the forecast period. Asia Pacific is one of the prominent markets for utilizing wire and cable plastics, owing to the growing automotive, electronics, construction, and energy & power industries. Asia Pacific is a global leader in consumer electronics, with major companies such as Samsung, Sony, and Xiaomi at the forefront of innovation. Asia Pacific is a global hub for consumer electronics production, with countries such as China, South Korea, Japan, and India hosting major manufacturing facilities for smartphones, laptops, wearable devices, and home appliances. Investments in electronics production facilities across Asia, especially in China and South Korea, have accelerated the adoption of wire and cable plastics to meet the technical demands of high-performance consumer electronic devices.
The expanding construction industry in Asia Pacific is a key driver of the market, as ongoing residential, commercial, and industrial projects demand efficient power distribution systems. Wire and cable plastics play a vital role in ensuring safety, durability, and insulation in these applications. Moreover, government-led initiatives to enhance renewable energy adoption, such as solar and wind power projects, have further increased the need for durable and weather-resistant cable materials.
The regional trends and factors influencing the Wire and Cable Plastics Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Wire and Cable Plastics Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 11.58 Billion |
| Market Size by 2031 | US$ 17.88 Billion |
| Global CAGR (2023 - 2031) | 5.6% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Material
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Wire and Cable Plastics Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Wire and Cable Plastics Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The wire and cable plastics market is evaluated by gathering qualitative and quantitative data from primary and secondary research, which includes important corporate publications, association data, and databases. A few of the key developments in the wire and cable plastics market are listed below:
The "Wire and Cable Plastics Market Size and Forecast (2021–2031)" report provides a detailed analysis of the market covering below areas:
The rising demand from the energy & power industry and the growing building and construction industry are driving the market.
The increasing focus on recycling and bio-based materials is expected to emerge as a future trend in the market.
In 2023, Asia Pacific held the largest share of the global wire and cable plastics market owing to the growing automotive, electronics, construction, and energy & power industries.
The cross-linked polyethylene segment held the largest share of the global wire and cable plastics market in 2023.
The market is expected to register a CAGR of 5.6% during 2023–2031.
Dow Inc, Exxon Mobil Corp, LyondellBasell Industries NV, Solvay SA, Borealis AG, BASF SE, Saudi Basic Industries Corp, LG Chem Ltd, Arkema SA, and Celanese Corp. are among the key players operating in the wire and cable plastics market.