Northbrook, IL 60062 -- (SBWIRE) -- 05/26/2022 -- Wire & cables have been increasingly used in the offshore, marine, aerospace and oil & gas industry. The presence of major manufacturers in the wire & cable compounds market is leading to various new product launches every year. Manufacturers are investing significantly in R&D to develop new products, processes, and materials which can provide a competitive edge over other manufacturers. These new product developments are attributed to the increasing offshore, marine, aerospace, and oil & gas industries which require customized wires & cables. These applications demand compounds that are suitable for underwater operations in the marine sector and underground operations in the oil & gas industry. In the aerospace industry, wires & cables are utilized for critical operations and are required to perform under stringent environmental conditions which need increasingly customized compounding solutions. This increasing demand for advanced and customized compounding solutions from the offshore, marine, aerospace, and oil & gas sectors is fueling the growth of the wire & cable compounds market globally.
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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, projecting a CAGR of 9.0% during the forecast period between 2021 and 2026.
Companies operating in the global wire & cable compounds market have strengthened their position in the global compos global wire & cable compounds market by adopting expansions, partnerships, agreements, new product/technology launches, joint ventures, contracts, and mergers & acquisitions from 2016-2021. However, the novel coronavirus pandemic has created ripples across the global construction, aerospace & defense, automotive & transportation, wind energy, and many other sectors, affecting the global supply chains. These factors have affected the demand for global wire & cable compounds. The demand is expected to recover bounce and picking up momentum by 2021.
The major global wire & cable compounds manufacturers are 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 have adopted various organic and inorganic growth strategies.
DuPont de Nemours, Inc. is a science and technology company supplying products and services to various industries including agriculture, automotive, building & construction, electronics, energy, food & beverages, safety & protection, and others. It operates through six business segments: agriculture, performance materials, safety & protection, nutrition & health, electronics & communications, and industrial biosciences. The company offers wire & cable compounds through its transportation & industrial segment under different brand names. The companys extensive product range, materials, and services fulfil the dynamic market demands of varied industries in approximately 90 countries.
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Solvay S.A. is one of the leading companies involved in the plastic and chemical businesses worldwide. The company develops, manufactures, and markets its products to various industries including agriculture, feed & food, automotive & aerospace, building & construction, customer goods & healthcare, electrical & electronic, and industrial applications. The acquisition of Cytec Industries boosted its growth by making it one of the worlds largest producers of carbon fiber prepreg. It offers wire & cable compounds under its materials segment for application industries such as power, communication, automotive, and construction.