Wire and Cable Plastics Market Size to Reach US$ 17.88 Billion by 2031, Set to Experience Growth Due to Increasing Demand for Energy Storage Applications

Wire and cable plastics market share to register a CAGR of 5.6% during 2023-2031. Leading companies are 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.

/EIN News/ -- US & Canada, March 19, 2025 (GLOBE NEWSWIRE) -- According to a new comprehensive report from The Insight Partners, the global wire and cable plastics market is witnessing significant growth owing to rising demand from the energy & power industry. The report runs an in-depth analysis of market trends, key players, and future opportunities. The wire and cable plastics market has been growing due to the growing building and construction industry, which is expected to determine the market strength in the coming years.

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Overview of Report Findings

1. Market Growth: The wire and cable plastics market was valued at US$ 11.58 billion in 2023 and is expected to reach US$ 17.88 billion by 2031; it is anticipated to register a CAGR of 5.6% during the forecast period. Plastics are used in wires and cables as a jacketing and insulating material. Commonly used plastics for wire and cables are polyethylene, polyvinyl chloride, polypropylene, cross-linked polyethylene, and thermoplastic elastomers. 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, and energy & power, etc.
2. Rising Demand from Energy & Power Industry: The energy & power industry is witnessing a substantial surge in demand for wire and cable plastics owing to 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. Long-distance power transmission lines and off-grid renewable energy systems require durable and lightweight cables, where plastics play a critical role in reducing installation complexity and enhancing efficiency.
3. Robust Telecommunication Infrastructure Expansion: The global telecommunications industry is expanding, 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.
4. Geographical Insights: In 2024, APAC led the market with a substantial revenue share, followed by Europe and North America. Further, Asia Pacific is expected to register the highest CAGR during the forecast period.

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Market Segmentation

• Based on material, the wire and cable plastics market is categorized into polyethylene, polyvinyl chloride, polypropylene, cross-linked polyethylene, thermoplastic elastomers, and others. The polyvinyl chloride segment held the largest share of the market in 2024.
• Based on voltage, the wire and cable plastics market is segmented into low, medium, high, and extra-high. The medium segment held the largest share of the market in 2024.
• Based on end-use industry, the wire and cable plastics market is segmented into construction, automotive, electrical and electronics, aerospace and defense, telecommunications, oil and gas, energy and power, and others. The construction segment held the largest share of the market in 2024.
• The wire and cable plastics market is segmented into five major regions: North America, Europe, APAC, Middle East and Africa, and South and Central America.

Competitive Strategy and Development 

• Key Players: A few major companies operating in the wire and cable plastics market are 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.
• Trending Topics: Energy storage & batteries, electronics & semiconductors, biomedical applications, and composite materials, among others.

Global Headlines on Wire and Cable Plastics 

• BASF SE announced the launch of ether-based thermoplastic polyurethane: Elastollan® 1400. These will provide exceptional hydrolysis and microbe resistance, combining stable processing behavior with good compression set properties.
• Dow Inc. launched a range of REVOLOOP Recycled Plastics Resins, which incorporates post-consumer recycled (PCR) material into cable jacketing. The launch was aimed to cater to the demand for consumer sustainability goals.
• Borealis AG announced the launch of the Renewables line of Queo, a range of elastomers and elastomers based on renewable feedstock. The launch was aimed to cater to the growing demand for sustainable solutions.
• Borealis and Borouge announced their presence at the 2022 WIRE trade show in Germany. A wide range of innovative technologies and material solutions for wire & cable were showcased. It aimed to cater to the new customer base and meet the growing demand for sustainable solutions.

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Conclusion

The wire and cable plastics market is expected to experience steady growth, primarily driven by the rising demand from the energy & power and building and construction industries. 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 rely 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. Government bodies of various countries take initiatives to support the development of the residential construction sector. For instance, in Saudi Arabia, the Ministry of Housing and the Real Estate Development Fund initiated the Sakani platform in 2017 to facilitate home ownership by creating new housing stock, allocating plots and homes to nationals, and financing their purchases. In accordance with the aim of reaching 70% home ownership by 2030, the program helped 70,000 families in Q1 of 2021, surpassing its goal of extending help to 51,000 families.

The report from The Insight Partners, therefore, provides several stakeholders—including raw material suppliers, manufacturers, distributors, end users, and others—with valuable insights into how to successfully navigate this evolving market landscape and unlock new opportunities.

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