North America Wire and Cable Plastics Market Report (2021-2031) by Scope, Segmentation, Dynamics, and Competitive Analysis
No. of Pages: 182 | Report Code: BMIRE00031832 | Category: Chemicals and Materials
No. of Pages: 182 | Report Code: BMIRE00031832 | Category: Chemicals and Materials
The North America Wire and Cable Plastics Market size is expected to reach US$ 2,393.25 million by 2031 from US$ 1,537.25 million in 2023. The market is estimated to record a CAGR of 5.7% from 2023 to 2031.
The wire and cable plastics market in North America is anticipated to witness lucrative opportunities during the forecast period, owing to the growth of various industries, including energy and power, electronics, telecommunication, aerospace, and automotive. Government and private enterprises are investing heavily in smart city projects, renewable energy installations, and electric grid modernization, all of which require extensive wire and cable networks. Plastics, particularly PVC, polyethylene, and fluoropolymers, are essential for insulating and sheathing these cables, offering durability, flexibility, and resistance to environmental factors. In addition, the expansion of high-performance computing, data centers, electric vehicles (EVs), 5G infrastructure, and consumer electronics industries in North America is fueling the demand for high-performance communication cables. These cables require advanced plastic materials that can handle higher data transfer rates while resisting electromagnetic interference. In addition, advancements in fiber optic and coaxial cables, which rely heavily on plastic materials for insulation and sheathing, are playing a critical role in meeting the region's increasing data transmission needs. According to the GSM Association, by 2030, 5G will account for 90% of connections in the region and contribute US$ 210 billion to the North American economy. This technological shift is creating new opportunities for manufacturers of high-quality wire and cable plastics. The automotive sector is also fueling the demand for wire and cable plastics.
Key segments that contributed to the derivation of the wire and cable plastics market analysis are material, voltage, and end-use industry.
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. Long-distance power transmission lines and off-grid renewable energy systems require durable and lightweight cables, where plastic plays a critical role in reducing installation complexity and enhancing efficiency. In April 2024, the World Bank Group and the African Development Bank Group announced the partnership for an ambitious effort to provide at least 300 million people in Africa with electricity access by 2030.
Based on country, the North America wire and cable plastics market comprises the US, Canada, and Mexico. The US held the largest share in 2023.
Wire and cable plastics play a critical role in supporting the increasingly complex and high-performing electronic devices in industries such as consumer electronics, automotive, telecommunications, and aerospace. With the proliferation of consumer electronics, such as smartphones, laptops, and wearable devices, there is an increasing need for high-quality wiring systems. These devices require intricate cabling solutions that can withstand heat, abrasion, and bending while maintaining efficient data and power transmission. The superior properties of plastic-insulated wires make them ideal for meeting these stringent requirements. The construction industry is one of the most significant contributors to the US economy; it creates US$ 1.4 trillion worth of structures each year. According to the US Department of Commerce, residential construction spending in October 2024 was US$ 934.0 billion compared to US$ 920.3 billion in October 2023. In the construction sector, the surge in residential and commercial developments necessitates extensive wiring systems for electrical and communication networks. Plastics are widely used in cables due to their resistance to heat, moisture, and wear, ensuring reliability and safety in wiring systems. Major companies such as Twitter, Google, Meta, and Microsoft are incorporating 5G, artificial intelligence (AI), edge computing, and other emerging technologies that require data centers.
Some of the key players operating in the market include 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 among others. These players are adopting various strategies such as expansion, product innovation, and mergers and acquisitions to provide innovative products to their consumers and increase their market share.
The following methodology has been followed for the collection and analysis of data presented in this report:
The research process begins with comprehensive secondary research, utilizing both internal and external sources to gather qualitative and quantitative data for each market. Commonly referenced secondary research sources include, but are not limited to:
Note:
All financial data included in the Company Profiles section has been standardized to USD. For companies reporting in other currencies, figures have been converted to USD using the relevant exchange rates for the corresponding year.
Business Market Insight’ conducts a significant number of primary interviews each year with industry stakeholders and experts to validate its data analysis, and gain valuable insights. These research interviews are designed to:
Primary research is conducted via email interactions and telephone interviews, encompassing various markets, categories, segments, and sub-segments across different regions. Participants typically include:
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 1,537.25 Million |
| Market Size by 2031 | US$ 2,393.25 Million |
| Global CAGR (2023 - 2031) | 5.7% |
| 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 North America Wire and Cable Plastics Market is valued at US$ 1,537.25 Million in 2023, it is projected to reach US$ 2,393.25 Million by 2031.
As per our report North America Wire and Cable Plastics Market, the market size is valued at US$ 1,537.25 Million in 2023, projecting it to reach US$ 2,393.25 Million by 2031. This translates to a CAGR of approximately 5.7% during the forecast period.
The North America Wire and Cable Plastics Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the North America Wire and Cable Plastics Market report:
The North America Wire and Cable Plastics Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The North America Wire and Cable Plastics Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the North America Wire and Cable Plastics Market value chain can benefit from the information contained in a comprehensive market report.
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