At 5.5% CAGR, Asia Pacific Wire and Cable Plastics Market is Projected to be Worth US$ 10,579.64 Million by 2031, says Business Market Insights

According to Business Market Insights’ research, the Asia Pacific wire and cable plastics market was valued at US$ 6,898.41 million in 2023 and is expected to reach US$ 10,579.64 million by 2031, registering a CAGR of 5.5% from 2023 to 2031. Growing building and construction industry and rising demand from energy & power industry are among the critical factors attributed to drive the Asia Pacific wire and cable plastics market.

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 India, the Union Budget 2023 heralds an exciting development – the establishment of the Urban Infrastructure Development Fund (UIDF) with an annual infusion of US$ 1.2 billion. This initiative will play a pivotal role in shaping infrastructure in Tier-2 and Tier-3 cities. The Smart Cities Mission launched in 2015 aims to develop 100 cities with comprehensive infrastructure, including affordable housing and technology-aided improvements in security and safety. Similarly, China, during its 14th Five-Year Plan (2021–2025) period, planned to allocate 6.5 million government-subsidized rental homes in 40 key cities to support nearly 13 million people needing affordable housing. Furthermore, by 2025, the government plans to renovate approximately 219,000 old residential communities constructed in urban areas (before the end of 2000) to provide more housing. 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.

On the flip side, fluctuations in raw material prices and harmful environmental impact of plastic use hamper the growth of Asia Pacific wire and cable plastics market.

Based on material, the Asia Pacific wire and cable plastics market is segmented into polyethylene, polyvinyl chloride, polypropylene, cross-linked polyethylene, thermoplastic elastomers, and others. The polyvinyl chloride segment held 33.3% market share in 2023, amassing US$ 2,296.83 million. It is projected to garner US$ 3,322.51 million by 2031 to register 4.7% CAGR during 2023–2031.

In terms of voltage, the Asia Pacific wire and cable plastics market is segmented into low, medium, high, and extra-high. The low segment held 42.0% share of Asia Pacific wire and cable plastics market in 2023, amassing US$ 2,900.09 million. It is anticipated to garner US$ 4,570.00 million by 2031 to expand at 5.8% CAGR during 2023–2031.

By end-use industry, the Asia Pacific wire and cable plastics market is categorized into construction, automotive, electrical & electronics, aerospace & defense, telecommunications, oil & gas, energy & power, and others. The construction segment held 31.6% share of Asia Pacific wire and cable plastics market in 2023, amassing US$ 2,178.29 million. It is projected to garner US$ 3,229.29 million by 2031 to expand at 5.0% CAGR from 2023 to 2031.

Based on country, the Asia Pacific wire and cable plastics market is categorized into the Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. Our regional analysis states that China captured 63.2% share of Asia Pacific wire and cable plastics market in 2023. It was assessed at US$ 4,357.54 million in 2023 and is likely to hit US$ 6,663.17 million by 2031, registering a CAGR of 5.5% during 2023–2031.

Key players 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, among others.

Contact Us
Phone: +16467917070
Email Id: sales@businessmarketinsights.com