At 5.7% CAGR, North America Wire and Cable Plastics Market is Projected to be Worth US$ 2,393.25 Million by 2031 says Business Market Insights

According to Business Market Insights’ research, the North America wire and cable plastics market was valued at US$ 1,537.25 million in 2023 and is expected to reach US$ 2,393.25 million by 2031, registering a CAGR of 5.7% from 2023 to 2031. Increasing focus on recycling and bio-based materials and robust telecommunication infrastructure expansion are among the critical factors attributed to drive the North America wire and cable plastics market.

The increasing focus on recycling and bio-based materials is expected to emerge as a pivotal trend in the wire and cable plastics market in the coming years, reflecting a shift toward sustainability and environmental responsibility. With growing awareness of the ecological impact of traditional plastic waste and stringent regulations aimed at reducing carbon footprints, manufacturers are exploring innovative ways to produce environmentally friendly wire and cable plastics. This trend is driven by the need to meet regulatory compliance, address consumer preferences for sustainable products, and align with global efforts to transition to a circular economy. In January 2023, Borealis announced the capability to use its proprietary Borcycle C chemical recycling process to recycle cross-linked polyethylene (PE) types such as XLPE and PE-X into recycled polyethylene. The recycled PE obtained in the pyrolysis process can replace virgin PE in manufacturing XLPE and PE-X for use in the wire & cable and infrastructure industries, respectively. In addition, in September 2024, Dow announced the launch of a range of REVOLOOP Recycled Plastics Resins that incorporate post-consumer recycled (PCR) material into cable jacketing to help address customers' varying needs and circularity goals across the globe. The development of advanced recycling technologies allows manufacturers to recover and repurpose plastic materials from end-of-life cables, reducing the dependency on virgin petrochemical-based plastics. Recycled plastics lower raw material costs and minimize the environmental impact of production, making them an attractive option for manufacturers as well as end users. 

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

Based on material, the North America wire and cable plastics market is segmented into polyethylene, polyvinyl chloride, polypropylene, cross-linked polyethylene, thermoplastic elastomers, and others. The polyvinyl chloride segment held 32.4% market share in 2023, amassing US$ 497.72 million. It is projected to garner US$ 729.73 million by 2031 to register 4.9% CAGR during 2023–2031.

In terms of voltage, the North America wire and cable plastics market is segmented into low, medium, high, and extra-high. The low segment held 41.9% share of North America wire and cable plastics market in 2023, amassing US$ 643.39 million. It is anticipated to garner US$ 1,032.03 million by 2031 to expand at 6.1% CAGR during 2023–2031.

By end-use industry, the North America 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 30.4% share of North America wire and cable plastics market in 2023, amassing US$ 467.35 million. It is projected to garner US$ 702.74 million by 2031 to expand at 5.2% CAGR from 2023 to 2031.

Based on country, the North America wire and cable plastics market is categorized into the US, Canada, and Mexico. Our regional analysis states that the US captured 85.9% share of North America wire and cable plastics market in 2023. It was assessed at US$ 1,320.81 million in 2023 and is likely to hit US$ 2,046.68 million by 2031, registering a CAGR of 5.6% during 2023–2031.

Key players operating in 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