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Demand for insulated wire and cable in the construction market is forecast to increase 3.1% per year to $7.3 billion in 2025. Residential construction activity will remain elevated, while commercial construction is expected to rebound after declining during the COVID-19 pandemic. Highly commoditized wire and cable products used in mature applications will continue to comprise the bulk of sales, and construction industry growth will be necessary to achieve sales gains.
Booming Single-Family Construction Benefits Insulated Wire & Cable Sales
The residential construction market has been a source of strength for insulated wire and cable demand, not only avoiding a decline, but actually posting growth in 2020. Market performance is on track to be even better in 2021, with housing starts reaching their highest level since before the Great Recession. In particular, new single-family housing construction boomed over this span, spurring strong sales of general purpose thermoplastic and thermoset insulated wire and cable.
While new single-family housing starts are forecast to peak in 2022, residential building construction activity is expected to remain elevated, and wire and cable sales to this market will be well above the 2019 level in 2025. Stronger growth could be possible with a recovery in the multifamily construction market, which underperformed as the pandemic spurred migration to lower-density areas.
Commercial Market Continuing to Face Challenges
Sales of insulated wire and cable products to the commercial construction market declined significantly in 2020, and a substantial recovery is not expected to begin until 2022 at the earliest. The impact of the COVID-19 pandemic adversely affected multiple segments of the commercial market:
- Lodging construction fell amid sharp reductions in travel.
- Construction of educational facilities fell amid a halt in in-person schooling and a decline in college enrollment.
- Office building construction shrank as a shift to remote work reduced demand for office space.
Demand is expected to pick up in 2022, but it remains uncertain how the social changes instigated by the pandemic will evolve over the long term. In particular, persistence of the growth in remote work could prevent a recovery in the office construction segment.
Market Consolidation Increasing
The construction market for insulated wire and cable has become increasingly consolidated in recent years. Major competitors that have expanded via acquisitions in this segment recently include Southwire and Prysmian Group. Due to the high level of commoditization in this market, efficiencies via economies of scale represent a crucial competitive advantage, which has led the leading suppliers to target key acquisitions to improve their competitive advantage.
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Table of Contents
1. Executive Summary
2. About This Report
Report Details
Market Scope & Product Description
Impact of COVID-19 Pandemic on Construction Wire & Cable
3. Overview
Construction Industry Outlook
Historical Wire & Cable Market Trends
Demand by Product
Pricing Trends
4. Building Wire & Cable
Scope & Product Description
Supply & Demand
Demand by Type
General Purpose (Thermoplastic or Thermoset)
Nonmetallic & Underground
Other Building Wire & Cable (Armored, Service Entrance, All Other)
Demand by Market
Key Suppliers
5. Other Construction Wire & Cable
Telephone Wire
Scope & Product Description
Demand by Market
Key Suppliers
Other Wire & Cable (Electronic Wire & Cable, Power Wire & Cable, Fiber Optic Cable)
Scope & Product Description
Demand by Type & Market
6. Markets
Demand by Market
Residential Buildings
Commercial Buildings
Nonbuilding
7. Key Suppliers & Industry Structure
Industry Composition
Market Share
Mergers & Acquisitions
8. Appendix
Scope
Definitions
Freedonia Methodology
Study-Specific Methodology
Sources
Associations & Agencies
Related Studies & Reports
Macroeconomic Assumptions
Economic Environment
Demographics
Building Construction
Residential Building Construction
Commercial Building Construction
Nonbuilding Construction Expenditures
Manufacturing Outlook
List of Tables
2. About This Report
Table 2-1 | Annual Construction Wire & Cable Demand by Market, 2019 - 2021 (million dollars)
3. Overview
Table 3-1 | Construction Wire & Cable Demand, 2010 - 2020 (million dollars)
Table 3-2 | Construction Wire & Cable Demand by Product, 2010 - 2030 (million dollars)
Table 3-3 | Construction Wire & Cable Pricing by Product, 2010 - 2030 (2012=100)
4. Building Wire & Cable
Table 4-1 | Building Wire & Cable Supply & Demand, 2010 - 2030 (million dollars & million 2012 dollars)
Table 4-2 | Building Wire Demand by Type, 2010 - 2030 (million dollars)
Table 4-3 | Building Wire & Cable Demand by Market, 2010 - 2030 (million dollars)
5. Other Construction Wire & Cable
Table 5-1 | Telephone Wire Demand by Market, 2010 - 2030 (million dollars)
Table 5-2 | Other Construction Wire & Cable Demand by Type & Market, 2010 - 2030 (million dollars)
6. Markets
Table 6-1 | Construction Wire & Cable Demand by Market, 2010 - 2030 (million dollars)
Table 6-2 | Residential Building Construction Wire & Cable Demand by Product, 2010 - 2030 (million dollars)
Table 6-3 | Commercial Building Construction Wire & Cable Demand by Product, 2010 - 2030 (million dollars)
Table 6-4 | Nonbuilding Construction Wire & Cable Demand, 2010 - 2030 (million dollars)
7. Key Suppliers & Industry Structure
Table 7-1 | Selected Mergers & Acquisitions
8. Appendix
Table 8-1 | Relevant Industry Codes
Table 8-2 | Relevant HS/HTS Codes
Table 8-3 | Macroeconomic Indicators, 2010 - 2030 (billion 2012 dollars)
Table 8-4 | Population & Households, 2010 - 2030 (million persons)
Table 8-5 | Building Construction Expenditures, 2010 - 2030 (billion dollars & billion 2012 dollars)
Table 8-6 | Residential Building Construction Expenditures, 2010 - 2030 (billion dollars & billion 2012 dollars)
Table 8-7 | Commercial Building Construction Expenditures, 2010 - 2030 (billion dollars & billion 2012 dollars)
Table 8-8 | Nonbuilding Construction Expenditures, 2010 - 2030 (billion dollars & billion 2012 dollars)
Table 8-9 | Manufacturers' Shipments, 2010 - 2030 (billion dollars & billion 2012 dollars)
List of Figures
1. Executive Summary
Figure 1-1 | Construction Wire & Cable Market Outlook
2. About This Report
Figure 2-1 | Annual Construction Wire & Cable Demand by Market, 2018 - 2023 (% annual change)
3. Overview
Figure 3-1 | Construction Expenditures, 2020 - 2025 (billion dollars)
Figure 3-2 | Construction Wire & Cable Demand, 2010 - 2020 (million dollars)
Figure 3-3 | Construction Wire & Cable Demand by Product, 2010 - 2020 (million dollars)
Figure 3-4 | Construction Wire & Cable Pricing by Product, 2010 - 2030 (2012=100)
6. Markets
Figure 6-1 | Construction Wire & Cable Demand by Market, 2010 - 2020 (million dollars)
Figure 6-2 | Residential Building Construction Wire & Cable Demand by Product, 2010 - 2030 (million dollars)
Figure 6-3 | Commercial Building Construction Wire & Cable Demand by Product, 2010 - 2030 (million dollars)
Figure 6-4 | Nonbuilding Construction Wire & Cable Demand, 2010 - 2030 (million dollars)
7. Key Suppliers & Industry Structure
Figure 7-1 | Construction Wire & Cable Market Share by Company, 2020 (billion dollars)
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