Thermoplastic Sheathed Cable Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Type (Single-Core Cables, Multi-Core Cables, Flat Cables), By Voltage Rating (Low Voltage, Medium Voltage, High Voltage), By Application (Residential, Commercial, Industrial), By Region & Competition, 2020-2030F

Market Overview

The Global Thermoplastic Sheathed Cable Market was valued at USD 12.56 Billion in 2024 and is expected to reach USD 17.99 Billion by 2030 with a CAGR of 6.01% during the forecast period.

The global thermoplastic sheathed cable (TPS) market is witnessing significant growth, fueled by the increasing demand for efficient and durable wiring solutions across various sectors such as construction, automotive, telecommunications, and industrial applications. TPS cables, known for their robust outer thermoplastic sheath and individually insulated conductors, are widely utilized in residential and commercial buildings due to their flexibility, ease of installation, and cost-effectiveness. The market is expected to expand steadily over the coming years, driven by rapid urbanization, industrialization, and infrastructural development, particularly in emerging economies.

The construction sector remains the largest end-user segment, with residential applications accounting for a significant share of the market. The rising adoption of smart homes and buildings, which require reliable and advanced electrical infrastructure, has further strengthened the demand for TPS cables. Commercial establishments also contribute notably to market growth, as the expansion of office complexes, retail centers, and other commercial spaces necessitates safe and efficient wiring solutions. Additionally, industrial applications, including machinery and equipment wiring, are supporting the market, given the growing need for operational efficiency and safety in manufacturing environments.

Key Market Drivers

Expansion of Infrastructure Projects

The global expansion of infrastructure projects is a major driver of the TPS cable market. Governments and private sectors worldwide are investing heavily in roads, bridges, railways, airports, and urban infrastructure, directly increasing the demand for efficient electrical wiring solutions. In 2023, global infrastructure spending was estimated at over USD4 trillion, with projections rising toward USD5 trillion by 2030. The construction industry is expanding at an average growth rate of 4–5% annually in key regions, creating substantial demand for electrical installations. Urban centers are witnessing an average of 3 new large-scale construction projects per city each year, translating into significant TPS cable requirements. Furthermore, over 60% of public infrastructure projects in developing regions include advanced electrical systems, while residential and commercial construction accounts for more than 50% of total electrical wiring demand in urban areas. These factors are significantly boosting the market, as TPS cables provide a durable and reliable solution for a wide variety of infrastructure applications.

Rising Adoption of Smart Homes and Buildings

The adoption of smart home and building technologies is driving TPS cable demand. Smart systems require advanced cabling to support interconnected devices and automated controls. The global smart home industry has been growing steadily, with approximately 80 million smart homes in 2022 and a projected 135 million by 2026. Commercial smart buildings are expected to increase from 23,000 units in 2021 to over 45,000 by 2026, with more than 70% of new office complexes integrating automated electrical systems. Additionally, smart energy management systems in residential buildings now use 25–30% more cabling per unit compared to traditional homes. Urban centers in Asia and North America have reported over 50% adoption of smart wiring systems in new construction projects, creating robust opportunities for TPS cables, which are preferred due to their flexibility, fire resistance, and ease of installation.

Technological Advancements in Cable Manufacturing

Technological innovations are enhancing TPS cable performance, expanding their market applications. Advanced insulation materials now increase heat resistance by up to 20% compared to older cables. Fire-resistant and halogen-free variants are seeing over 35% growth in demand in commercial and industrial settings. Flexible and durable cable designs have led to a 15–25% reduction in installation time, attracting large-scale construction projects. In addition, newer materials improve lifespan by 10–15 years compared to traditional PVC cables. Modern production processes enable higher volume output, with some manufacturers now producing over 50,000 kilometers of TPS cable annually to meet industrial demand. These advancements are making TPS cables the preferred choice for residential, commercial, and industrial applications globally.

Government Regulations and Incentives

Government policies promoting energy efficiency and safety are fueling TPS cable adoption. Over 70% of new construction codes globally now mandate energy-efficient or fire-resistant cables. Tax incentives and rebates for energy-efficient electrical systems have reached USD8–10 billion annually in key regions, encouraging developers to use high-quality TPS cables. Regulatory standards also require up to 30% higher quality assurance testing for cables used in public buildings. In urban centers, over 60% of new buildings are required to use certified low-smoke, fire-retardant cables, creating a steady market for TPS solutions. Additionally, stricter safety compliance in residential projects has increased demand for certified cables by approximately 40% over the past five years.

Growing Demand in Emerging Economies

Emerging economies are rapidly urbanizing and industrializing, boosting the need for TPS cables. Asia-Pacific urbanization rates are expected to rise from 50% in 2020 to 65% by 2030, while Latin American cities are projected to see 10–12% growth in construction activity annually. Industrial sector expansion in these regions is increasing electrical demand by 5–6% per year. Residential building projects in emerging markets now account for over 40% of new TPS cable consumption, while commercial and industrial installations represent 35% and 25% respectively. The expansion of new cities, power distribution networks, and smart infrastructure projects in these regions is creating a substantial opportunity for TPS cables to replace older, less durable wiring solutions, further driving market growth.

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Key Market Challenges

Fluctuating Raw Material Prices

The TPS cable market faces significant challenges due to the volatility of raw material prices, particularly copper and polyvinyl chloride (PVC). Copper accounts for approximately 50–60% of the cost of TPS cables, and even a 10% price fluctuation can substantially impact production costs. PVC, which forms the outer sheath, contributes around 20–25% of overall cable costs, and its prices have been unstable due to global supply chain constraints. Additionally, oil price fluctuations affect PVC production, since it is derived from petrochemicals, creating further cost unpredictability. Many manufacturers maintain 3–6 months of inventory to hedge against these fluctuations, tying up capital and reducing cash flow flexibility. In regions like Asia-Pacific, a 15% increase in copper prices in 2023 alone led to a noticeable rise in cable prices, affecting demand in price-sensitive markets. These cost instabilities force companies to frequently adjust product prices, which can affect long-term contracts and competitiveness.

Stringent Regulatory Requirements

TPS cables must comply with a variety of safety, fire, and environmental regulations, which can differ significantly across countries. Compliance with standards such as low-smoke zero-halogen (LSZH) and fire-retardant requirements adds to production costs and complexity. Around 70% of new construction projects in developed regions now require fire-resistant or certified energy-efficient cables, increasing pressure on manufacturers. Testing and certification processes can take 3–6 months per product line, delaying product launches and increasing operational costs. Non-compliance can result in legal liabilities, product recalls, or restricted market access, especially in Europe and North America. This regulatory burden limits flexibility, particularly for smaller manufacturers who may lack in-house testing facilities, impacting competitiveness.

High Competition from Substitutes

TPS cables face competition from alternative wiring solutions such as XLPE-insulated cables and armoured cables. XLPE cables, offering higher temperature tolerance and mechanical strength, are increasingly preferred in industrial and high-power applications. Approximately 25–30% of industrial projects in Asia are switching from TPS to XLPE cables for enhanced safety and longevity. This shift is gradually reducing TPS adoption in specific sectors. Furthermore, armoured cables are preferred for underground installations due to enhanced protection against physical damage, making them a competitive substitute. Manufacturers need to differentiate TPS cables through technological innovation and certification to retain market share.

Infrastructure Gaps in Rural Areas

Although urban infrastructure is expanding rapidly, rural and semi-urban regions in emerging economies still face limited access to reliable electrical networks. Approximately 30–40% of households in certain regions of Africa and South Asia remain without stable electricity. Limited infrastructure development restricts TPS cable demand in these areas. Even when projects are initiated, challenges such as poor logistics, transportation bottlenecks, and lack of skilled installation personnel affect deployment. This uneven market penetration creates inconsistent demand patterns and affects production planning for manufacturers.

Environmental Concerns and Sustainability Pressure

TPS cables are primarily made from PVC, which poses environmental challenges in terms of production, disposal, and recycling. Regulatory pressure on sustainable building materials is increasing globally, with around 40% of construction projects in developed economies requiring eco-friendly solutions. Improper disposal of PVC contributes to soil and water pollution. Manufacturers are pressured to develop halogen-free, recyclable, or bio-based alternatives, which increases R&D costs. Additionally, consumers are increasingly preferring sustainable products, and failure to adapt may result in reputational and financial consequences for manufacturers.

Key Market Trends

Focus on Energy Efficiency and Sustainability

Sustainability is a prominent trend in the TPS cable market. Manufacturers are developing eco-friendly cables, including recyclable or bio-based PVC alternatives. Around 40–45% of new projects in developed regions prefer energy-efficient cabling solutions. Adoption of energy-efficient buildings and green certifications such as LEED is growing at 8–10% annually, influencing the choice of TPS cables. Manufacturers are also implementing energy-saving production processes, reducing carbon emissions by approximately 15–20% over the past five years. This sustainability trend is expected to reshape the market by prioritizing environmentally responsible materials.

Expansion into Emerging Economies

Emerging economies are witnessing significant urbanization and industrial growth, creating opportunities for TPS cables. Urban population in Asia-Pacific is projected to rise from 50% in 2020 to 65% by 2030. Industrial production in Latin America and Africa is growing at 5–6% annually, driving demand for residential, commercial, and industrial electrical installations. Governments are investing in electrification projects, with over 30% of new public buildings in emerging economies integrating modern wiring systems. This trend is attracting global and regional manufacturers to expand their presence, increase local production capacity, and adapt products to regional standards.

Technological Innovation in Cable Materials

The TPS market is experiencing innovation in materials to enhance cable performance. Manufacturers are developing halogen-free, heat-resistant, and flexible cables. Advanced PVC formulations improve durability by 15–20% and reduce installation time by up to 25%. About 35–40% of new projects now require cables with enhanced resistance to heat and environmental stress. Integration with data and communication wiring is also emerging, with over 20% of TPS cables being used in structured cabling systems. This trend is driving R&D investment and product differentiation, allowing manufacturers to target high-end residential, commercial, and industrial applications.

Segmental Insights

Type Insights

Single-Core Cables segment dominated in the Global Thermoplastic Sheathed Cable market in 2024 due to its widespread applicability, ease of installation, and cost-effectiveness. Single-core cables are typically used in residential, commercial, and light industrial installations where simplicity and flexibility are critical. Approximately 60–65% of domestic wiring projects in urban regions utilize single-core cables because they are easier to route through conduits and adapt to building layouts. In commercial buildings, single-core TPS cables are preferred for branch circuits and lighting systems, accounting for nearly 50% of cabling installations in new office and retail spaces.

The durability and reliability of single-core TPS cables contribute significantly to their adoption. These cables provide consistent electrical performance and are less prone to overheating in low to medium voltage applications, making them suitable for a broad range of installations. Additionally, single-core cables are easier to test, maintain, and replace compared to multi-core alternatives, reducing long-term operational costs for building operators.

In terms of material efficiency, single-core cables often consume less insulation material per meter of installation, making them slightly more economical for large-scale deployments. The flexibility of single-core TPS cables also allows for integration into smart building systems, which are seeing rapid adoption globally; over 55% of new smart homes utilize single-core wiring for efficient automation and sensor networks.

Furthermore, regulatory and safety standards favor the use of single-core cables in certain environments due to their simplicity and ability to maintain separation between phases, reducing the risk of short circuits. In developing regions with high urbanization rates, single-core cables are often the default choice for residential complexes and commercial hubs, consolidating their dominant position in the global TPS cable market for 2024.

Voltage Rating Insights

Medium Voltage segment dominated the Global Thermoplastic Sheathed Cable market in 2024 due to its extensive use in industrial, commercial, and urban infrastructure projects. These cables efficiently transmit power between substations and buildings, offering reliability and safety in densely populated or industrial areas. Around 70% of urban power distribution systems utilize medium voltage cables to ensure consistent electricity supply. Medium voltage TPS cables are also preferred in commercial complexes, hospitals, and educational institutions due to their durability, fire resistance, and compliance with stringent electrical standards. Their adaptability across multiple applications consolidates their dominance in 2024.

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Regional Insights

Largest Region

North America dominated the Global Thermoplastic Sheathed Cable market in 2024 driven by high infrastructure development, technological adoption, and stringent regulatory standards. The United States and Canada account for the majority of the market share, fueled by the ongoing urbanization and modernization of residential, commercial, and industrial buildings. Approximately 65% of new construction projects in North America integrate advanced electrical systems, which rely heavily on TPS cables for durability, fire resistance, and compliance with national safety codes.

The widespread adoption of smart homes and buildings has further reinforced North America’s dominance. In 2023, over 60% of new residential complexes in urban centers incorporated smart automation systems, which require high-quality TPS cabling for interconnectivity of sensors, lighting, HVAC, and security systems. Commercial buildings are also rapidly modernizing; more than 55% of office complexes and retail centers implemented advanced electrical infrastructure, driving demand for reliable and flexible TPS cables.

Government regulations and building codes play a critical role in strengthening the market. TPS cables in North America are required to meet low-smoke, fire-resistant, and energy-efficient standards, ensuring safety and longevity. Compliance with these standards creates a preference for TPS cables over other wiring solutions.

Additionally, the presence of major manufacturers and a well-established distribution network ensures consistent supply and technological innovation in the region. Over 50% of North American cable installations involve products from global and regional manufacturers, reflecting the robust supply chain.

Industrial applications further contribute to market leadership, with medium and low voltage TPS cables extensively used in factories, data centers, and energy infrastructure projects. The combination of high regulatory compliance, technology adoption, urbanization, and industrial growth consolidates North America’s position as the dominant region in the TPS cable market for 2024.

Emerging Region

Europe was the emerging region in the Global Thermoplastic Sheathed Cable market in the coming period due to increasing investments in sustainable construction and smart infrastructure. Green building initiatives, such as LEED certification, drive the adoption of energy-efficient and fire-resistant TPS cables in residential and commercial projects. Approximately 45–50% of new construction projects in Western Europe now integrate advanced electrical systems requiring high-quality TPS cabling. Additionally, government incentives for energy-efficient retrofitting and urban electrification projects are encouraging cable adoption. The focus on modernization and regulatory compliance positions Europe as a fast-growing region in the global TPS cable market in the coming years.

Recent Developments

• In March 2025, Bharti Airtel, a leading Indian telecom operator, became the landing partner for the 2Africa Pearls subsea cable in India, in collaboration with investors center3 and Meta. The cable connects India to Africa and Europe via the Middle East, delivering over 100Tbps of international capacity. This strategic investment enhances Airtel’s global network, diversifies its international connectivity, and strengthens India’s digital infrastructure, supporting the country’s growing data demands and positioning Airtel to meet the future requirements of enterprises and digital consumers.
• In June 2025, Taihan Cable & Solution (CEO Jongmin Song) signed an MOU with Irish superconducting cable company SuperNode to jointly develop next-generation superconducting cable technologies. The collaboration focuses on advancing high-performance cable design, manufacturing, and installation efficiency, building upon first-generation solutions. The signing ceremony in London included over 20 key executives, highlighting strategic alignment in innovation. This partnership positions both companies to drive technological leadership in high-capacity, efficient, and scalable superconducting cable solutions for global energy and infrastructure networks.
• In July 2025, representatives from the Quad nations — the US, India, Australia, and Japan — convened at the ‘Wavelength Forum’ to strengthen subsea cable resilience and expand connectivity to India’s coastline. Subsea cables, which handle over 95% of global data transfer, are critical to international communications and internet services. The forum emphasized India’s role as a digital hub, responsible for 20% of global Internet traffic, and highlighted the need for additional undersea cable infrastructure to support secure, resilient, and high-capacity connectivity across the Indo-Pacific region.
• In June 2025, Tata Communications integrated the new TGN-IA2 submarine cable system, developed by the Asia Direct Cable consortium, into its global network. The cable delivers scalable, high-capacity connectivity across Asia, seamlessly linking enterprises, hyperscalers, and service providers. TGN-IA2 integrates with Tata Communications’ existing infrastructure, enabling resilient and diversified network routes from Asia to the US, Europe, the Middle East, Africa, and India. This strategic deployment strengthens Tata Communications’ position as a leading provider of robust, multi-route connectivity solutions for international digital enterprises.

Key Market Players

• Prysmian Group             
• Hengtong Group
• Furukawa Electric Co., Ltd.
• Yangtze Optical Fibre and Cable Joint Stock Limited Company
• Fujikura Ltd.
• Sumitomo Electric Industries, Ltd.
• Tongding Group
• CommScope
• Sterlite Technologies Ltd.
• HELUKABEL GmbH           

Report Scope:

In this report, the Global Thermoplastic Sheathed Cable Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

•  Thermoplastic Sheathed Cable Market, By Type:

o   Single-Core Cables

o   Multi-Core Cables

o   Flat Cables

• Thermoplastic Sheathed Cable Market, By Voltage Rating:

o   Low Voltage

o   Medium Voltage

o   High Voltage

• Thermoplastic Sheathed Cable Market, By Application:

o   Residential

o   Commercial

o   Industrial

• Thermoplastic Sheathed Cable Market, By Region:

o   North America

§  United States

§  Canada

§  Mexico

o   Europe

§  Germany

§  France

§  United Kingdom

§  Italy

§  Spain

o   South America

§  Brazil

§  Argentina

§  Colombia

o   Asia-Pacific

§  China

§  India

§  Japan

§  South Korea

§  Australia

o   Middle East & Africa

§  Saudi Arabia

§  UAE

§  South Africa

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global Thermoplastic Sheathed Cable Market.

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Global Thermoplastic Sheathed Cable Market report with the given market data, TechSci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

• Detailed analysis and profiling of additional market players (up to five).

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