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Oct 5, 2020 11:50 AM ET

Global Fire Resistant Cable Market Is Set For Rapid Growth And Is Expected To Reach USD 2.12 Billion By 2024


iCrowd Newswire - Oct 5, 2020

Zion Market Research has published a new report titled “Fire Resistant Cable Market by Insulation Material (XLPE, PVC, LSZH, EPR, and Others) and by End-Use Industry (Building & Construction, Automotive & Transportation, Manufacturing, Energy, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017–2024”. According to the report, the global fire resistant cable market was valued at USD 1.70 billion in 2017 and is expected to reach USD 2.12 billion in 2024, growing at a CAGR of 3.2% between 2018 and 2024.

Fire resistant cables are mostly preferred in the building and construction industry, due to their low toxic gas emission and smoke, fire resistance, flame retardant properties, long-term circuit integrity during fires, simple and cost-effective installation, and zero halogen gas emissions. The rising utilization of fire resistant cables across various end-user industries is likely to drive this market’s margin in the upcoming years.

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Global Fire Resistant Cable Market

The rising awareness about fire safety, security, and protection and growing urbanization are expected to drive the fire resistant cable market. Renovation of overhead and underground lines, replacement of old infrastructure, grid maintenance, and development of global rail network are further expected to be the key drivers of the fire resistant cable market. However, fluctuating raw material prices and the availability of lower priced substitutes might hamper this market’s growth. Nonetheless, the manufacturing players are concentrating on innovative products that are anticipated to create new market opportunities.

The insulation material segment of the fire resistant cable market comprises XLPE, PVC, LSZH, EPR, and others. Among these, the XLPE segment is likely to emerge as the most dominant insulation material type. Furthermore, it held a major market share in 2017. By end-user industries, the fire resistant cable market includes automotive and transportation, building and construction, energy, manufacturing, and others. In 2017, the building and construction industry held the largest market share, due to rapid urbanization and the need for fire safety Furthermore, the increasing demand for fire resistant cable in the automotive and transportation, manufacturing, and energy industries is likely to propel the global fire resistant cable market in the years to come.

The Asia Pacific was the largest market for fire resistant cable, due to the increased product demand by the building and construction industries. The Asia Pacific is anticipated to register the rate of the fastest growth in this global market in the future. China and India are major markets for fire resistant cables, due to the rising demand for its usage in automotive and transportation, building and construction, manufacturing, and energy industries. Furthermore, Europe held the second largest share in the market for fire resistant cables followed by North America in 2017. The Middle East and Africa is a potential market for fire resistant cables, due to the growing building and construction industry, which is expected to fuel this market in the forecast time period.

Some of the major players operating in the global fire resistant cable market General Cable Corporation, Prysmian Group, LS Cable & System Ltd., Nexans S.A., Leoni AG, NKT Group, Universal Cable (M) Berhad, Tratos Limited, and EL Sewedy Electric Company, among others.

This report segments the global fire resistant cable market as follows:

Global Fire Resistant Cable Market: Insulation Material Analysis

Global Fire Resistant Cable Market: End-Use Industry Analysis

Global Fire Resistant Cable Market: Regional Analysis

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Keywords:    Fire Resistant Cable Market

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