Fire Resistance Cable Market Projected to Hit $2.5 Billion by 2030, at a CAGR of 3.5%
fire resistance cable market
Surge in demand for fire-resistance cables for fire safety & protection and commercialization of renewable energy drive growth of fire resistance cable market.
PORTLAND, OREGON, UNITED STATES, January 12, 2022 /EINPresswire.com/ -- The fire resistance cable market1 size was valued at $1.8 billion in 2020, and is projected to reach $2.5 billion by 2030, at a CAGR of 3.5% from 2021 to 2030. Fire resistance cable is also known by other names, such as fire-survival cable, fire-performance cable, or fire-resistance cable. These cables have a higher resistance to burning, a higher temperature, more flexibility, less toxicity and smoke, and produce less of acid gas. Furthermore, such cables must be built of high-quality materials to be acceptable for uses with greater mechanical loads signals and to be effective enough to safeguard the power supply during or after a fire incident.
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The construction and building application sector continues to lead the global fire-resistance cable market, owing to global industrialization and urbanization. Most users prefer high-quality cables and wiring to avoid future repair costs. Furthermore, several advantages of fire resistance cable, such as non-corrosive nature, superior mechanical and electrical capabilities, and highly flame retardant features, are linked to the growth of the global fire-resistance cable market. The price of raw materials and the amount of energy required to make fire-resistance cables are continually changing. The value chain, which comprises procurement and operating expenses, is directly affected by the fluctuating prices of these components.
The global fire resistance cable market analysis2 has been done on the basis of insulation material, end-use industry, and region. By insulation material, the fire resistance cable market is divided into ethylene propylene rubber-insulated (EPR), low smoke zero halogen (LSZH), Polyvinyl Chloride (PVC), Cross Linked Poly Ethylene (XLPE), and others. The cross linked poly ethylene (XLPE) segment accounted for the substantial market share of fire resistance cable in terms of value and is estimated to lead the overall market in the coming years. This could be due to increased demand from developing countries such as China and India. In addition, in the future years, low smoke zero halogen (LSZH) is expected to expand at the fastest rate.
By end-use industry, building & construction is projected to be the fastest-growing segment in the fire-resistance cable market. Increasing awareness about the safety of buildings among the masses has led to the increase in demand for fire-resistance cables. These cables find applications in the distribution of power in almost every commercial and residential building. Increasing construction activities are driving the fire-resistance cable market in the building & construction industry.
By region, the Asia-Pacific region was one of the most prominent regions in the market. India, China, and ASEAN nations, which are seeing significant expansion in end-use sectors, are likely to drive demand for fire-resistance cables in the Asia-Pacific region. Increasing population and growing urbanization are expected to drive industrial expansion in the region.
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The major companies profiled in this fire resistance cable industry report include EL Sewedy Electric Company, Furukawa Electric Co., Ltd., Leoni AG, LS Cable & System Limited, Nexans S.A., NKT Group, Prysmian Group, Relemac Technologies Pvt. Ltd, TPC Wire & Cable Corp., and Tratos Limited.
Key findings of the study
By region, Asia-Pacific is projected to grow at the highest CAGR of nearly 3.8%, in terms of revenue, during the fire resistance cable market forecast period.
By insulation material, the cross-linked polyethylene segment accounted for the largest fire resistance cable market share in 2020.
By end-use industry, the building & construction segment garnered the largest market share in 2020.
Impact of COVID-19 on the global fire resistance cable market
Some of the major economies suffering from the COVID-19 crisis include Germany, France, Italy, Spain, the UK, Norway, and others. With the increase in COVID-19 cases, the market is negatively impacting the demand for fire- resistance cables. The fire- resistance cable market observe a significant decline in demand in the first quarter of 2020 and 2021 due to the impact of COVID19 in various end-user industries (mainly construction, manufacturing and energy industries). Fire- resistance cable manufacturers were hit in 2020 by plant closure obligations, social distance standards, and limited activity by local and state authorities. However, the demand for fire- resistance cables has been hampered by pandemics, primarily due to the declining demand for these cables from the construction industry.
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Allied Analytics LLP
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1 https://www.alliedmarketresearch.com/fire-resistance-cable-market-A14496
2 https://www.alliedmarketresearch.com/press-release/fire-resistance-cable-market.html
