New York, NY, Dec. 11, 2018 (GLOBE NEWSWIRE) -- 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.
Browse through 92 Tables & 26 Figures spread over 110 Pages and in-depth TOC on “Global Fire Resistant Cable Market: By Type, Size, Share, Industry Trends, Growth Analysis and Forecast, 2017–2024”.
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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.
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In 2017, Asia Pacific held the largest share in the fire resistant cable market. In terms of value, Asia Pacific is estimated to grow at the highest CAGR in the estimated time period. At the country level, 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. Additionally, Asia Pacific region is expected to be the center for different types of urbanization and industrialization projects, which tends to increase the use of fire-resistant cables in the region. These are some important factors likely to drive the Asia Pacific fire resistant cable market in the upcoming years.
European region was the second largest market for fire resistant cables in 2017. The growing industrialization in Germany, France, and UK are expected to propel this regional market in the forecast time period. The expansion of the fire resistant cable market in Europe can also be attributed to increased product demand by the automotive and manufacturing industries.
Browse the full "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"Report At https://www.zionmarketresearch.com/report/fire-resistant-cable-market
North America region is likely to witness sustainable growth in the fire resistant cable market in the upcoming years. Moreover, rising industrial activities are due to the increasing usage of fire resistant cable for safety, protection, and maintenance. Furthermore, the growing industrial activities in the U.S. and Canada are anticipated to also boost this market’s profit margin during the forecast time period.
Latin America and the Middle East and Africa are projected to experience upright progress in the fire resistant cable market during the forecast time period, owing to significant investments made by international companies for fire resistant cable projects in these regions. These activities are anticipated fuel this market’s growth in the next few years. Improving economic situation is also expected to boost the fire resistant cable market in these regions.
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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.
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This report segments the global fire resistant cable market as follows:
Global Fire Resistant Cable Market: Insulation Material Analysis
- XLPE
- PVC
- LSZH
- EPR
- Others
Global Fire Resistant Cable Market: End-Use Industry Analysis
- Building & Construction
- Automotive & Transportation
- Manufacturing
- Energy
- Others
Global Fire Resistant Cable Market: Regional Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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