NEW YORK, March 13, 2019 (GLOBE NEWSWIRE) -- The global fire-resistant cable market is expected to witness a CAGR of 3.1% to reach USD 2.14 billion by 2024. Increasing demand from end-user industries is expected to drive the market growth over the forecast period. Moreover, stringent fire safety regulations mandated by the government is anticipated to foster the demand for fire-resistant cables over the forecast period.
Fire-resistant cables are intrinsically designed to maintain circuit integrity for a period of time, in the case of a fire breakout. They are designed to operate for longer periods of time in high temperatures and can withstand mechanical impacts to a certain degree. They do not require any form of additional external protection. Major companies design cables that conform with rigourous international testing standards, and try to develop nascent technologies and innovative designs in order to maintain a competitive edge.
Construction industry segment : held the largest share of the market in 2017
Based on end-user, the construction industry segment held the major share of the market in the year 2017. This can be attributed to the stringent regulatory framework mandated by the governments. Additionally, growing concern for security and safety has led to the growth of this segment. Moreover, growing urbanization coupled with increased spending on fire safety precautions in buildings is anticipated to drive the growth of this segment.
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Fire-resistant cable market - Regional insight
Asia-Pacific is expected to register the fastest growth over the forecast period. This can be owed to rapidly growing construction, and automotive industry of this region. Additionally, the application of flame-resistant cable as a flexible charger in electric cars is expected to give impetus to the market in this region. Rapid urbanization of countries like China, India, and South Korea is anticipated to foster significant market growth Asia-Pacific.
Key findings from the report:
- The global fire-resistant cable market is expected to witness a CAGR of 3.1 % to reach USD 2.14 billion by 2024.
- By end-user, construction industry segment held the major share of the market in 2017, owing to stringent regulatory framework mandated by the governments
- By insulation material, XLPE segment is expected to experience significant growth rate over the forecast period
- Asia Pacific held the major share of the market in the year 2017
- Some of the key companies operating in the market include Tratos Limited; El Sewedy Electric Company; Leoni AG; Nexans S.A.; Helkama Bica; LS Cable & System Ltd.; NKT Group; Universal Cable (M) Berhad; Tele-Fonika Kable SA; and General Cable Corporation, among others
The report segments fire-resistant cable market on the basis of duration, insulation material, end-user, and region.
By Duration
- PH30
- PH60
- PH120
- Others
By Insulation Material
- Ethylene Propylene Rubber
- Cross-linked polyethylene
- Polyvinyl chloride
- Low Smoke Zero Halogen
- Others
By End-User
- Construction Industry
- Energy & Power
- Automotive Industry
- Others
By Region
- North America
- Europe
- Asia-Pacific (APAC)
- Central & South America
- Middle East & Africa
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