Chicago, July 13, 2022 (GLOBE NEWSWIRE) -- According to MarketsandMarkets™, Fire-Resistant Cable Market size is projected to grow from USD 1.8 billion in 2021 to USD 2.1 billion by 2026, at a CAGR of 3.3% from 2021 to 2026. The market is projected to grow in accordance with the increasing awareness regarding fire safety, rapid pace of industrialization and urbanization, and the implementation of fire safety regulations by governments across the globe. Furthermore, the fire-resistant cable market has witnessed a significant increase in demand from building & construction industry, owing to the growing requirement for public safety from fire incidents.
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In terms of value & volume, XLPE is estimated to lead the fire-resistant cable market in 2020
XLPE, by insulation material, accounted for the largest market share in the fire-resistant cable market. High thermal short circuit rating, excellent electrical property maintained under full temperature range, resistance to thermal deformation at high temperatures, excellent water resistance and low permeability to water, excellent chemical resistance, high durability, and long operational life are some of the properties fueling the growth of the XLPE segment.
Building & Construction is estimated to be the largest segment in the fire-resistant cable market in 2020.
Building & Construction, by end-use industry, accounted for the greatest demand for fire-resistant cables in 2020, in terms of value and volume. The growing building safety awareness among masses has led to the increase in demand for fire resistant cables. Fire resistant cables find application in the distribution of power in almost every commercial and residential building. The increasing construction activities are driving the fire-resistant cable market in the building & construction industry.
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The APAC region is projected to account for the largest share in the fire-resistant cable market during the forecast period.
The APAC region is projected to lead the fire-resistant cable market in terms of both value and volume from 2021 to 2026. Growing population and rapid urbanization are among the key factors propelling industry expansion in the region, during the forecast period. The cables are easy to install and maintains the reliability of the electrical circuits, and can withstand at high temperature & during fire ensuring the human safety. Growing construction as well as automotive industries, amongst others, in APAC countries, are fueling the fire-resistant cable demand in the region.
Key Players operating in the Fire-Resistant Cable Market:
- Prysmian Group (Italy),
- Nexans S.A. (France),
- NKT Group (Denmark),
- Leoni AG (Germany),
- LS Cable & System Limited (South Korea),
- and Elsewedy Electric Company (Egypt) amongst others.
Acquisitions, investments, expansions, collaborations, and new product developments are some of the major strategies adopted by these key players to enhance their positions in the fire-resistant cable market.
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