Fire Resistant Cable Market - Forecast(2023 - 2028)

Fire Resistant Cable Market Overview:

As per the report generated by the National Fire Protection Association, electrical failures were considered to be the second leading cause for fires and it resulted in around 13% of the US homes catching fire due to unattended equipment and wires. Also, 18% of the civilian death with around 20% of property damage are due to electrical failures. [1] These facts surely indicate the growing opportunities for cable manufactures in the fire-resistant cable market. Owing to the increase in demand for fire resistance cable, the market value was $1.82 billion in 2018. Furthermore, on the back of growing consumer inclination towards excellent quality, global fire resistant cable market will grow with a compound annual growth rate (CAGR) of 4.30% during the forecast period of 2019-2025.

Though the market inception may have happened in North America, APAC currently is reckoned to be dominating the fire-resistant cable market demand. In a recently released report by the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP), it was evaluated that the APAC region experienced robust economic growth of 5.8% in 2017.[2] The growth of the region is attributed to increasing in construction activities, automotive sales, and expanding transportation industries. Additionally, the growing manufacturing industries, particularly in China, is associated with the market process in the region. Growing fire incidents and government regulations to neglect the use of poor quality material is fueling the market size. The mounting evolution for fire resistance cable, the region held the maximum market share that was assessed to be 30% in 2018.

Fire Resistant Cable Market Outlook:

Fire resistance cable is also known as fire-proof cables, fire performance cables, or fire survival cables. These cables consist of greater resistance to combustion, and high temperature, flexibility, and low smoke and toxicity with low acid gas generation. Also, such cables require to be made with high-quality materials so that it is suitable for applications with higher mechanical loads signals and efficient enough to secure the power supply during a fire.

Building and construction application segment continues to dominate the fire resistant cable market, driven by rapid industrialization and urbanization across the globe. Most consumers prefer high-quality cables and wire to avoid later expenses in repairing. Furthermore, the development of the market is associated with several benefits in fire resistance cable such as highly flame retardants and excellent mechanical properties and electrical property along with non-corrosive nature. The application segment will grow with a CAGR of 5.50% through to 2025.

Fire Resistant Cable Market Drivers:

·         Fire resistant cable can be used for wiring and for interconnected purposes in residential and non-residential areas. The cables are easy-to-install and maintains the reliability of the electrical circuits, it can withstand at high temperature and during fire ensuring the human safety. The rising demand for cables for fire safety equipment and alarm system is propelling the market growth.

·         Mounting power generation sector across geographies, escalating demand for resistant cable from various businesses, and increasing regulations for fire safety are attribute with the fire resistant cable market growth.

·         The expansion of the data storage industry requires continuous supply of electricity, the high electricity power can cause damage to the servers and racks. Hence, the fire resistant cable demand is also influenced by Datacenter and IT sector.

Fire Resistant Cable Market Trends:

·         Fire resistance cables do not contain PVC due to its explosive nature. Furthermore, material used in such halogen-free cables can be recycled. Hence the demand for fire resistance capable is fueling the growth of the market.

·         The fire-resistant cable made up of silicon-free and inorganic mineral is one of the recent manufacturing trend in the market. The insulated cable of solid copper and magnesium oxide is highly efficient with melting point of 1083°C and 2800°C. Hence, it can survive and resist fire and can easily survive in high temperature of 1000°C. Due to high capability this kind of cables are widely used in heavy manufacturing industries.

·         The recent research by the analyst, evaluated that the cables made with low thermal conductivity, aerogel, and geopolymer composites are fire resistance, and it can resist the flames of up to 2,300 degree Fahrenheit. The rising demand for cables is driving the growth of fire-resistant cable market.

·         The growing demand for optic fiber fire resistance cable is estimated to gain high revenue for the fire resistant cable market.

Fire Resistant Cable Market Challenges:

The continuous use of toxic materials and substances while manufacturing the cables are highly toxic for the environment. The increasing focus of government to phase out PVC, lead, and halogenated flame-retardants are major concern for the cables manufacturers as it can also decline the market growth. The necessity to find the alternative to some of the toxic substance and materials ended up with the research to use additive and resins. The increasing demand for additives such as polyethylene terephthalate, polypropylene polymers are used for cables insulation and jacketing are driving the growth of the fire resistant cable market.

Fire Resistant Cable Market Key Players Perspective:

Some of the major players in fire resistant cable market are Rysmian Group, Nexans S.A., Elsewedy Electric, TPC Wire & Cable Corp., Leoni AG, Tianjin Suli Cable Group, Keystone Cable, Tratos Limited, NKT Group, EL Sewedy Electric Company.

Fire Resistant Cable Market Research Scope:

The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the fire resistant cable market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the types of fire resistant cable market, and its segmentation on the basis of end user industries that include construction, automotive and transportation industry.

Fire Resistant Cable Market Report: Industry Coverage

The fire resistant cable market report also analyzes the major geographic regions as well as the major countries in these regions. The regions and countries covered in the study include:

North America: The U.S., Canada, Mexico

South America: Brazil, Venezuela, Argentina, Ecuador, Peru, Colombia, Costa Rica

Europe: The U.K., Germany, Italy, France, the Netherlands, Belgium, Spain, Denmark

APAC: China, Japan, Australia, South Korea, India, Taiwan, Malaysia, Hong Kong

Middle East and Africa: Israel, South Africa, Saudi Arabia

Key Questions Addressed in the Home Healthcare Market Report

Is the market demand for fire resistant cable growing? How long will it continue to grow and at what rate?

Which type of fire resistant cable presents the major growth opportunities?

Is there a possibility for change in the market structure over time?

Are additional developments needed for the existing product or services offerings or do the existing products meet the customer demands?

Do the key vendors look for partnerships to expand their businesses with respect to geography or product?

What are the short-term, long-term, and medium-term growth drivers for the market?

What are the short-term, medium-term, and long-term challenges for the market?

What are the short-term, medium-term, and long-term opportunities for the market

Who are the top players/companies of the market?

What are the recent innovations in the market?

How many patents have been filed by the leading players?

What are the types of patents filed by the leading players?

What is our Vision 2030 for home healthcare market?

A Few Focus Points Of This Research Are Given Below:

Give a deep-dive analysis of the key operational strategies with focus on the corporate structure, R&D strategies, localization strategies, production capabilities, and sales performance of various companies

Provide an overview of the product portfolio, including product planning, development, and positioning

Discuss the role of technology companies in partnerships

Explore the regional sales activities

Analyze the market size and giving the forecast for current and future global home healthcare market during the forecast 2018–2023

Analyze the competitive factors, competitors’ market shares, product capabilities, and supply chain structures