Fire Resistant Cable Materials Market Growth & Trends
The global fire resistant cable materials market size is expected to reach USD 718.8 million by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 4.4% from 2020 to 2027. Growing need for materials that can withstand high temperature or fire mishaps for a specified duration is likely to drive the demand for fire resistant cable materials over the forecast period.
Commercial availability of cable materials in the market, along with their superior properties to tackle extreme heat and fire situation, is anticipated to increase its penetration for cable jacketing applications. Moreover, growing installation of electric wiring system in modern building and construction and manufacturing structures is likely to offer growth prospects for the market in the forecast period.
Stringent regulations for green building in major regions, including North America and Europe, are likely to drive the market for fire proof cables. Technical innovations in the industry for wire covering materials are likely to influence the market growth on a positive note. Moreover, introduction of advanced electrical and electronics is expected to support the demand for fire resistant cable materials.
Prominent players are investing significantly in R&D activities to develop fire resistant cables with enhanced resistant property. Mergers & acquisitions is another strategy adopted by the prominent players to increase geographical presence in the competitive market.
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Fire Resistant Cable Materials Market Report Highlights
By material, the cross-linked polyethylene (XLPE) segment is expected to witness the fastest growth over the forecast period owing to its superior resistant property and low cost as compared to its counterparts
In North America, the polyvinyl chloride (PVC) segment was valued at USD 38.6 million in 2019 owing to its easy and abundant availability in the region
Asia Pacific was the largest regional market for fire resistant cable materials in 2019 and is expected to witness considerable growth in coming years. Strong development in the building and construction industry in China and India is expected to offer growth opportunities
By end use, in 2019, the building and construction segment accounted for the largest revenue share and is anticipated to witness significant growth over the forecast period. Stringent regulations regarding fire resistant properties of the building structures are likely to support the product demand
The manufacturing end-use segment is likely to witness notable growth in the forecast period owing to rising concerns regarding workplace safety and increasing number of fire mishaps at workplaces.
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Fire Resistant Cable Materials Market Segmentation
Grand View Research has segmented the global fire resistant cable materials market on the basis of material, end use, and region:
Fire Resistant Cable Materials Outlook (Revenue, USD Million, 2016 – 2027)
Fire Resistant Cable Materials End-use Outlook (Revenue, USD Million, 2016 – 2027)
Building & Construction
Automotive & Transportation
Fire Resistant Cable Materials Regional Outlook (Revenue, USD Million, 2016 – 2027)
Central & South America
Middle East & Africa
List of Key Players of Fire Resistant Cable Materials Market
Universal Cable (M) Berhad
General Cable Corporation
LS Cable & System Ltd.
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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