Fire Resistant Cable Market – Forecast (2024-2030)
Fire
Resistant Cable Market Overview:
Fire Resistant Cable Market size is estimated to reach US$2923.4 Billion
by 2030, growing at a CAGR of 5.5% during the forecast period 2024-2030. The
significance of fire safety is becoming more recognized in all sectors of the
economy. The rising use of fire-resistant cables is a result of both businesses
and consumers realizing the importance of taking preventative and mitigating
actions to avoid and minimize fire-related incidents. This trend is expected to boost the growth of the Fire
Resistant Cable Market during the forecast period.
For instance, an important part of the American economy is the
construction sector. The Associated General Contractors (AGC) Construction
Association reports that as of the first quarter of 2023, there were over
919,000 construction operations in the United States. Every year, the industry
generates buildings valued at around $2.1 trillion and employs 8.0 million
people. One of the biggest markets for manufacturing, mining, and other
services is the construction industry. This boost in construction activities,
coupled with the need for advanced fire safety measures, has contributed to the
demand for fire-resistant cables. These factors positively
influence the Fire Resistant Cable industry outlook during the forecast period.
Market Snapshot:
Fire Resistant Cable Market - Report Coverage:
The “Fire
Resistant Cable Market Report - Forecast (2024-2030)” by
IndustryARC, covers an in-depth analysis of the following segments in the Fire
Resistant Cable Market.
Attribute | Segment |
---|---|
By Insulation Material |
|
By End User |
|
By Geography |
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COVID-19 / Ukraine Crisis - Impact Analysis:
● The COVID-19 pandemic has
significantly impacted the Fire Resistant Cable Market, reshaping demand
dynamics and supply chain operations. With disruptions in global manufacturing
and construction sectors, the market experienced fluctuations in both
production and consumption. The increased emphasis on safety protocols in
various industries, coupled with a surge in remote working, influenced the need
for reliable fire-resistant cables. However, challenges such as supply chain
disruptions, labor shortages, and market uncertainties emerged. As the industry
navigates through these challenges, strategic adaptation to evolving market
trends, resilient supply chain strategies, and innovative product development
will play pivotal roles in ensuring sustained growth amidst the ongoing
pandemic and its aftermath.
● The Fire Resistant Cable Market
in Russia and Ukraine has faced significant disruption due to the ongoing war. As
geopolitical tensions rise, supply chain disruptions and increased raw material
costs have become inevitable, influencing the FRC industry. Manufacturers are
grappling with uncertainties, prompting strategic reassessments to mitigate
risks and ensure business continuity. Furthermore, heightened demand for fire
safety solutions in regions reevaluating their security infrastructure is a
potential silver lining for the FRC market. Stakeholders must closely monitor
geopolitical developments and swiftly adapt strategies to navigate the evolving
landscape, safeguarding market stability and capitalizing on emerging
opportunities.
Key Takeaways:
● South America to Register Highest Growth.
Geographically,
in the global Fire Resistant Cable Market, South America is analyzed to grow
with the highest CAGR of 6.96% during the forecast period 2024-2030. The South America
Fire Resistant Cable market is driven by factors including the demand for
fire-resistant cables is primarily driven by industries such as oil and gas,
construction, power generation, and infrastructure. These sectors require
reliable fire protection measures to ensure the safety of personnel, assets, and
critical systems. An official energy
transition plan was announced in late June 2023 that by the conclusion of the
period, Argentina wants to produce 57% of its energy from renewable sources.
The government estimates that the plan will cost $86.6 billion. Other goals
include the construction of 5,000 kilometers of new transmission lines, an 8%
decrease in the nation's total energy consumption, and one gigawatt (GW) of
locally generated production. The government’s funds and initiative to go green
and investments in infrastructure development are anticipated to drive market
growth.
● PVC Segment to Register the Fastest Growth
In the Fire
Resistant Cable Market analysis, the PVC segment is estimated to grow with the highest
CAGR of 6.2% during the forecast period 2024-2030. PVC is a widely used plastic
polymer known for its versatility, cost-effectiveness, and electrical
insulation properties. PVC insulation materials are used in various
applications, including automotive, electrical, and electronics industries. The
market for PVC insulation materials has been anticipated to witness steady
growth during the forecast period. Factors driving this growth include the
increasing demand for energy-efficient buildings, the rapid expansion of the
automotive industry, and the rising infrastructural development activities
worldwide. However, the PVC insulation material market does face certain challenges.
Environmental concerns regarding the disposal and recycling of PVC waste have
resulted in increased scrutiny and regulations imposed on the use of PVC. The
growing need for energy conservation, technological advancements, increasing
demand for electric vehicles, and the adoption of sustainable building
practices have led to a surge in the use of PVC insulation materials.
● Building & Construction Segment to Register
the Largest Share.
According to the Fire Resistant
Cable Market, Building & Construction held the largest market valuation of 44.9% in 2023. The market for fire-resistant cables is
witnessing significant growth, influenced by factors such as the rise in infrastructural
development, increasing urbanization, and the growing concern for occupant
safety. For the nine large projects included in the National Infrastructure
Project Assistance (Mega) discretionary grant program, the US government
announced plans to allocate $1.2 billion in funding in 2023. The government's
increasing funding and support for redeveloping America's built environment,
strengthening supply chains, generating jobs,and expanding the economy is
projected to boost the building and construction industry, which will in turn
propel the expansion of the fire-resistant cable market. The Building and
construction industry's adoption of fire-resistant cables is projected to
continue growing, driven by the need for reliable fire protection systems in
residential,commercial, and industrial buildings.
● Fire-resistant cables are in high demand for fire
safety and protection
Fire-resistant
cables, also known as fire-proof cables, fire performance cables, or fire
survival cables, have a strong resistance to combustion and high temperatures,
are flexible, release little smoke, are non-toxic, and produce little acid gas.
Fire-resistant cables are intended to aid in the preservation of circuit
integrity in the event of a fire. Resistance to high temperatures, reduced
smoke emission, and decrease of corrosive gasses are all properties of
fire-resistant cables that help preserve and secure human life in the event of
a fire. Due to the necessity for public safety against fires, the global market
is experiencing a growth in demand for fire-resistant cables across numerous
end-use sectors. This demonstrates the demand for and growth potential for
fire-resistant cables in a variety of end-use sectors for fire protection and
safety during fire mishaps or disasters. As cloud service companies seek faster
internet connections, a US communications infrastructure firm will build the Zeus
underwater line between the United Kingdom and continental Europe in July 2022.
Almost all internet data traffic is transmitted via submarine cables. Numerous
technology firms, including Alphabet's Google and Meta, have also invested in
the construction of subsea cables. Extensive data can be delivered across great
distances using telecom connectors via electronic or electrical techniques
● The constant use of harmful materials and
substances in the fabrication of cables is extremely hazardous to the environment.
The government's increasing emphasis on phasing out PVC, lead, and halogenated flame retardants is a key source of concern for cable makers, as it may slow market growth. The need to discover alternatives to some of the harmful substances and materials led to the development of additives and resins. The growing demand for additives such as polyethylene terephthalate and polypropylene polymers, which are utilized for cable insulation and jacketing, is propelling the fire-resistant cable market forward. The wire and cable sector employs a number of hazardous compounds, several of which are now subject to European prohibitions and material usage restrictions. Lead, cadmium, and antimony compounds, halogenated flame retardants, phthalates, and polyvinyl chloride are among the materials utilized.
Fire Resistant Cable Market Share (%) By Region, 2023
Key Market Players:
Product/Service launches, approvals, patents and events,
acquisitions, partnerships and collaborations are key strategies adopted by
players in the Fire Resistant Cable Market. The top 10 companies in this
industry are listed below:
1. Furukawa Electric Co., Ltd.
2. EL Sewedy Electric Company
3. Armacell International S.A.
4. Prysmian Group
5. Walsin Lihwa Corporation
6. Jiangnan Group Limited
7. LS Cable & System Limited
8. Leoni AG
9. Rogers Corporation
10. NKT Group
Scope of Report:
Report Metric | Details |
---|---|
Base Year Considered | 2023 |
Forecast Period | 2024–2030 |
CAGR | 5.5% |
Market Size in 2030 | $2923.4 Billion |
Segments Covered | Insulation Material, End-Use Industry and Region |
Geographies Covered | North America (U.S., Canada and Mexico), Europe (Germany, France, UK, Italy, Netherlands, Spain, Russia, Belgium, Denmark and Rest of Europe), Asia-Pacific (China, Japan, South Korea, India, Australia, Indonesia, Taiwan, Malaysia, Hong Kong and Rest of Asia-Pacific), South America (Brazil, Argentina, Venezuela, Ecuador, Peru, Colombia, Costa Rica and Rest of South America), Rest of the World (Middle East and Africa). |
Key Market Players |
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The Fire Resistant Cable Market is projected to grow at 5.5% CAGR during the forecast period 2024-2030.
Global Fire Resistant Cable Market size is estimated to be $2004.5 million in 2023 and is projected to reach $2923.4 billion by 2030.
The leading players in the Fire Resistant Cable Market are Furukawa Electric Co., Ltd., EL Sewedy Electric Company, Armacell International S.A., Prysmian Group, Walsin Lihwa Corporation and others.
The Fire Resistant Cable Market is the growing global infrastructure projects and urbanization are driving the demand for fire-rated cables in new construction. The security and dependability of the electrical systems in structures, tunnels, airports, and other infrastructure projects depend on these cables are some of the major Fire Resistant Cable Market trends in the industry which will create growth opportunities for the market during the forecast period.
Fire-resistant cables are in high demand for fire safety and protection and Mounting power generation sector across geographies, escalating demand for resistant cable are the driving factors of the market.