The fire resistant cable market is estimated at USD 1.76 billion in 2018 and is projected to reach USD 2.06 billion by 2023, at a CAGR of 3.2% from 2018 to 2023. Rising demand for fire resistant cable from the automotive & transportation industry and increasing initiatives of fire safety in infrastructure across the globe are expected to drive the fire resistant cable market.
Fire Resistant Cable Market: Browse 83 market data Tables and 51 Figures spread through 142 Pages
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Based on insulation material, the XLPE (cross-linked polyethylene) segment is estimated to grow at the highest CAGR during the forecast period. The growth of this segment can be attributed to the increased demand of XLPE from various industries such as automotive & transportation, building & construction, and among others. XLPE is a thermoset insulation material, which is widely used for its excellent properties.
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 are some of the excellent characteristic of XLPE which is fuelling the growth of this segment.
Prysmian Group (Italy), Nexans S. A. (France), General Cable Corporation (US), NKT Group (Denmark), Leoni AG (Germany), LS Cable & System Ltd. (South Korea), EL Sewedy Electric Company (Egypt), Universal Cable (M) Berhad (Malaysia), and Tratos Limited (UK), among others are key players in the fire resistant cable market. These companies are focused on investing in plant capacity expansions and acquisitions. They also have the potential to broaden their product portfolios and compete with other key market players.
Prysmian Group (Italy) is a leading provider of cables and system solutions to the energy and telecom sectors. The company operates through 4 segments, namely, energy products, energy projects, telecom, and oil & gas. It offers high voltage cables through its energy projects operating segment. It also focuses on increasing the production efficiency in the lower value-added sector by adopting more contracts & agreements.
The company also adopted acquisitions as one of its key strategies to expand its regional presence. For instance, in 2016, it completed its agreement to acquire Neustadt which helped Prysmian expand its presence in Europe and expand its product portfolio catering to data centers and data transmission. Furthermore, it acquired the assets of Shen Huan Cable (China), to aim at the independent growth strategy in China. It also acquired the copper data cables business of Corning in Germany, thus, expanding its business globally through inorganic growth strategies.
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