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Global & Europe Fire Performance Cables Market Analysis – 2018-2027
Fire performance cables have the characteristics to have resistance to fire and are widely used across areas that are exposed to fire or high temperatures, such as emergency lighting systems, fire alarm systems and others. Fire performance cables are available as a single core fire performance cable or a multicore fire performance cable and are used depending on the purpose of application. The global fire performance cables market is anticipated to achieve a CAGR of around 3% throughout the forecast period, i.e. 2019-2027.
The global fire performance cables market was valued at around USD 1700 million in the year 2018 and is expected to cross a value of around USD 2200 million by the end of 2027. Factors such as rising awareness for good electrical wires that have the characteristics of fire resistance across end user industries, along with the rising adoption of fire performance cables in the end user industries are anticipated to promote towards the growth of the global fire performance cables market. Additionally, the fire performance cables market in Europe is anticipated to be driven by factors such as presence of several end user industries including manufacturing, automobile and others, followed by the numerous construction activities lined up in the region as well as for the availability of stringent regulations in the region to maintain safety of individuals in different end user industries.
The global fire performance cables market consists of various segments that are segmented by product type, insulation material, end user and by region. The insulation material segment is further sub-divided into XLPE, EPR, MICA< PVC and others. Out of these, the MICA segment in Europe held a value of around USD 150 million in the year 2018 and is anticipated to hold the largest market share. Further, the segment is also anticipated to cross a value of around USD 180 million by the end of 2027 by growing at a CAGR of around 2.5% throughout the forecast period. On the other hand, the others segment for the fire performance cables market in Europe is anticipated to grow with the highest CAGR of around 4% throughout the forecast period.
Based on region, the global fire performance cables market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. Out of these, the market in Asia Pacific held a significant market share of around 22% in the year 2018 and is expected to cross a value of around USD 530 million by the end of 2027 by registering a CAGR of around 4% during the forecast period.
The global & Europe fire performance cables market has several key players that are functioning both locally as well as globally to cater to the rising demand for fire performance cables amongst several end user industries. Additionally, several small and mid-size players are also looking for options by expanding their existing product width and line to cater to the market. On the other hand, several players in the market are also investing heavily to develop advanced materials used for manufacturing fire performance cables.