The report "Fire Resistant Cable Market by Insulation Material (XLPS, LSZH, PVC, EPR), End-Use Industry (Building & Construction, Automotive & Transportation, Manufacturing, Energy), and Region (APAC, North America, Europe, MEA) - Global Forecast to 2023", published by MarketsandMarkets™, the Global Fire Resistant Cable Market is projected to grow from USD 1.76 Billion in 2018 to USD 2.06 Billion by 2023, at a CAGR of 3.2% from 2018 to 2023.
The growth of the Fire Resistant Cable Market is driven by the rising demand for fire resistant cable from the building & construction, automotive & transportation, and other end-use industries and increasing regulations for fire safety across geographies.
By insulation material, the XLPE segment is estimated to lead the Fire Resistant Cable Market in 2018.
Based on insulation material, the XLPE segment is estimated to lead the Fire Resistant Cable Market in 2018. The growth of this segment can be attributed to its easy availability of XLPE, average price than other insulation materials, and excellent insulation properties.
The building & construction segment is expected to be the fastest-growing end-use industry segment of the Fire Resistant Cable Market during the forecast period.
Based on end-use industry, the building & construction segment is expected to grow at the highest rate during the forecast period. Increasing infrastructural activities from emerging economies of the Asia Pacific and Middle East & Africa regions is driving this segment.
Asia Pacific is estimated to lead the Fire Resistant Cable Market during the forecast period.
The growth in building & construction, and automotive & transportation industries is projected to be the key driving factor for the Fire Resistant Cable Market in the Asia Pacific region. China is the largest consumer of fire resistant cable in the Asia Pacific region. The growing manufacturing industry in China is also leading to the growth of the Fire Resistant Cable Market in the country. Increased demand for fire safety and government regulations is another factor driving the consumption of fire resistant cable in China.
Key players in the Fire Resistant Cable Market include Prysmian Group (Italy), Nexans S. A. (France), and NKT Group (Denmark) among others.
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