Market Insight-Global Flame Retardant Cable Market Overview 2022
The Global Flame Retardant Cable Market Size was estimated at USD 11066 million in 2021 and is projected to reach USD 13984 million by 2028, exhibiting a CAGR of 3.34% during the forecast period– Bossonresearch.com
Flame retardant cables are designed to resist the spread of fire into a new area. Fire resistant cables are designed to maintain circuit integrity and continue to work for a specified period of time under defined conditions.
Typical applications for fire resistant cable include public buildings from schools to hospitals, underground and overground railway stations, retail and leisure venues as well as offshore vessels and hazardous environments such as Oil & Gas platforms. The manufacturer can supply a complete range of fire resistant cables to comply with the latest Standards and Codes of Practice covering fire detection, alarm systems, emergency lighting or other vital power supplies.
According to Bosson Research, the Global Flame Retardant Cable Market Size was estimated at USD 11066 million in 2021 and is projected to reach USD 13984 million by 2028, exhibiting a CAGR of 3.34% during the forecast period.
Figure Global Flame Retardant Cable Market Size
Source: Bossonresearch.com, 2022
Driver: High demand for fire-resistant cables for fire safety & protection
Fire-resistant cables, known as fire-proof cables, fire performance cables, or fire survival cables, offer high resistance to combustion and high temperature, are flexible, and low smoke emitting and low toxicity along with the low generation of acid gases. Fire-resistant cables are designed to help maintain circuit integrity in case of fires. Properties of fire-resistant cables such as resistance to high temperature, low smoke emission, and reduction of corrosive gases help protect and safeguard human life in case of fires. The global market is experiencing an increase in the demand for fire-resistant cables across various end-use industries due to the need for public safety against fires. This indicates the need and growth opportunities for fire-resistant cables across various end-use industries for fire protection & safety during fire mishaps or incidents.
Restraint: Volatility in raw materials prices
Prices of raw materials and energy required to produce fire-resistant cables are volatile. The volatile prices of these materials directly affect the value chain, which includes procurement and operation costs. Sudden increase or decrease in prices affects the profit margin of manufacturers as well. The main raw materials used for the manufacture of fire-resistant cables are rubber, copper, plastic, and aluminum, among others. Volatility in the costs of energy and crude oil, which are required for the manufacture and the transportation of these materials, is the main factor in the fluctuations in the prices of these raw materials. The instability of energy and crude oil costs cause the prices of raw materials to rise, and, in turn, increase the cost of raw materials used in fire-resistant cables. Hence, the prices of these materials have a direct impact on the cost of fire-resistant cables.
Opportunity: Increase in demand for fire-resistant cables for power generation
According to the International Energy Agency, - The global electricity demand in 2021 has increased by 4.5% or over 1 000 TWh. Almost 80% of the projected increase in demand in 2021 is in emerging market and developing economies, with the People's Republic China (China) alone accounting for half of the global growth. According to the US Energy Information Administration, the global demand for energy is expected to increase to 736 quadrillions Btu by 2040. A major part of the rise in demand for energy is expected from the non-OECD countries, particularly India and China, and is expected to account for more than half of the global total energy consumption during this period. The demand is expected to be fulfilled by new generation capacity additions, which are expected to require new transmission and distribution infrastructure, thus creating opportunities for the fire-resistant cable market.
Challenge: Availability of cheap and inferior quality fire-resistant cables
The availability of cheap and duplicates of original branded products is a major challenge for the fire-resistant cable market. These products are generally available at competitive rates than the original products and are comparatively inferior in quality. Leading players are facing challenges from the unorganized sector which offers inexpensive products, particularly in the emerging economies of China and India. In such a competitive environment, it is challenging for the leading market players to enable profit margins and compete with the small unorganized players, which leads to a negative impact on the balance sheets of leading players.
Key players in the Flame Retardant Cable Market include:
Nexans
Prysmian
Keystone Cable
Furukawa Electric
Suli Yihang Cable
Jiangyang Cables
LEONI
Belden
Coleman Cable
Shanghai Delixi Group
Tsubaki Kabelschlepp
Changzhou Bayi Cable
Elkay Telelinks
Axon’Cable
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