Global Fire-Resistant Cable Market: Overview
Because of the growing need for fire-resistant cables in the automotive, energy, industrial, and building and construction sector, the global fire-resistant cable market is projected to develop significantly in the near future. In addition to that, rising awareness about fire safety, growing urbanization and industrialization, and the enforcement of fire safety rules by governments all over the world that have boosted the need for fire-resistant cables.
Fire resistance cable is also known by other names, such as fire-survival cable, fire-performance cable, or fire-resistant cable. These cables have a higher resistance to burning, a higher temperature, more flexibility, less toxicity and smoke, and produce less of acid gas. Furthermore, such cables must be built of high-quality materials to be acceptable for uses with greater mechanical loads signals and to be effective enough to safeguard the power supply during or after a fire incident. Due to growing industrialization and urbanization throughout the world, the construction and building application sector continues to dominate the global fire-resistant cable market. To prevent future cost of maintenance, most consumers choose high-quality cables and wiring. In addition to that, the growth of the global fire-resistant cable market growth is linked to numerous advantages of fire resistant cable, including non-corrosive nature, good mechanical and electrical capabilities, and highly flame retardant characteristics.
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Global Fire-Resistant Cable Market: Notable Developments
The noted players that are operational in the global fire-resistant cable market are Furukawa Electric Co., Ltd., Jiangnan Group Limited, LS Cable & System Limited, Prysmian Group,Leoni AG, EL Sewedy Electric Company, and Nexans S.A.
Global Fire-Resistant Cable Market: Key Trends
Below-mentioned market trends and opportunities mark the global fire-resistant cable market:
Tightening of Fire Safety Regulations to Drive Growth of the Market
In both residential and non-residential environments, fire resistant cable can be utilized for wiring and interconnection. The cables are simple to set up and preserve the dependability of electrical circuits; they can endure extreme temperatures and fires, assuring human safety. The global fire-resistant cable market is growing due to increased demand for these cables for the purpose of making of fire safety equipment and alarm systems. The growth of the fire resistant cable market is attributed to the rising demand for resistant cable from various companies, the growing power generating industry across regions, and tightening fire safety regulations.
Fire-resistant cables come with characteristics such as minimal smoke emission, high temperature resistance, and reduced corrosive gas emissions assisting in the protection of human lives in the event of a fire breakout. Due to the requirement for public safety against fire hazards, the global fire-resistant cable market is likely to see a growth in demand across several end-use sectors. This demonstrates the growing need for fire-resistant cables in a variety of end-use sectors for fire protection and safety during fire accidents or disasters.
The costs of raw materials and the energy needed to manufacture fire-resistant cables are constantly fluctuating. The value chain, which comprises procurement and operating expenses, is directly affected by the fluctuating prices of these components. Manufacturers' profit margins are also affected by dramatic price increases or decreases. Plastic, copper, rubber, and aluminum are amongst the most common raw materials utilized in the manufacturing of fire-resistant cables. The major reason likely to drive price changes in these basic materials is instability in the pricing of crude oil and energy, which are necessary for their manufacturing and delivery. The price of raw materials rises when energy and crude oil prices fluctuate, increasing the cost of raw materials needed in fire fighting. As a result, the pricing of these materials impacts the price of fire-resistant cables directly.
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Global Fire-Resistant Cable Market: Geographical Analysis
In 2020, the Asia Pacific region was one of the most prominent regions in the market. India, China, and ASEAN nations, which are seeing significant expansion in end-use sectors, are likely to drive demand for fire-resistant cables in the Asia Pacific region. Increasing population and growing urbanization are likely to drive industrial expansion in the region. In many of the Asia Pacific nations, the automotive and transportation industries, building and construction, and manufacturing, amongst others, are likely to fuel demand for fire-resistant cables in the near future.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.