Sales of fire-rated cables are projected to grow at a robust CAGR of 3.7% between 2023 and 2033, totalling around US$2,595.2mn by the end of 2033, according to a new report from Future Markets Insights on the fire-rated cables market
Fire safety or fire protection cables are classified as flame retardant or fire rated. The primary distinction between flame retardant cables and fire rated cables is that flame retardant cables are only intended to restrict the spread of a fire by deterring combustion, whereas fire-rated cables, also known as circuit integrity cables or fire resistive cables, can operate in the presence of a flame for a specified time under given circumstances. These cables are specially constructed to keep the circuit intact in the event of a fire.
Factors driving the growth of the fire-rated cables market include the growing global construction sector, especially for commercial and office buildings, which has expanded the market for sustainable building materials. Modern commercial buildings and office space require fire-rated electric systems to comply with green building codes.
A growing number of factory facilities in major regions such as Europe, North America, and the Asia Pacific are focusing on employee workplace safety. The primary concern for the players is the implementation of a safe and secure electric supply channel to prevent the possibility of fire mishaps in the facilities, which is expected to support product performance.
However, the increased cost of fire-rated cables in comparison to other fire protection cables may stymie market growth, particularly in cost-conscious regions such as Asia Pacific and Middle East and Africa, the report says.
Demand for fire-rated cable materials is expected to rise substantially in the United States as demand for fire-resistant building structures rises. Because of government-mandated stringent safety and security measures, North America is predicted to lead the fire rated cables market over the forecast period. It holds a 22% market share of the global fire rated cable market.
Europe is estimated to account for a market share of 28% of the global fire rated cable market, according to the report, with the construction industry forecast to grow at a 3.8% CAGR and growth in demand for fire-resistant building materials impacting the demand for fire rated cable materials.
The automotive industry in European economies is expected to increase demand for fire-resistant cable jacketing materials as the production of electric vehicles increases, the report adds.