Press release
Fire Rated Cables Market Insights By Type, Industry, Application & End-User
Heat, toxic fumes, and smoke are the primary impediments to the safe evacuation of an area, a plant, or a building in all fire tragedies. Fire-rated cables have properties such as fire resistance, low toxic gas combustion and smoke, long-term circuit integrity in a fire, flame retardant properties, simple and cost-effective installation, and zero halogen gases.
Flame retardant or fire rated cables are fire safety or fire protection cables. The primary distinction between flame retardant cables and fire rated cables is that flame retardant cables are only intended to limit the spread of a fire by deterring combustion, whereas fire rated cables, also known as circuit integrity cables or fire resistive cables, are intended to limit the spread of a fire.
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In the United States, demand for fire-rated cable materials is expected to rise significantly as demand for fire-resistant building structures rises. Furthermore, the country's abundant raw materials, as well as well-established commercial channels and the presence of prominent manufacturers, are expected to drive market expansion over the forecast period.
Because of government-mandated high safety and security measures, North America is predicted to lead the fire rated cables market over the forecast period. North America holds a 22% market share of the global fire rated cable market.
The positive impact of European economies on the consumption of feasible and fire-resistant building materials is expected to have a positive impact on the demand for fire rated cable materials. Electric wire installation in modern residential homes, commercial buildings, and office spaces is expected to drive market growth. By 2024, the European construction industry is expected to grow at a 3.8% CAGR to $2,841 billion USD. According to Future Market Insights, the region will account for 28% of the global fire rated cable market in 2022.
As the production of electric vehicles increases, the automotive industry in European economies is expected to increase demand for fire-resistant cable jacketing materials. Furthermore, the French building and construction industries.
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The Asia Pacific fire rated cables market is projected to expand rapidly as safety standards tighten and building and industrialization expand. With a 32% share of the regional market in 2022, Asia-Pacific is predicted to sustain its lead over the forthcoming years.
Because of the burgeoning, and need for fire prevention in commercial and residential buildings, China, India, Japan, South Korea, and Australia are the leading consumers of fire-rated cables. Furthermore, raising automotive production and eminent electrical machinery and equipment production is expected to aid the industry in this region's expansion.
Key Segments of Fire Rated Cables Industry Survey
Fire Rated Cables Market by Construction:
• Single Core Fire Rated Cables
• Multicore Fire Rated Cables
Fire Rated Cables Market by Type:
• Unarmored Fire Rated Cables
• Armored Fire Rated Cables
• Braided Fire Rated Cables
• Other Fire Rated Cable Types
Fire Rated Cables Market by Application:
• Fire Rated Cables for Residential Applications
• Fire Rated Cables for Commercial Applications
• Fire Rated Cables for Industrial Applications
Fire Rated Cables Market by Region:
• North America Fire Rated Cables Market
• Latin America Fire Rated Cables Market
• Europe Fire Rated Cables Market
• East Asia Fire Rated Cables Market
• South Asia & Oceania Fire Rated Cables Market
• Middle East & Africa Fire Rated Cables Market
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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