The Asia-Pacific fire-resistant cable market is anticipated to grow at a CAGR of 5.9% during the forecast period. The presence of strict laws and regulations related to fire safety is a key factor in creating the demand for fire-resistant cable in the region. Moreover, the developing construction industry of the major economies of Asia-Pacific such as India, China, Japan, and Singapore among others are also increasing the use of fire-resistant cables to meet the fire safety requirements in buildings.
Additionally, expansion of power grid or transmission line, along with the rising smart city projects are further strengthening the growth of the market in the region. In addition, the automotive industry of Asia-Pacific is making a noticeable contribution to the growth of the fire-resistant cable market in the region.
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The Asia-Pacific fire-resistant cable market is segmented based on the insulation material and end-use industry. Based on the insulation material, the market is sub-segmented into EPR, LSZH, XLPE, and PVC. Among which PVC cables are anticipated to capture a significant share across the region owing to its high popularity. Further, based on the end-use industry, the market is sub-segmented into automotive and transportation, energy, manufacturing, building and construction, and others. Automotive & transportation also include marine, aviation, and railways. Energy includes renewable energy such as wind, solar, offshore; hydro, thermal & nuclear power plants, and oil & gas sectors. Building & construction include homes, commercial buildings, offices, and other public places. Others include the telecom sector.
For instance, in June 2020, LS Cable & System declared that it has started to ship the first batch of submarine cables for Taiwan’s offshore wind farms. This is the first shipment for the submarine cable project totaling nearly $400 million that LS C&S won from Taiwan. In 2019, LS C&S won the right to supply all the high-voltage (HV) submarine cables for the first offshore wind farm project being built in Taiwan. Such kinds of contracts will be useful for The Company to generate significant revenue and leverage its share in a country.
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Asia-Pacific Fire-Resistant Cable Market Segmentation
By Insulation Material
· EPR (Ethylene propylene rubber)
· LSZH (Low Smoke Zero Halogen)
· XLPE (Cross-Linked Polyethylene)
· PVC (Poly Vinyl Chloride)
By End-Use Industry
· Automotive and Transportation
· Energy
· Manufacturing
· Building and Construction
· Others
(This release has been published on Global Market Post. Global Market Post is not responsible for any content included in this release.)
