According to the latest report from Markets and Markets, the global refractory cable market is expected to grow from US$1.76 billion in 2018 to US$2.06 billion in 2023, with a CAGR of 3.2% over the period.
The growth in the market is due to the increasing demand for fire-resistant cables in construction, automotive and transportation and other end-use industries, and the continuous increase in fire safety regulations in various regions.
Based on insulating materials, the cross-linked polyethylene segment will lead the refractory cable market in 2018. The increase in this sector can be attributed to the availability of crosslinked polyethylene, the average price lower than other insulating materials, and excellent insulation properties.
According to the end-use industry, the construction sector is expected to increase at the fastest rate during the forecast period. Infrastructure activities from emerging economies in Asia Pacific, the Middle East and Africa are driving this area of development.
From a regional perspective, the Asia Pacific region will lead the global market. The growth of the construction and automotive and transportation industries will become the main driver of the refractory cable market in the Asia Pacific region. China is the largest consumer of fire-resistant cables in the Asia Pacific region. The continuous development of China's manufacturing industry also promotes the growth of the country's refractory cable market. The increase in demand for fire safety and government regulations is another factor driving the consumption of fire-resistant cables in China.