According to the new research report published by The Insight Partners, titled “Low Smoke Halogen Free Cable Market — Global Analysis and Forecast to 2027”, the global low smoke halogen free cable market is expected to reach US$ 6.4 Bn in 2027, registering a CAGR of 10.2% during the forecast period 2019-2027.
In 2019, Europe is estimated to account to hold the largest market share, growing at a CAGR of 9.0%.Rising urbanization in the current times has also increased the risks of rising fire cases in the buildings. Hence, the protection of building assets and human lives is extremely critical aspect of infrastructural constructions. Apart from the residential and commercial buildings, the industrial buildings, oil & gas refineries, and mineral ores are identified to be highly fire prone locations. Regulatory bodies have mandated the need to maintain a standard for occupational and health safety for employees at the highly fire-risk areas. Low Smoke Halogen Free (LSHF) Cables employ insulation materials that are safer whenever exposed to fire. These cables produce less dense smokes and reduce the toxicity level as compared to the traditional Polyvinyl Chloride (PVC) cables. The LSHF cables are particularly effective in the confined spaces where fire dangers are more. In the open spaces, fire dissipates quickly and the toxicity factor due to cables is eliminated. These cables are higher in costs as compared to the traditional ones.
Currently, major low smoke halogen free cable implementation is limited to the North American region owing to their higher costs. The construction sector in the APAC region has risen significantly. With a prowess to make the most of the developing scenario and helpful government policies, the construction sector is witnessing the boom in the APAC region. Exponential rates of urbanization have led to a significant rise in the number of residential, commercial, industrial buildings across many countries of the region. Also, this region consists of countries that have laid enhanced focus on the manufacturing industry. Thus, the region has also witnessed rampant growth in commercial, industrial, and residential constructions. With such a positive outlook for the construction market, the potentials for the implementations and installations of low smoke halogen free cables in the high-risk and hazardous locations in this region seem to be high. Asia is the fastest developing region and is becoming the major region for business travelers, and the business travel spending in this region is projected to escalate at a much higher rate as compared to Europe and North America. Along with Asia-Pacific, the significant growth is expected across Latin America due to the increase in the number of high-rise buildings, commercial complexes, shopping malls, supermarkets, and official buildings, etc. The growing constructions in these developing economies lay a robust platform for the growth of low smoke halogen free cable market.
Key findings of the study:
Majority of the advanced and developing economies have laid down stringent fire regulations regarding the construction of new buildings in order to ensure safety for occupants. Countries such as North America, Australia, Canada, Mexico, UK, Germany, Spain, Italy, and India have laid down stringent regulations. Also, the concerned authorities have laid down heavy punishments in case of violence of the codes. Virtually every building, process, service, design, and installation is affected by NFPA’s codes and standards. These codes and standards, reflect changing industry needs and evolving technologies, supported by research and development, and practical experience. The mandate of such rules and regulations have been driving the adoptions of low smoke halogen free cable market globally.
The market players present in low smoke halogen free cable market are mainly focusing on the product enhancements by implementation of advanced technologies. The large firms are adopting the strategy of acquisition and collaboration with the various companies for enhancing its capabilities and expanding its footprint in various geographies. This type of strategy allows the companies for strengthening its footprint in the market. Also, key market players influencing the market are profiled in the study along with their SWOT analysis and market strategies. The report also focuses on leading industry players with information such as products and services offered, financial information of last three years, key development in past five years. Some of the key players included in the global low smoke halogen free cable market are BASF SE, Borealis AG, DowDuPont Inc., Fujikura Ltd., Hitachi Ltd., Nexans SA, Prysmian Group, Mexichem Specialty Compounds, Shanghai Kaibo Compounds Factory Co., Ltd., and Sumitomo Electric Lightwave Corporation among others.
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