Global Mineral Insulated (MI) Cable Market Report and Forecast 2025-2034

Global Mineral Insulated (MI) Cable Market Outlook

The global mineral insulated (MI) cable market size attained a value of approximately USD 1,134.06 million in 2023. The market is further expected to grow at a CAGR of 5.1% between 2024 and 2032, reaching a value of USD 1,782.07 million by 2032.

Key Trends in the Market

Mineral insulated (MI) cable is a type of specialised cable where the conductors are enclosed in a metal sheath and insulated with minerals such as magnesium oxide. MI cables exhibit low flammability and oxidation reduction properties, making them suitable for harsh weather conditions and high temperatures. These cables are highly accurate and are majorly deployed in fire protection applications.

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• The mineral insulated (MI) cable market is being driven by the increasing applications of MI cables in nuclear reaction processes, oil and gas operations, air pressure systems, and operating rooms of healthcare units, among others.

• Rising demand for mineral insulated (MI) cables in the power generation sector, owing to the growing demand for power across the urban areas of the emerging economies, rapid digitalisation, and growing standards of living, is further propelling the market growth.

• The thriving building and construction sector across the developing nations is generating a steady demand for mineral insulated (MI) cables to ensure protection and to cope with the increasing demand for electricity among the end users. 

• The increasing emphasis on fire safety across commercial areas such as schools, hospitals, colleges, offices, apartments, government buildings, and shopping malls, among others, is likely to pose as a major opportunity for the mineral insulated (MI) cable market.

Market Analysis

Based on type, the market is bifurcated into heating cable and power cable. On the basis of material, the market is classified into stainless steel, and copper, among others. By application, the market is segmented into power generation, and building construction, among others. The regional markets for mineral insulated (MI) cables are divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

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The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global mineral insulated (MI) cable market, covering their competitive landscape and latest developments like mergers, acquisitions, investments and expansion plans.

• ABB Limited

• MICC Corporation

• KME Germany GmbH

• TEC International LLC

• Tempsens Instrument Pvt. Ltd.

• Others

Market Share by Type

The heating cable segment, based on type, accounts for a healthy share of the mineral insulated (MI) cable market. Mineral insulated (MI) heating cables are used across various sectors such as chemical, oil and gas, and petrochemical, among others, to facilitate operations in high temperatures. In addition, some of the crucial applications of MI cables include panel heating, underwater radiation, transportation of sodium through pipes, heating processes in bitumen plants, and various heating operations in refineries. Further, the anticipated increase in the deployment of MI heating cables in the residential and commercial sectors to heat pipes and valves is expected to bolster the segment’s growth.

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Market Share by Material

Based on material, the copper segment accounts for a significant share in the mineral insulated (MI) cable market. In terms of electrical conductivity, copper cables are capable of handling heavy loads of current which makes them suited for electricity generation applications. Copper cables are used in commercial and industrial power generation operations owing to their high resistance to heat, high malleability and ductility, and high resistance to corrosion. Meanwhile, the stainless-steel segment is expected to attain a steady growth in the forecast period, due to the advantages offered such as low maintenance, easy cleanability, longevity, and high strength and durability, among others.

Competitive Landscape

ABB Limited is a leading automation company which manufacturers a range of electrification equipment, robotics, and automotive components, among others. The company was founded in 1988 and is currently headquartered in Zurich, Switzerland. ABB Limited also caters to the demands of utilities, transportation, and industrial plants.

MICC Corporation is one of the largest manufacturers of a full range of insulated mineral cables, dedicated towards providing sustainable, high-performance, and reliable solutions for the industrial and commercial sectors. MICC Corporation was established in 1945 and is headquartered in Ohio, United States.

KME Germany GmbH is a leading manufacturer of copper and copper alloys, providing innovative solutions to the industrial sector through a worldwide distribution network. Founded in 2021, KME Germany GmbH is currently headquartered in Lower Saxony, Germany.

Other market players include TEC International LLC, and Tempsens Instrument Pvt. Ltd., among others.

Key Highlights of the Report