Fire Protection Material Market is expected to grow at a robust CAGR During Forecast Period
Global Fire Protection Material Market is expected to grow owing to stringent building codes & fire safety policies throughout the forecast period.
According to TechSci Research report, “Fire Protection Material Market - Global Industry Size, Share, Trends, Opportunity, and Forecast 2018-2028”, the Global Fire Protection Material Market is expected to register robust growth during the forecast period. The thermal resistance properties of fire protection materials significantly contribute to their market growth. Moreover, the increasing utilization of these materials as foams, sealants, and coatings in key sectors such as transportation, building & construction, oil & gas, and electrical & electronics also influences the expansion of the fire protection materials market. Factors like the robust growth of the automotive and building & construction sectors, as well as the rising consumption of electronic items, are driving the demand for fire protection materials, thereby presenting significant growth opportunities in the fire protection materials industry.
The increasing demand for passive fire protection systems, driven by stringent building codes and fire safety policies, is expected to propel the market for fire protection materials in the coming years. Furthermore, the establishment of various official standards to oversee and ensure product effectiveness is anticipated to provide a significant boost to the market. Additionally, the growing awareness among individuals regarding fire safety and the rise in fire hazard incidents are predicted to further fuel the market during the forecasted period.
The construction industry is currently witnessing steady growth, particularly in emerging economies. The demand for fire protection materials in residential and commercial buildings is increasing. This presents opportunities for manufacturers to supply fire-resistant materials for building elements such as walls, doors, and ceilings. Moreover, large-scale infrastructure projects, including airports, railways, and power plants, necessitate fire protection solutions to safeguard critical assets. With governments heavily investing in infrastructure development, the demand for fire protection materials is expected to experience a significant surge.
Based on type, Coatings segment is expected to dominate the market during the forecast period. Coatings play a crucial role in the global market for fire protection materials, providing fire resistance, thermal insulation, and protective barriers in various applications. This analysis offers valuable insights into the coating segment, encompassing key types, applications, drivers, challenges, and trends within the global fire protection materials market. Intumescent coatings are extensively applied to structural steel, concrete, and wood surfaces to safeguard them against fire hazards. They find wide usage in commercial and industrial buildings, as well as offshore and oil and gas installations. Fireproof paints are commonly used on walls, ceilings, and surfaces in both commercial and residential buildings, particularly in critical areas where fire containment is of utmost importance.
Fire-retardant coatings are applied to textiles, fabrics, furniture, and interior surfaces in residential and commercial buildings, as well as in the transportation industry to enhance fire safety. The enforcement of stringent building codes and fire safety regulations worldwide mandates the use of fire-resistant coatings in various applications, thereby driving market demand. The focus on ensuring the safety of building occupants and assets further amplifies the demand for fire protection coatings as a preventive measure against fire-related injuries and property damage. With rapid urbanization and infrastructure development leading to increased construction activities, there is a growing need for fire protection coatings. Additionally, the industry's growing emphasis on sustainability has spurred the development of eco-friendly fire protection coatings with lower VOC emissions and minimal environmental impact.
Based on application, Commercial segment is projected to dominate the market throughout the forecast period. The commercial segment encompasses a diverse range of properties, including office buildings, retail spaces, hotels, restaurants, and entertainment venues. Ensuring the fire safety of these structures is of utmost importance to safeguard occupants, assets, and business continuity. Commercial properties must strictly adhere to building codes and fire safety regulations, which necessitate the use of fire-resistant materials like fire-rated walls, doors, and fireproof insulation to contain fires and provide safe egress routes. Given that commercial buildings typically accommodate a significant number of employees, customers, and visitors, prioritizing their safety during a fire is paramount. The integration of fire-resistant materials into building designs helps protect occupants and mitigate the extensive damage, financial losses, and business disruptions that fires can cause. Moreover, building occupants, employees, and customers are increasingly aware of the importance of fire safety, expecting commercial property owners and managers to invest in fire protection materials and systems to ensure their well-being. With the ongoing urbanization trends and the expansion of urban areas, the demand for office buildings, retail spaces, and mixed-use developments in city centers continues to rise.
Key market players
in the Global Fire Protection Material Market are:-
- AkzoNobel N.V.
- BASF SE
- Contego International Inc.
- Etex Group
- Fire Protection Coatings Ltd
- Hempel A/S
- Hilti Group
- Isolatek International
- Morgan Advanced Materials
- PPG Industries Inc.
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“The Fire Protection Material Market in North America is poised to be the dominant force in the industry. Automotive manufacturing plants and facilities in North America require fire-resistant materials to safeguard equipment, ensure worker safety, and ensure uninterrupted production. The region has numerous aging buildings and infrastructure assets that necessitate retrofitting with contemporary fire protection materials.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Fire Protection Materials Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Material Type (Coatings, Sealants & Fillers, Mortar, Sheets/Boards and Others), By Application (Commercial, Industrial/Institutional and Residential), By Region, By Competition Forecast & Opportunities, 2018-2028, By Region, By Competition Forecast & Opportunities, 2018-2028,” has evaluated the future growth potential of Global Fire Protection Material Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Fire Protection Material Market.
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