The global Fire Protection Material Market for Construction is forecast to reach USD 8.62 Billion by 2027, according to a new report by Reports and Data. The market is seeing an expanded interest from the construction sector for the use of fire protection materials, as they delay the spread of flames, toxic fumes, and smoke, and give ample amount of time to carry-on with the evacuation methods. However, due to the use of costly raw materials, the high prices of fire safety materials are steadily arising the need for exploring and adopting other products as a substitute to reduce the overall cost of the operation and hence, will be hampering the market demand.
Rapid urbanization has changed the way of life of individuals and, thus, has expanded the pervasiveness of the construction sector for commercial purposes over a broad aspect; therefore, augmenting the demand for the market product. Furthermore, intensive research and development increase the cost of the final product, which makes the materials expensive to a considerable section of consumers, especially those of underdeveloped and developing countries, and hence is anticipated to hinder the growth of the market.
Top Companies Operating in the Global Fire Protection Material Market:
3M, BASF Coating GmbH, Nippon Paint Co. Ltd., Hempel A/S, Pilkington Group Ltd., PPG Industries Inc., Morgan Advanced Materials, Hilti, Akzo Nobel N.V, and Rectorseal
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Further key findings from the report suggest
- Based on type, Sealants accounted for the largest share of around 28.0% of the overall business in 2019. They can be used where joints in walls have a high potential for movement, which is one of the main benefits.
- Based on end-use, Passive Fire Protection Materials generated revenue of USD 2.86 billion in 2019. It helps to minimize the amount of damage done to a building giving its inhabitants more time to evacuate by providing dampers for fire doors and firewalls/floors, which prevents fire/smoke from spreading through the ductwork in the house.
- Commercial construction accounts for the largest application category in the market and held around 52.0% of the overall business in 2019 due to increased fire safety regulations and stringent building codes enforced in the construction of offices, shopping centers, malls, hospitals, colleges, schools, universities, and hotels.
- The Asia Pacific dominated the market in 2019. The consistent focus of the region on cost-effective and innovative procedures adopted in the area is driving the market. The Asia Pacific region holds approximately 35.0% of the market, followed by Europe, which contains around 27.0% market in the year 2019.
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The Fire Protection Material market has been segmented into key regions of the world and offers an analysis of growth rate, market share, current and emerging trends, production and consumption ratio, industrial chain analysis, demand and supply, import and export, revenue contribution, and presence of key players in each region. A country-wise analysis of the market is offered in the report to gain a better understanding of the regional spread and progress of the Fire Protection Material market.
The global Fire Protection Material market is segmented into:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Type Outlook (Volume, Kilo Tons; 2017-2027) (Revenue, USD Billion; 2017-2027)
- Sealants
- Mortar
- Spray
- Sheets/Boards
- Putty
- Others
End-Use Outlook (Volume, Kilo Tons; 2017-2027) (Revenue, USD Billion; 2017-2027)
- Active fire protection materials
- Passive fire protection materials
Application Outlook (Volume, Kilo Tons; 2017-2027) (Revenue, USD Billion; 2017-2027)
- Residential
- Commercial
- Industrial
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