The global fire protection materials market size is projected to reach USD 4.0 billion by 2024, growing at a CAGR of 8.5%. Increased demand for passive fire safety systems fueled by stringent building codes and fire prevention policies is driving the fire protection materials market. The key market for fire protection materials worldwide is North America, followed by Europe and APAC.
Fire safety coatings are coating systems that need to be applied to structural components in building and construction across several industries to provide ample rescue and evacuation time during fire incidents. Increased use of fire protection coatings in construction and a gradual rise in the use of fire protection coatings have resulted in stringent fire safety standards and regulations by governments, as well as insurance firms, and rapid urbanization. Fireproofing coatings are primarily two-layer coatings consisting of an active layer which, when exposed to temperature rises, acts as a barrier and a top coat which not only protects the first layer from water spills and scratches, but also provides an attractive matt finish to the wooden surface.
Fire Protection Materials Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD 4.0 billion|
|Growth Rate||CAGR of 8.5% during 2021-2028|
|Segment Covered||Type, Application, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and Africa|
Key Segments of the Global Fire protection materials Market
Type Overview, 2018-2028 (USD Billion) (Tons)
- Sealants and Fillers
Application Overview, 2018-2028 (USD Billion) (Tons)
Reasons for the study
- The purpose of the study is to give an exhaustive outlook of the
- Fire protection materials market. Benchmark yourself against the rest of the market.
- Ensure you remain competitive as innovations by existing key players to boost the market.
What does the report include?
- The study on the fire protection materials market includes qualitative factors such as drivers, restraints, and opportunities
- The study covers the competitive landscape of existing/prospective players in the Fire protection materials industry and their strategic initiatives for the product development
- The study covers a qualitative and quantitative analysis of the market segmented based on type, and application. Moreover, the study provides similar information for the key geographies.
- Actual market sizes and forecasts have been provided for all the above-mentioned segments.
Who should buy this report?
- This study is suitable for industry participants and stakeholders in the Fire protection materials market. The report will benefit: Every stakeholder involved in the Fire protection materials market.
- Managers within the Fire protection materials industry looking to publish recent and forecasted statistics about the Fire protection materials market.
- Government organizations, regulatory authorities, policymakers, and organizations looking for investments in trends of Fire protection materials market.
- Analysts, researchers, educators, strategy managers, and academic institutions looking for insights into the market to determine future strategies.
Fire-resistance and reaction-to-fire are two main aspects of fire performance. Fire-resistance refers to the ability of a material or device to withstand exposure to high temperatures, based on thermal insulation and mechanical integrity evaluations. Silicone-based flame retardant coatings are convenient and effective for reducing the flammability of substrate materials. Increased customer demand for intumescent paints or coatings in construction and other structures as fire protection materials is a driving factor in the growth of the market for fire protection materials.
The advancement of technology in overall fire protection materials would help to fuel the demand of the market for fire protection materials in the forecast period referred to above. Fluctuations in raw material costs, along with over-dependence on raw material imports, are a major problem for local and domestic manufacturers. The volatility in the price of raw materials can also impede the growth of the demand for fire safety materials.
During the forecast era, coatings are anticipated to lead the industry. The fire protection materials market is divided according to type, into coatings, mortar, sealants & fillers, sheetsboards, sprays, preformed products, putty, and cast-in devices, and others (ablative and perlite). Coatings are expected to lead the market. This is due to its use for fire proofing in the construction industry. The rise of steel use plays an enormous role in the construction industry's demand for coatings. This is due to its use in the building sector for fire proofing. Steel consumption growth plays an enormous role in the market for coatings in the construction industry. The market by form is greatly influenced by the increasing worldwide construction industry.
During the forecast era, commercial construction is expected to dominate the fire safety materials market. Its use is motivated by the rising need for a passive fire protection system and increased focus on fire safety codes and regulations. Increased commercial development activities are the result of higher capital investment on all forms of shopping centres, including hospitals, colleges, schools, and offices. The growth of the retail sector plays a key role in commercial expansion and will therefore have a major effect on the commercial application of this industry.
North America has a share of over 20% and is predicted to see the highest pace during the forecast period. One of the biggest industries worldwide is the US building industry. The construction sector has witnessed a steady increase in recent growth. The industry is expected to continue to report a 4.5 percent growth rate through 2020.
With the growing pattern of multi-family development and increasing migration to towns, the US Census Bureau has issued more permits for the construction of new residential buildings. These construction activities are expected to increase the demand for fire safety materials in the nation during the forecast era. Since the dramatic fall in 2016, oil and gas drilling and development activities in the United States have increased. This can be due to factors such as rising crude oil prices, a rise in shale resource exploration, and the country's increased exports of natural gas. In 2019, the Beaumont refinery was built by Exxon Mobil Corporation. It is expected that the expansion will make the facility the largest in the United States.