What will be factors contributing in Fire Protective Materials Market in near future? Sherwin Williams Company, Hempel A/S, 3M Company, Nippon Paint Co. Ltd, Akzo Nobel N.V, BASF Coating GmbH, Rolf Kuhn GmbH
North America is likely to be one of the largest regional market for these products in terms of volume and value, owing to reasons such as stringent government codes regarding pyro safety, upgradation of existing infrastructure according to new legislations, and growing construction industry.
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Fire Protective Materials Market Size is likely to grow at a steady rate from 2016 to 2024 due to increasing fire safety codes and growth in construction activities. Fire protective materials help to resist and withstand burning. These protective materials are bifurcated into active and passive fire protective materials. Active fire protective materials are used manually or automatically which require some action or motion for fire suppression such as spray, sprinkler system, extinguisher etc. and passive fire protective materials are those which are deployed in infrastructure and doesn’t require any motion or action.
The overall building protection is carried out by using fire resistance walls, doors, liners etc. Increasing awareness of public safety and security, stringent government rules about pyro safety, probable loss of valuable assets, technological advancement and rapid urbanization will drive the market in coming years. Use of these products in structural buildings of oil & gas industry to avert damage caused by explosion will also propel the market growth. The protective materials incorporated in buildings not only provide fire protection but also provide stability, integrity, and insulation.
Innovation in products such as use of carbon reinforced fiber in reactive insulation coating, water based coatings, epoxy intumescent coatings, etc. will provide opportunities for industry growth in the future. Environmental & health concern along with high price of raw materials are the restraining factors of this industry.
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Based on application, fire protective materials are used in doors, windows, fire resistance glass, cables, linings, screens, and other structures such as wire tray, structural steel fire proofing cables, etc.
Based on end-user industry, fire protective materials are used in commercial, industrial, & residential construction, oil & gas, pharmaceuticals, aviation, electronic, petrochemical, and other industries such as aerospace, chemical, etc. Commercial construction is expected to boost the protective material market due to increasing product demand in construction of schools, colleges, hospitals, offices, universities etc.
Residential construction is likely to contribute a significant market share in the industry due to rapid urbanization as well as technological adaptation in the construction industry in developing countries. Petrochemical industry will also contribute to the market growth of protective materials owing to explosive and highly flammable compounds that this industry deals with.
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High fire protective materials demand in Asia-Pacific due to rapid industrial and commercial construction in developing countries such as India, Japan, China, South Korea will augment the market in this region.
The key participants in this industry are The Sherwin Williams Company, Hempel A/S, 3M Company, Nippon Paint Co. Ltd, Akzo Nobel N.V, BASF Coating GmbH, Rolf Kuhn GmbH. Some other notable players are PPG Industries Inc., Svt Holding GmbH, Hilti Group, Isolatek International, Termo Incorporated, Rectorseal, Morgan Advanced, Contego International Inc, Pilkington Group Ltd, etc.
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