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Fireproofing Materials Market Analysis by Trends, Technological Advancement, Forecast till 2024 To 2033
Fireproofing Materials Global Market
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the Fireproofing Materials industry. This report on Fireproofing Materials market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The fireproofing materials market size has grown rapidly in recent years. It will grow from $1.05 billion in 2023 to $1.21 billion in 2024 at a compound annual growth rate (CAGR) of 15.8%. The growth in the historic period can be attributed to compliance with building regulations, increased high-rise construction, increased fire safety awareness, increased industrial and commercial development, insurance industry requirements.
The fireproofing materials market size is expected to see rapid growth in the next few years. It will grow to $2.14 billion in 2028 at a compound annual growth rate (CAGR) of 15.2%. The growth in the forecast period can be attributed to increasing climate change adaptation, increasing advanced fire-resistant coatings, increasing infrastructure development, growing retrofitting existing buildings, high-performance insulation. Major trends in the forecast period include sustainable and eco-friendly fireproofing, smart fireproofing systems, innovative fireproofing materials, data center and critical infrastructure protection, regulatory compliance and certification.
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Key Market Players:
Minnesota Mining and Manufacturing Company, Akzo Nobel N.V., BASF SE, Etex Group, FlameOFF Coatings Inc., Intumescent Systems Ltd., Isolatek International, Jotun Group, PK Companies, PPG Industries Inc., ROCKWOOL International A/S, RPM International Inc., Sika Services AG, Albi Protective Coatings are prominent players in the Fireproofing Materials industry.
Market Drivers:
According to the Fireproofing Materials Market Report 2023 by The Business Research Company, the key factors driving the growth of the Fireproofing Materials market, includes Major companies operating in the fireproofing materials market are launching lightweight fire-resistant materials such as FR1500 to enhance fire resistance for EV batteries. FR1500 is a lightweight fire-resistant material with a density of 1.28 g/cm^3.
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Market segments for Fireproofing Materials include:
1) By Type: Intumescent Coatings, Thin Film, Thick Film
2) By Substrates: Metal, Wood
3) By Technology: Solvent-Borne, Water-Borne
4) By End-User: Energy And Power, Manufacturing, Oil And Gas, Petrochemical, Transportation And Logistics Industries, Other End-Users
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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