Press release
Fireproofing Materials Market to Witness Rapid Growth, Projected to Reach $2.14 Billion by 2028
Fireproofing Materials Global Market Report
Experiencing rapid expansion, the fireproofing materials market is set to escalate from $1.05 billion in 2023 to an estimated $1.21 billion in 2024, displaying an impressive Compound Annual Growth Rate (CAGR) of 15.8%. The market anticipates sustained rapid growth, reaching $2.14 billion by 2028 at a CAGR of 15.2%.
Key Growth Drivers:
Increased Fire Incidents Fuel Market Demand:
The surge in fire accidents globally is a significant catalyst for the growth of the fireproofing materials market. With unexpected and sudden fires causing serious injuries and property damage, there is a rising demand for fireproofing materials across various industries. In the US alone, local fire departments responded to 1.4 million fires in 2021, occurring approximately every 23 seconds.
Construction Industry Growth Boosts Market Prospects:
The burgeoning construction industry is poised to drive the fireproofing materials market forward. With the construction sector involved in planning, creating, and maintaining physical structures, fireproofing materials play a vital role in protecting structures and surfaces, mitigating the spread of fires, and enhancing overall safety. Projections indicate an 8.5% Compound Annual Growth Rate (CAGR) for the Canadian construction industry by 2024, reaching a value of $354.9 billion (USD).
Explore the Global Fireproofing Materials Market with a Detailed Sample Report:
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Major Players:
Leading companies contributing to the growth of the fireproofing materials market include Minnesota Mining and Manufacturing Company, Akzo Nobel N.V., BASF SE, Etex Group, FlameOFF Coatings Inc., and others.
Innovative Product Launches:
The market is witnessing a trend of innovative product launches, with major companies like Henkel AG & co. KGaA introducing fire protection products for safer EV batteries, such as Loctite EA 9400 and Loctite FPC 5060. These advanced coatings prevent the spread of fires when applied to battery packs, ensuring passenger safety.
New Lightweight Fire-Resistant Material Enhances EV Battery Safety:
Companies are introducing lightweight fire-resistant materials like FR1500 to enhance fire resistance for EV batteries. Trelleborg, in collaboration with CFP Composites, launched FR1500, capable of withstanding temperatures up to +1500°C for seven hours. This material, with a density of 1.28 g/cm^3, is ideal for electric vehicle battery boxes and offers an alternative to aluminum in automotive and aerospace applications.
Regional Insights:
North America dominated the fireproofing materials market in 2023, with Asia-Pacific anticipated to be the fastest-growing region. The market report covers regions including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Market Segmentation:
The fireproofing materials market covered in this report is segmented -
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
Access the Complete Report for In-Depth Analysis:
https://www.thebusinessresearchcompany.com/report/fireproofing-materials-global-market-report
Fireproofing Materials Global Market Report 2024 from TBRC covers the following information:
• Market size date for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Fireproofing Materials Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on fireproofing materials market size, fireproofing materials market drivers and trends, fireproofing materials market major players, competitors' revenues, fireproofing materials market positioning, and fireproofing materials market growth across geographies. The fireproofing materials market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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