Press release
Fire Protection Materials for Construction Market Set to Surpass $7 Billion by 2028, Driven by Stringent Regulations and Rising Fire Incidents
Fire Protection Materials For Construction Global Market Report
Experiencing robust growth, the fire protection materials for construction market is poised to surge from $4.69 billion in 2023 to an estimated $5.09 billion in 2024, displaying a commendable Compound Annual Growth Rate (CAGR) of 8.5%. The market anticipates continued strong growth, reaching $7.02 billion by 2028 at a CAGR of 8.4%.
Key Growth Drivers:
Increasing Regulations Stimulate Demand:
The construction industry's growing adherence to regulations mandating the use of fire safety materials is expected to propel the fire protection materials market. Globally, these regulations focus on minimizing fire response in various living environments, with standards aimed at improving the fire safety of materials. Notably, the UK's Fire Safety Act 2021, enacted in April 2021, exemplifies the global commitment to enhancing fire safety, fostering an environment conducive to market growth.
Rising Incidents Spur Demand:
A surge in the number of fire incidents globally is set to boost the demand for fire protection materials in the construction market. The heightened frequency of fire incidents necessitates the use of fire-resistant building materials to contain and mitigate the impact. A survey by the National Fire Protection Association (NFPA) in September 2022 revealed a staggering 1,353,500 attended fires in the US, emphasizing the critical role fire protection materials play in safeguarding lives and property.
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Major Players:
Key market players driving innovation in fire protection materials include Hilti Corporation, 3M Company, Akzo Nobel N.V., and other industry leaders.
Technological Advancements:
Enhanced Fire Protection Solutions:
Major manufacturers are focusing on advanced research and technological innovations to develop fire protection materials with extended resistance times. Hempel A/S, a Denmark-based manufacturer, introduced Hempafire XTR 100, a lightweight coating engineered for passive fire protection in the oil and gas industry, showcasing advancements that contribute to improved fire safety.
Innovative Fire-Sealing Solutions:
To meet the growing demand for fire protection materials, companies are introducing products like FS719 HP Blue for CPVC, a distinctive sealant designed for CPVC materials with a fire resistance of up to 120 minutes. Nullfire, a UK-based leader in fire-stopping solutions, introduced this product with a unique blue hue for easy identification on job sites.
Regional Insights:
North America dominated the fire protection materials for construction market in 2023, with comprehensive coverage of regions including Asia-Pacific, Western Europe, Eastern Europe, South America, Middle East, and Africa.
Market Segmentation:
The fire protection materials for construction market covered in this report is segmented -
1) By Type: Coatings, Mortar, Sealants And Fillers, Sheets Or Boards, Spray, Preformed Device, Putty, Cast-In Devices, Other Types
2) By Application: Structural, Compartmentation, Opening Protection, Firestopping Materials
3) By End User: Commercial, Industrial, Residential, Other End Users
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Fire Protection Materials For Construction 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 Fire Protection Materials For Construction Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on fire protection materials for construction market size, fire protection materials for construction market drivers and trends, fire protection materials for construction market major players, fire protection materials for construction market competitors' revenues, fire protection materials for construction market positioning, and fire protection materials for construction market growth across geographies. The fire protection materials for construction 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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