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Fireproofing Materials Market Report, Trends, Growth Insights, Size, Share And Forecast 2033
Fireproofing Materials Market
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.
Market Overview -
The fireproofing materials market consists of sales of fireproofing materials by entities (organizations, partnerships, sole proprietors) that are used to limit the growth and spread of fire by providing protection for firefighters and allowing occupants to escape. Fireproofing materials are resistant to fire to safeguard critical structures until the fire is brought under control. These are applied or embedded in the structures to offer stability and separate the building into manageable risk areas.
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Increased Fire Incidents Propel Demand For Fireproofing Materials
The rising number of fire accidents is significantly contributing to the growth of the fireproofing materials market. Fire accidents are accidents caused by a fire that is unexpected and sudden. Fire accidents can result in serious injuries and damage to properties. The increase in the fire accident rate is creating demand for fireproofing materials by various end-use industries. For instance, according to the National Fire Protection Association, the local fire departments of the US encountered 1.4 million fires i.e., every 23 seconds in 2021. Therefore, the rising number of fire accidents is driving the growth of the fireproofing materials market.
Competitive Landscape -
Major companies operating in the fireproofing materials market include 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, Alsey Refractories Co., Carboline Pvt. Ltd., Chartek New Zealand, Firetherm Ltd., Flame Control Coatings, Grace Construction Co., Hempel AS, Hilti Corp., International Fireproof Technology Inc., Leighs Paints Co. Ltd., Monokote, Nullifire Ltd., Promat International, Pyro-Cote Corporation, Sherwin-Williams Co., Specified Technologies Inc.
New Product Launches Drive Advancements In Fireproofing Materials Market
New product launches are the key trends gaining popularity in the fireproofing materials market. New product launches help to increase the safety of users from the fire. Major companies operating in the fireproofing materials sector are focused on developing advanced fireproofing materials to strengthen their position in the market. For instance, in April 2022, Henkel AG & co. KGaA, a Germany-based consumer goods and chemicals company introduced new fire protection products for safer EV batteries, Loctite EA 9400 and Loctite FPC 5060. The coatings serve to prevent and impede the spread of fires when applied to battery packs, protecting the passengers as they flee the vehicle. Manufacturers can continue to optimize battery production while maintaining safety thanks to their effective and affordable application techniques.
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Key Segments -
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
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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