Preformed Firestop Devices Market Business Opportunities is Expected to Hit by 2030 | At CAGR of 6.0%

The growth of the preformed firestop devices market is driven by the expansion of residential and commercial sectors, which increases the demand for these products. Additionally, rising construction spending in countries like India, Germany, Japan, and the U.S. further fuels market growth. For example, the U.S. Census Bureau reported that construction spending rose by approximately 9.3% from November 2020 to November 2021. Furthermore, the increase in fire incidents globally also contributes to market expansion.

In 2020, the National Fire Protection Association noted that local fire departments in the U.S. responded to an estimated 1.4 million fires, resulting in 3,500 civilian deaths and 15,200 injuries. These factors are expected to drive the growth of the preformed firestop devices market.

The global preformed firestop devices market size was $284.0 million in 2020 and is expected to reach $522.2 million by 2030, registering a CAGR of 6.0% from 2021 to 2030. In 2020, sleeves & pathways segment dominated the global preformed firestop devices market accounting for two-fourths share of the market.

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Top Factors:
The global market faced challenges during the pandemic, as many manufacturers halted operations due to lockdowns in both developed and developing countries, leading to a ban on construction activities. This disruption significantly impacted the revenue of preformed firestop device manufacturers. For instance, Hilti experienced a 2.0% drop in net sales from January 2020 to December 2020.

The supply chain was also strained by a shortage of manpower and raw materials. Despite these setbacks, the market is expected to recover starting in the first quarter of 2021, as restrictions ease and the industry reopens. Additionally, with the rollout of COVID-19 vaccines in 2021, the global preformed firestop devices market is anticipated to gradually regain momentum.

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The global preformed firestop devices market is segmented on the basis of type, application, end user, and region.

Depending on type, the market is categorized into sleeves & pathways; firestop brick, block, & plugs; and others. The sleeves & pathways segment dominated the market in 2020.

Based on application, the market in divided into Plumbing, electrical & others. The plumbing segment dominated the market in 2020.

Based on end user, the market is divided into residential, commercial & industrial.

The commercial segment dominated the market in 2020.The market in North America is expected to exhibit high CAGR, owing to rapid urbanization and economic development in the developed countries such as the U.S. and Canada

Regional Analysis:
Regionally, the market analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, and rest of Europe), Asia-Pacific (China, Japan, India, Australia, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa). North America generated the highest revenue in 2020.

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Top Players:
The key players profiled in the market report include Rockwool International A/S, Etex, Hilti, STI, 3M, Firestop Manufacturing Ltd., Passafe Fire Protection Ltd., Fisher Holding GmbH & Co. KG, Dimorph Group (Tenmat), and Emerson Electric Co.

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