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Fire Stopping Material Market 2024 - By Share, Current Trends, Opportunities, Growth Size And Forecast To 2033
Fire Stopping Material Market
According to The Business Research Company's, The fire stopping material market size has grown strongly in recent years. It will grow from $1.52 billion in 2023 to $1.66 billion in 2024 at a compound annual growth rate (CAGR) of 9.6%. The growth in the historic period can be attributed to strict building codes and regulations, rising awareness of fire safety, increasing construction activities, stringent requirements in high-risk environments, insurance industry mandates.
The fire stopping material market size is expected to see rapid growth in the next few years. It will grow to $2.47 billion in 2028 at a compound annual growth rate (CAGR) of 10.4%. The growth in the forecast period can be attributed to rapid growth in the construction industry, focus on sustainable and environmentally friendly solutions, stringent fire safety requirements in critical infrastructure, increasing adoption in retrofitting projects, global emphasis on life safety and property protection. Major trends in the forecast period include intumescent technology advancements, environmentally friendly formulations, flexible and sealant solutions, code compliance and standards adherence, innovations in fire retardant additives.
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Market Drivers and Trends:
The growing number of fire incidents is expected to significantly drive the fire-stopping materials market going forward. Fire incidents refer to tragic occurrences that may result in the loss of property and horrifying burn injuries that inflict excruciating agony, scarring, deformity, disability, the need for ongoing care, and even death. Fire-stopping materials are major protectors against fire incidents. It functions to safeguard people and property by preventing the spread of fire across a building's many compartments. For instance, in September 2021, according to a survey conducted by the National Fire Protection Association (NFPA), a US-based non-profit organization, local fire departments in the US responded to 1.35 million fire incidents in 2021. 3,800 civilians lost their lives in these fires, and 14,700 civilian fire injuries were also reported. The estimated cost of the property destruction brought on by these fires was $15.9 billion. Therefore, the growing number of fire incidents is expected to drive the growth of the fire stopping materials market going forward.
Product innovation is the key trend gaining popularity in the fire stopping materials market. Major companies operating in the fire stopping materials market are developing innovative products to strengthen their position in the market. For instance, in September 2022, Nullifire Ltd., a UK-based fire protection product manufacturing company, launched its FS719 HP Blue for chlorinated polyvinyl chloride (CPVC) materials. It has a recognizable blue color for simple visual identification and traceability and provides up to two hours of fire resistance. It also has distinguishing characteristics, such as being easily identifiable when used with the FB750 incubator-coated batt and being FBCTM System compatible. And this advanced product has been made accessible to sprinkler and fire protection system installers.
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Major Key Players of the Market:
Hilti Corporation; 3M Company; Sika AG; Etex Group; Morgan Advanced Materials; Knauf Insulation; Compagnie de Saint-Gobain S.A; BASF SE; Abesco Fire Ltd.; Fire Seals Direct; Fischerwerke GmbH And Co. KG; Lloyd Insulations; Unique Fire Stop Products Inc.; Trelleborg AB; Rockwool International A/S; Specified Technologies Inc.; H. B. Fuller Company; RectorSeal LLC; Promat International NV; Ruskin Company; Tremco Incorporated; Almese Rolf Kuhn GmbH; Roxul Inc.; Arkema Group; Fosroc International Ltd.; Atkore International; GCP Applied Technologies Inc.; CPG INTERNATIONAL INC.; Fireteknics Ltd.; Protexus Fire Systems Ltd.
Fire Stopping Material Market 2024 Key Insights:
• The fire stopping material market size will grow to $2.47 billion in 2028 at a compound annual growth rate (CAGR) of 10.4%.
• Rising Fire Incidents Fueling Demand The Driving Force Behind The Fire-Stopping Materials Market Growth
• Innovative Advancements Taking Center Stage A Closer Look At Product Innovation In The Fire Stopping Materials Market
• North America was the largest region in the fire-stopping materials market in 2023
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