Preformed Firestop Devices Market Expected to Reach $0.5 Billion by 2030

According to a new report published by Allied Market Research, titled, "Preformed Firestop Device Market by Type, Application, and End User: Global Opportunity Analysis and Industry Forecast, 2021-2030," 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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Expansion of the residential and commercial sectors drive the demand for preformed firestop devices products, thereby fueling the growth of the preformed firestop devices market. In addition, rise in construction spending in countries such as India, Germany, Japan, and the U.S. boosts the preformed firestop devices market growth. For instance, according to U.S. Census Bureau, the spending on construction is increased by nearly 9.3% from November 2020 to November 2021. Moreover, increase in fire accidents in around the globe will boost the market. For, instance, in 2020 according to the National Fire Protection Association, local fire hydrants responded to an estimated 1.4 million fire cases in the U.S., which caused 3500 civilian deaths and 15,200 injuries. All such instances are anticipated to growth of the preformed firestop device market.

COVID-19 has already affected the sales of global preformed firestop devices market in 2020, and is expected to hamper the growth of the global preformed firestop devices market. The major demand for preformed firestop devices was badly affected due to the spread of COVID-19 virus. Furthermore, the disruption of supply chains hinders the installation of preformed firestop devices products in the commercial and residential buildings.

However, one of the major restraints for the global preformed firestop devices market is lack of awareness regarding fire safety in developing nations. Conversely, increase in construction of building is predicted to offer lucrative opportunities for the global preformed firestop devices market development.

Several manufacturers in the global preformed firestop devices market stopped their business activities due to lockdown implemented in developed and developing countries, owing to ban on construction activities. This halt in production activities impacted the revenue of the preformed firestop devices manufacturing companies. For instance, net sales of Hilti dropped by 2.0% from January 2020 to December 2020. In addition, lack of manpower and raw materials affected the supply chain of the global preformed firestop devices market. However, the market is projected to cover from the first quarter of 2021, due to the reduced restrictions and reopening of the global preformed firestop devices industry. Moreover, in 2021 with the availability of vaccine against COVID-19, the global preformed firestop devices market is expected to gradually witness growth.

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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

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.

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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Key Findings Of The Study

The report provides an extensive analysis of the current and emerging global preformed firestop devices market trends and dynamics.
By type, the sleeves & pathways segment dominated the market, in terms of revenue in 2020, and the firestop bricks, block, & plugs segment is projected to grow at a CAGR of 6.4% during the forecast period.
On the basis of application, the plumbing segment registered highest growth in the global preformed firestop devices market in 2020.
Depending on end user, the commercial segment is projected to register the highest growth rate in the coming years.

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