Press release
Fireproofing Materials Market Growth to be Driven by Emerging Trends | $2.42 Billion by 2029
Fireproofing Materials
What is the Projected Market Size of the Fireproofing Materials Industry?
The market size for fireproofing materials has been on a steady rise in the past few years. It is projected to escalate from $1.21 billion in 2024 to $1.37 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 13.7%. The previous growth can be linked to fulfilling building codes, the escalation of high-rise buildings construction, more awareness about fire safety measures, growth in industrial and commercial structures, and prerequisites set by the insurance industry.
What Will Be the Size of the Fireproofing Materials Market by 2029?
The market size for fireproofing materials is predicted to surge impressively in the coming years, expanding up to $2.42 billion by 2029, with a compound annual growth rate (CAGR) of 15.3%. Factors contributing to this anticipated growth within the forecast duration include the intensifying adaptation to climate change, the rise in advanced fire-resistant coatings, burgeoning infrastructure development, ongoing retrofits of preexisting buildings, and the demand for high-performance insulation. Looking ahead, the forecast period indicates trends towards eco-friendly and sustainable fireproofing methods, smart fireproofing systems, innovative fireproofing materials, protection of data centers and crucial infrastructure, as well as regulatory compliance and certification.
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What Are the Key Drivers Accelerating Growth in the Fireproofing Materials Market?
The fireproofing materials market is experiencing growth, heavily influenced by the escalating number of fire incidents. Fire incidents are unintended and abrupt events caused by fire, leading to severe property damages and injuries. The surge in fire incidents has resulted in increased demand for fireproofing materials across varied end-use industries. In April 2024, information released by GOV. UK, a website providing government services and data in the UK, disclosed that December 2023 observed 269 deaths from 250 fatal fires, exhibiting an upward trend from the previous year which reported 257 deaths in 238 fatal fires. Thus, the proliferation in fire incidents is propelling the expansion of the fireproofing materials market.
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How Is the Fireproofing Materials Market Segmented by Type, Application, and Region?
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
Subsegments:
1) By Intumescent Coatings: Water-Based Intumescent Coatings, Solvent-Based Intumescent Coatings
2) By Thin Film: Thin Film Fire-Resistive Coatings, Spray-Applied Thin Film Coatings
3) By Thick Film: Cementitious Thick Film Coatings, Spray-Applied Thick Film Coatings
What Are the Key Trends Driving Growth in the Fireproofing Materials Market?
Introducing new products is emerging as a significant trend in the fireproofing materials market. These launches enhance the user's protection from fire. Prominent companies in the fireproofing materials industry are striving to innovate advanced materials to bolster their market standing. For example, in April 2022, Henkel AG & co. KGaA, a consumer goods and chemicals firm based in Germany, unveiled new fire safety products for EV batteries - Loctite EA 9400 and Loctite FPC 5060. These coatings, when applied to battery packs, help slow and thwart the propagation of fires, ensuring passenger safety in case of evacuation. Thanks to their effective and cost-efficient application methods, manufacturers can maintain safety while continuing to improve battery production.
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Who Are the Leading Companies Driving Growth in the Fireproofing Materials Market?
Major companies operating in the fireproofing materials market include 3M 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.
Which Is the Leading Region in the Global Fireproofing Materials Market?
North America was the largest region in the fireproofing materials market in 2024. Asia-Pacific is expected to be the fastest-growing region in the market. The regions covered in the fireproofing materials market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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