A recent report published by Infinium Global Research on the fire protection materials market provides an in-depth analysis of segments and sub-segments in the global as well as regional fire protection materials market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional fire protection materials market over the short term as well as the long term. The report is a comprehensive presentation of trends, forecasts, and dollar values of the global fire protection materials market. According to the report, the global fire protection materials market is projected to grow at a CAGR of 8% over the forecast period of 2022-2028, growing from over USD 6 billion in 2022 to more than USD 10 billion in 2028.
With the implementation of severe building standards and fire safety regulations, the market for fire protection materials is likely to expand. Additionally, a number of formally established standards are in place to monitor and guarantee product effectiveness. Additionally, it is projected that increased consumer awareness of fire safety will spur market expansion. The demand for fire prevention materials grew in 2021 as there were more construction projects undertaken globally. The market would expand faster with increased industrialization and the use of cementitious and intumescent coatings.
One of the main drivers of passive fire prevention adoption in the building sector is thought to be growing urbanization. Environments and conditions that are concentrated raise the possibility of a fire that could be fatal. Lowering the risk and safeguarding human life, property, and the environment has increased the demand for integrated and effective passive fire protection in buildings as well as other sectors. Numerous utility and network services, such as cables, pipes, and ventilation ducts, are inserted into the horizontal and vertical frames of modern buildings, causing numerous penetrations in the majority of the walls and floors. These passive fire-protectant materials are also needed by the oil and gas, petrochemical, and power generation sectors in addition to the building sector. Workers in the petrochemical and oil and gas industries are at considerable risk from unintentional fire outbreaks.
The Global fire protection materials market is divided into North America, Europe, Asia Pacific, and the Rest of the World based on geographical analysis. Due to the existence of major fire-stopping and fire-protection market participants and the growing emphasis on passive fire protection systems, which are affected by fire-stop contractors & regulatory agencies, North America will hold the greatest share of the market. Moreover, Asia Pacific is likely to grow with the fastest CAGR over the forecast period. The growing number of policies to implement fire protection kits and tools in buildings is majorly driving the growth of the market in the Asia Pacific.
The report on the global fire protection materials market covers segments such as product type, application, and end-user. On the basis of product type, the sub-markets include sealants, mortars, putties, and plasters. On the basis of application, the sub-markets include renovation/remodeling construction activities, casting equipment, and others. On the basis of end-user, the sub-markets include transportation (automotive, locomotive, aerospace, and marine), electrical & electronics, oil & gas industry, and others.
The report provides profiles of the companies in the market such as Hilti Group, Trelleborg, Henkel AG, Morgan Advance Materials, Akzo Nobel NV, Isolatek International, Rockwool International A/S, Sherwin Williams Company, and Other Company.
The report provides deep insights into demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the fire protection materials market. Moreover, the study highlights current market trends and provides forecasts from 2022-2028. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings insight into the market share of the leading players.
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