The report "Fire Protection Materials Market for Construction by Type (Coatings, Sealants & Fillers, Mortar, Sheets/Boards, Spray, Preformed Device, Putty, Cast-in Devices), Application (Commercial, Industrial, and Residential) - Global Forecast to 2024", is projected to reach USD 4.0 billion by 2024, at a CAGR of 8.5% from USD 2.7 Billion in 2019. The increased emphasis on passive fire protection systems due to stricter building codes regulated by NFPA and construction regulations is a key driver for this market. The increased number of structural fire accidents globally has created a need for stringent fire safety regulations. Growing construction activities fueled by growing GDP and increased funding in PPP projects have also significantly increased the consumption of fire protection materials globally.
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Browse 104 market data Tables and 53 Figures spread through 145 Pages and in-depth TOC on "Fire Protection Materials Market”
Commercial construction is projected to be the largest application of fire protection materials during the forecast period.
Commercial construction is projected to dominate the fire protection materials market during the forecast period. The growing demand for passive fire protection system and increased emphasis on fire safety codes and regulations are driving the market in this application.
North America is expected to account for the largest share of the fire protection materials market during the forecast period.
North America is expected to account for the largest market share during the forecast period. The growth is mainly due to strict implementation of NFPA codes. The growing emphasis on passive fire protection system influenced by fire-stop contractors and regulatory organizations has a huge impact on this market.
Key Questions addressed by the report
- What are the major changes impacting market development?
- How will all the developments shape the industry in the mid to long term?
- What are the upcoming products of the fire protection materials market?
- What are the emerging markets for fire protection materials?
- What initiatives are companies undertaking to tap into the potential of the industry?
The key market players profiled in the report include Hilti Group (Liechtenstein), 3M (US), Specified Technologies Inc. (US), ETEX (Belgium), Morgan Advanced Materials (UK), Akzo Nobel NV (Netherlands), Jotun (Norway), Sika AG (Switzerland), and Rolf Kuhn GmbH (Germany)
Hilti is the largest player in the fire protection market. The company is developing its business via expansion in countries such as APAC and North America. It mainly focuses on direct selling and expansion to strengthen its position in the market. The company is also focusing on new product developments and product listing via UL documents to strengthen its product portfolio.
ETEX is one of the major manufacturers of fire protection materials. The company is one of the leading innovators in this market. It is expected to have the highest number of UL listed products according to experts. During the forecast period, the company is expected to compete for the leading position in the global market.
Akzo Nobel has recently launched a new fire protection coating for wooden applications, and it also expanded its fire protection R&D facility in the UK. Jotun (Norway) is focusing on regional expansion. The company is supplying products to the Shenzhen New Exhibition Centre project with a broad range of premium products, including 450,000 liters of Passive Fire Protection (PFP) coatings for fireproofing applications.
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