The "Fire Protection Materials Market size is projected to reach USD 4.0 billion by 2024 from USD 2.7 billion in 2019, at a CAGR of 8.5% between 2019 and 2024. Strict building codes & building regulations and increased emphasis on passive fire protection materials along with fire-stop contractors influencing the consumption are driving the market. Higher costs of these materials and lack of awareness among the consumers are restraining the market growth.
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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 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.
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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