BEIJING, Nov. 15, 2022 (GLOBE NEWSWIRE) -- The Global Fire Protection Materials Market Size accounted for USD 6,895 Million in 2021 and is estimated to achieve a market size of USD 14,193 Million by 2030 growing at a CAGR of 8.6% from 2022 to 2030.
Fire Protection Materials Market Statistics
- Global fire protection materials market value was USD 6,895 million in 2021 and expected to grow at CAGR of 8.6% from 2022 to 2030
- North America fire protection materials market revenue over 33% market share in 2021
- Asia-Pacific fire protection materials market growth will record noteworthy CAGR of over 9% from 2022 to 2030
- Based on applications, commercial generated over 52% of the total market share
- Rising industrialization and urbanization is a global fire protection materials market trend fueling the industry demand
Fire Protection Materials Market Growth Factors
- Growing safety among people about fire safety materials
- Increasing strict regulations in construction sector
- Innovation in producing more precise synergist compounds
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Fire Protection Materials Market Report Coverage:
| Market | Fire Protection Materials Market | |
| Fire Protection Materials Market Size 2021 | USD 6,895 Million | |
| Fire Protection Materials Market Forecast 2030 | USD 14,193 Million | |
| Fire Protection Materials Market CAGR During 2022 - 2030 | 8.6% | |
| Fire Protection Materials Market Analysis Period | 2018 - 2030 | |
| Fire Protection Materials Market Base Year | 2021 | |
| Fire Protection Materials Market Forecast Data | 2022 - 2030 | |
| Segments Covered | By Type, By Application, And By Geography | |
| Fire Protection Materials Market Regional Scope | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa | |
| Key Companies Profiled | BASF SE, AkzoNobel N.V., Morgan Advanced Materials, The 3M, Hilti, and Sika AG | |
| Report Coverage | Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis | |
Fire Protection Materials Market Dynamics
According to the most recent National Fire Protection Association (NFPA) report, fires kill seven people every day in the United States alone. Fire protection materials have grown in popularity because they effectively avoid the spread of flame from one homeland to the next. These materials can endure fire for an extended period of time. As a result, firefighters can handle the fire and reduce the death toll and property damage by increasing the amount of time available in such situations.
Increasing awareness of building safety codes, as well as increased fire danger occurrences, are expected to support global offers of fire insurance materials. These materials have tremendous development potential and can partially replace traditional development materials such as sealants, putty, and coating sprays.
Key makers are constantly focusing on cutting-edge research and innovative advancements to create improved fire insurance materials that can resist fire for a longer period of time and emit less smoke when burned.
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Fire Protection Materials Market Segmentation
The global fire protection materials market is divided into three segments: type, application, and region. The global fire protection materials market is classified into sealants, spray, mortar, putty, sheets/boards, and others. The global fire protection materials market is divided into three applications: residential, commercial, and industrial. The global fire protection materials market is divided into North America, Europe, Latin America, the Middle East and Africa, and Asia-Pacific.
Fire Protection Materials Market Share
As per fire protection materials industry analysis, sealants were the most prevalent type segment and will remain so throughout the forecast period. On the other hand, putty is the fastest growing section due to its increasing use in both new and old developments. Putty is known to protect cables, conduits, piping, and joints from fire. It also allows for the control of the spread of potentially lethal exhaust and smoke.
The commercial segment is expected to dominate the fire protection materials market in 2021, according to market forecasts. Furthermore, the commercial application is expected to be the market's fastest-growing sector in the coming years.
Fire Protection Materials Market Regional Growth
Building and infrastructure development around the world, particularly in North America and Asia Pacific, is expected to drive the market. Because of the strict construction regulations in place to protect structures from various fire hazards, North America is the largest buyer of these materials in the development industry. Furthermore, North America's dominance in this market is dependent on high disposable income coordinated with spending on security measures.
Section development will be aided by the expansion of the development business in North America and Asia-Pacific. Sealants were the largest segment and will continue to be so over the forecast period. One of the main advantages of fire protection sealants is that they can be used where joints in dividers have a high development capacity. Expanding use of sealants to protect steel structures from fire is expected to drive the market as well.
The Middle East and Africa are the second fastest growing business sectors. The focus of nations such as Saudi Arabia and the United Arab Emirates on transforming their oil-driven economies into business-driven economies based on the travel industry is likely to benefit the market. Furthermore, rising high-rise development in these countries is expected to drive the territorial market. Over the next few years, Asia Pacific is expected to be the largest territorial market. Rapid population growth in countries like China and India, as well as expanding mechanical exercises as a result of various government activities, are likely to drive the local market over the medium term. Furthermore, development exercises in the area, such as CPEC (China Pakistan Economic Corridor) and OBOR (One Belt One Road) in China, and the Bharat Mala venture in India, are expected to drive the market.
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Fire Protection Materials Market Players
Some of the global fire protection materials companies are BASF SE, AkzoNobel N.V., Morgan Advanced Materials, 3M, Hilti, and Sika AG. Partnerships, new product launches, and acquisitions are examples of significant strategic initiatives undertaken by global businesses.
Questions Answered By This Report
- What was the market size of Fire Protection Materials Market in 2021?
- What will be the CAGR of Fire Protection Materials Market during the forecast period from 2022 to 2030?
- Who are the major players in Global Fire Protection Materials Market?
- Which region held the largest share in Fire Protection Materials Market in 2021?
- What are the key market drivers of Fire Protection Materials Market?
- Who is the largest end user Fire Protection Materials Market?
- What will be the Fire Protection Materials Market value in 2030?
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