New York, United States , Aug. 31, 2023 (GLOBE NEWSWIRE) -- The Global Fire Proofing Materials Market Size to grow from USD 4.56 Billion in 2022 to USD 8.74 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 8.9% during the forecast period.
COVID 19 Impact
The pandemic has impacted global supply networks, particularly those for the production and transportation of fireproofing goods. Production, transportation, and trade limitations have caused a delay in the availability of raw materials and finished items, which has had an effect on the overall supply of fireproofing materials. The building industry, a significant consumer of fireproofing materials, experienced significant slowdown during the epidemic. Lockdown processes, manpower shortages, and economic instability have led to project delays, cancellations, and decreased construction activity. This has an effect on the need for fireproofing goods in the construction sector. Businesses and industries have been putting a lot of effort into adopting COVID-19 safety measures, getting used to remote work settings, and resolving urgent operational issues. It's probable that this has caused investments in fireproofing equipment and techniques to be postponed or given lower priority.
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Fireproofing materials are used to increase the fire resistance of structures, materials, or surfaces. These materials are designed to reduce heat transmission, slow or stop the spread of flames, and provide protection against fire-related injury. Fireproofing materials are often used in building construction to strengthen the fire resistance of structures. They are applied to flooring, steel beams, columns, and other structural elements in order to delay the spread of fire and provide occupants more time to escape.
The expansion and development of fireproofing materials has been tremendous in recent years. Today, more than ever, effective fire safety precautions are essential, especially in industries like industry, transportation, and construction. People, companies, and organisations are now more aware of the importance of fire protection as a result of the increased focus on safety and the potential repercussions of fire. This has increased the demand for fireproofing goods and materials. A variety of businesses employ fireproofing compounds to protect structures, equipment, and assets. To prevent or delay structural collapse during a fire, fire-resistant materials are, for instance, coated on steel buildings used in construction. Similar to this, the aerospace industry uses heat-resistant insulating materials made of fireproof materials to protect aircraft parts.
Building regulations and fire safety standards may vary between regions and industries. It can be challenging for producers and end users to stay up to date on the most recent regulations and to uphold compliance. Acquiring necessary certifications and adjusting to shifting regulatory norms may be challenging and complex. Despite an increase in public understanding of fire safety, continual education and awareness campaigns are still necessary to raise awareness of the benefits and importance of fireproofing materials. Many individuals and organisations might not completely understand the risks associated with fire or the recommended fire safety measures. Informing stakeholders about the advantages and proper use of fireproofing products is still a challenge.
Browse key industry insights spread across 200 pages with 130 Market data tables and figures & charts from the report on "Global Fire Proofing Materials Market Size, Share, and COVID-19 Impact, By Type (Sheet/Board, Sealant, Mortar, Spray, Putty), By Application (Commercial, Industrial, Residential),, by Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032" Get Detailed Report Here:
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Type Insights
Sealants segment is dominating the market with the largest market share
On the basis of type, the global fireproofing materials market is segmented into Sheet/Board, Sealant, Mortar, Spray, Putty. Among these, sealants segment is dominating the market with the largest market share over the forecast period. The projected growth of the sector is further aided by ongoing efforts in research and development to improve the properties of sealants, such as increased adhesion, flexibility, chemical resistance, and environmental sustainability. Additionally, as a result of the advancement of new technology and inventive formulations, the diversity of uses for sealants has grown.
Putty, on the other hand is witnessing the fastest market growth over the forecast period. The growth of segment is further supported by ongoing product innovation, such as the introduction of low-VOC (volatile organic compound) and environmentally friendly formulations. Manufacturers are progressively developing specialist putties with specified properties, like as fire resistance, chemical resistance, or high-temperature resistance, to satisfy industry-specific requirements.
Application Insights
Commercial construction segment accounted the largest market share over the forecast period.
Based on the application, the global fireproofing materials market is segmented into Commercial, Industrial, Residential. Among these, commercial construction segment accounted the largest market share over the forecast period. The market for fireproofing materials is growing as worldwide construction activity rises. The development of more efficient and ecologically friendly fireproofing methods is a result of technological advancement. Additionally, the move towards environmentally friendly construction practises has boosted the demand for fireproofing materials that are both fire-resistant and environmentally safe.
Industrial segment, on the other hand is witnessing the fastest market growth over the forecast period. Industrial structures like refineries, chemical factories, and power plants need to have fire protection for their steel and concrete structural components. To strengthen these buildings' fire protection, intumescent coatings and fireproofing sprays are frequently used. The demand for fireproofing materials in the industrial sector is driven by the need to adhere to regulations, ensure operational continuity, and satisfy insurance requirements. Effective fire prevention strategies are also required in industrial sectors like oil and gas, petrochemicals, power generation, and manufacturing due to the presence of high-value assets and complex operations.
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Regional Insights
Asia Pacific is dominating the market with the largest market share over the forecast period.
Among all other regions, Asia Pacific is dominating the market with the largest market share over the forecast period. The massive rise in building and infrastructure development in the Asia Pacific region has raised the demand for fireproofing materials. The region's growing awareness of fire safety laws and the demand for higher building safety standards have both had an impact on the requirement for fireproofing materials in the area. China and India dominate the market for fireproofing materials in the Asia Pacific region as a result of their massive populations, rapid urbanisation, and extensive construction activity. In addition, markets for fireproofing materials are developing in countries like Australia, South Korea, Japan, and Southeast Asian nations.
North America region is witnessing the fastest market growth over the forecast period. The market for fireproofing materials is largely comprised of the North American building industry. In order to strengthen their fire resistance, buildings, commercial structures, and transportation infrastructure all benefit from the application of fireproofing materials. These tools help to prevent or delay the spread of fire, giving people more time to escape and resulting in less damage.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.
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