Newark, NJ, Nov. 01, 2021 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global fireproof insulation market size is expected to grow from USD 17.80 Billion in 2020 to USD 24.93 Billion by 2028, at a CAGR of 4.3% from 2021 to 2028.
The fireproof insulation market is witnessing significant growth form the past years. This growth is attributed to increasing construction activity in the residential and non-residential sectors. The global market for fireproof insulation is predicted to rise rapidly as a result of increased awareness about energy conservation. Governments and commercial organisations throughout the world are stepping up their efforts to minimise greenhouse gas emissions, clearing the path for the global fireproof insulation business to grow quickly. Lack of knowledge about the necessity for fireproof insulation and the COVID-19 outbreak's health consequences is a restraint to the fireproof insulation market. Because of the increased focus on fire safety, which gives market growth potential, developing countries are projected to emerge in the near future.
Insulation materials that are fireproof are either non-combustible or have a low combustibility. These materials have a high fire resistance, ensuring that the structure of the building is preserved and that people have enough time to evacuate until the fire is extinguished. Insulation that is fireproof successfully prevents the spread of flames in a fire, protects human life, and helps to construct load-bearing structures. The most common materials used in fireproof insulation include cellulose, fibreglass, polystyrene (EPS), polyurethane foam and mineral wool. They aid in the reduction of heat transmission and, as a result, the temperature and energy usage are maintained. Ceramic fibres or minerals bound with extreme-temperature inorganic ingredients are used as fire insulation materials. The blanket-like non-conductor material is made from recycled materials. It is utilized to defend against fire in construction, industrial devices and electronics. Manufacturers of fireproof insulation materials are increasing manufacturing capacity to fulfil the growing demands in end-use manufacturers like oil and gas, energy, building, and electronics.
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The global fireproof insulation market is expected to witness significant growth, as fireproof insulation blankets are used for the protection of machineries, valves, and flanges from fire in the oil and nuclear and gas sectors. The oil and gas sector has been driven by the increase in demand for energy, particularly in countries like China and India, as a result of rapidly rising industrialisation, which has increased the requirement for such materials in gas and oils facilities. The small and medium-scale businesses, particularly in developing nations, are not much aware regarding the features of fireproof insulation which is hampering the market growth. The construction sector's slow expansion in Europe has a detrimental impact on fire insulation market. However, because of the increased focus on fire safety, developing countries of Asia-Pacific region are projected to emerge soon.
Key players leading in the fireproof insulation market include BASF SE, Rockwool International A/S, Saint-Gobain SA, Knauf Insulation, Kingspan Group PLC, Owens Corning Corporation, GAF, Sipla Solutions, Johns Manville, and Beijing New Building Material Co., Ltd. In order to improve their exposure, a slew of players in the worldwide fireproof insulation market are modifying and innovating their offerings. Rockwool International A/S and Owens Corning Corporation are some of the key manufacturers operating in fireproof insulation market.
Glass wool segment dominated the market and held the largest market share of 48.30% in the year 2020
On the basis of material, the fireproof insulation market is segmented into plastic foam, stone wool, glass wool, & others. Glass wool segment dominated the market and held the largest market share of 48.30% in the year 2020. Glass wool provides exceptional insulation in temperatures ranging from -30 to 540 degrees Celsius.
Residential building segment dominated the market and held the largest market share of 58.35% in the year 2020
On the basis of application, the fireproof insulation market is segmented into residential buildings and commercial buildings. Residential building segment dominated the market and held the largest market share of 58.35% in the year 2020. This can be attributed to the large number of residential buildings construction. Residential buildings, such as condominiums, cottages, townhouses, subdivisions, and apartments, are sites where people spend a significant amount of time, necessitating the need for fire protection. As a result, there has been a rise in the use of fireproof insulation in residential buildings.
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Regional Segment of Fireproof Insulation Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the fireproof insulation market is classified into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. Europe region holds the largest market share of 35.16% in the year 2020. This growth is ascertained by the U.K, owing to the increased risk of fire in oil and gas plants. Europe region's oil and gas industry has seen a spike in the use of fireproof insulation solutions. North America is expected to witness significant growth, due to an expansion in the number of food manufacturing companies in the United States, the demand for fireproof insulation materials for industrial machinery and equipment is increasing. The construction industry is driving up demand for fireproof insulation in China and India, in the Asia-Pacific region.
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About the report:
The fireproof insulation market is analysed on the basis of value (USD billion). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insights of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitors’ position grid analysis.
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