According to a report published by Grand View Research, Inc.; the fire protection materials market for construction is likely to reach a valuation of around USD 8.10 billion by 2025. Rising public awareness about fire safety of residences and workplaces is the primary market driver. Introduction of strict fire safety regulations and building codes can further propel the market during the forecast period (2014 to 2025).
Rising initiatives regarding building safety and occurrence of fire hazard events are projected to boost the global market for fire protection materials. These materials have the ability to delay the spread of flames, toxic fumes and smoke allowing individuals to get some more time to escape from the site. These materials are likely to replace traditional materials used in construction such as coating spray, sealants, putty, and others. In addition, establishment of effectiveness standards for the product is expected to create positive outlook for the market over the forecast period.
However, high cost of the fire protection materials owing to utilization of expensive raw materials for their manufacturing process can restrain the market growth. In addition, high research and development (R&D) cost can increase the total selling cost, which makes products unaffordable in developing and under developing countries. This factor may further hinder the development of the market to a certain extent.
Full Research Report On Fire Protection Materials Market for Construction Analysis: https://www.grandviewresearch.com/industry-analysis/fire-protection-materials-market
The worldwide fire protection materials market for construction can be segmented on the basis of type, application, and regions. Based on type, the market can be categorized into sealants, spray, putty, mortar, sheets/boards, and others. The putty segment is likely to be the fastest-growing segment, in terms of revenue and is estimated to grow at a CAGR of around 9.3% from 2017 to 2025. Putty can be used to protect cables, piping, joints, and conduits. The versatile applications of the product are poised to impel the demand for the product over the forecast period. In 2016, the sealant segment held the largest revenue share. It likely to grow at a CAGR of 8.6% during the forecast period due to its increasing applications as the primary fire protection material in steel structures.
As per application, the market can be fragmented into residential construction, commercial construction, and industrial construction. Commercial construction segment is expected to be the fastest growing segment due to implementation of fire safety regulations and stringent building codes for hospitals, shopping centers, offices, malls, hotels, schools, universities, and colleges. Geographically, the market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and Central & South America.
Asia Pacific is anticipated to exhibit the fastest growth over the forecast period with an estimated CAGR of 10.4% through 2025. This growth can be attributed to rapidly growing population and increasing manufacturing industries due to growing support from the government in the form of subsidies and incentives. Increased industrial activities in emerging countries like India and China can positively influence the global market over the forecast period. Rise in population and supportive government initiatives in these countries such as the Bharatmala project by the Indian government, the China Pakistan Economic Corridor (CPEC), and the One Belt One Road (OBOR) project by the Chinese government can impel the regional growth for fire protection materials in near future.
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Middle East and Africa is considered as the second-fastest growing market for fire protection materials. This development can be accredited to increasing focus of countries like United Arab Emirates (UAE) and Saudi Arabia on transforming the traditionally petroleum-centric economies into tourism-centric economy. In addition, growing construction of multistory building in these countries is likely to boost the regional market growth in the forthcoming years.
North America is considered as one of the major consumers of fire protection materials. Factors such as the availability of high disposable income, execution of strict fire safety regulations along with high consumer awareness are supporting the regional market growth. As per the report published by the National Fire Protection Association (NFPA) in 2016, approximately seven lives are lost in the U.S. everyday owing to fire occurrences.
Top players operating in the fire protection materials market include PPG Industries, Inc.; AkzoNobel N.V.; 3M; Morgan Advanced Materials; and BASF SE. Most manufacturers are concentrating on enhancing product performance and safety standards. They are also focused on developing new products using advanced technologies with the help of R&D. For instance, Aludecor, one of the leading providers of Aluminum Composite Panels (ACP) recently introduced a 3mm fire rated ACPs. These panels can prevent building fires and casualties across commercial interiors, exteriors, and residential projects.
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