The Fire Protection Materials For Construction Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Fire Protection Materials For Construction Global Market Report 2024, The fire protection materials for construction market size has grown strongly in recent years. It will grow from $4.69 billion in 2023 to $5.09 billion in 2024 at a compound annual growth rate (CAGR) of 8.5%. The growth in the historic period can be attributed to building codes and regulations, enhanced safety and risk mitigation, urbanization and population growth, growth in demand for industrial and commercial projects, insurance industry requirements.
The fire protection materials for construction market size is expected to see strong growth in the next few years. It will grow to $7.02 billion in 2028 at a compound annual growth rate (CAGR) of 8.4%. The growth in the forecast period can be attributed to increasing high-rise construction, retrofitting existing buildings, fire-resistant coatings, increasing fire-resistant insulation, increasing infrastructure development. Major trends in the forecast period include smart fire protection systems, high-rise fire safety solutions, enhanced fire testing and certification, fire-resistant glass, bio-based fire protection materials.
The growing regulations on the mandatory use of fire safety materials are likely to have a positive impact on the growth of fire protection materials for the construction market. Fire safety standards generally aim to reduce the fire-response of products and materials used in various living environments, such as domestic dwellings, household equipment, furnishings and electronics, buildings, and various modes of transportation. Globally, fire safety standards aim to prevent fires from starting by establishing performance-based norms that, if followed, will improve the fire safety of materials and products. For instance, in April 2021, the Home Office introduced the Fire Safety Bill as part of its commitment to enhancing fire safety in buildings across England and Wales. After successfully navigating the parliamentary process, this bill has now been enacted as the Fire Safety Act 2021. The Fire Safety Bill was enacted into law on April 29, 2021, officially becoming the Fire Safety Act 2021. Therefore, the growing regulations is expected to propel the growth of fire protection materials for construction market going forward.
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The fire protection materials for construction market covered in this report is segmented –
1) By Type: Coatings, Mortar, Sealants And Fillers, Sheets Or Boards, Spray, Preformed Device, Putty, Cast-In Devices, Other Types
2) By Application: Structural, Compartmentation, Opening Protection, Firestopping Materials
3) By End User: Commercial, Industrial, Residential, Other End Users
Key manufacturers in the fire materials for construction market are constantly focusing on cutting-edge research and technological advancements to create improved fire protection materials that can withstand fire for a longer period and emit less smoke when burned. For instance, in June 2022 Hempel A/S, a Denmark-based manufacturer of coating solutions announced the launch of a new protection material called Hempafire XTR 100 for the hydrocarbon PFP (passive fire protection) segment. This lightweight coating is engineered for the passive fire protection of downstream assets in the oil and gas industry, offering a low dry film thickness.
The fire protection materials for construction market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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