The global fire protection materials for construction market size is
expected to reach USD 8.10 billion by 2025, according to a new report by Grand
View Research, Inc., projecting an 8.4% CAGR during the forecast period. The
market is anticipated to grow with the implementation of fire safety
regulations and strict building codes. There are also various official
standards established to overlook and ensure product effectiveness. In
addition, rising awareness among people toward fire safety is anticipated to
trigger market growth.
According to the latest report by National
Fire Protection Association (NFPA) published in 2016, fire incidents kill at
last seven people each day in U.S. alone. Fire protection materials have gained
high popularity as they effectively prevent the spread of fire from one area to
the other. These materials can withstand fire for a long time. As a result,
firefighters can control the fire and prevent loss of life and property by
extending the time frame available during such situations.
Improving attitude toward building safety
codes, along with increasing fire hazard incidents, is anticipated to boost
sales of fire protection materials around the globe. These materials have
immense growth potential and can partially replace traditional construction
materials such as sealants, putty, and coating sprays.
Key manufacturers constantly focus on
high-end research and technological advancements to produce improved fire
protection materials that can withstand fire for a longer duration and produce
less smoke when burnt.
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https://www.grandviewresearch.com/industry-analysis/fire-protection-materials-market
https://www.grandviewresearch.com/industry-analysis/fire-protection-materials-market
Further key findings from the report suggest:
· By type, putty is expected to be the
fastest-growing segment, in terms of revenue, exhibiting a CAGR of 9.3% from
2017 to 2025. Sealants, on the other hand, formed the largest segment in terms
of revenue in 2016 owing to its growing usage as a primary fire protection
material in steel infrastructure
· Commercial construction is projected to
emerge as the largest as well the fastest growing application segment on
account rising fire safety regulations and strict building codes for offices,
shopping centers, malls, hospitals, schools, colleges, universities, and hotels
· Asia Pacific is expected to be the fastest
growing region with an estimated CAGR of 10.4% from 2017 to 2025. Rising
manufacturing industries with support from the government in the form of
incentives and subsidies and rapidly growing population have fostered market
growth
· Implementation of strict fire safety
regulations, coupled with high disposable income and awareness among public
toward fire safety, has made North America the largest consumer of fire
protection materials for construction
· Parameters such as stability of a structure
in case it is exposed to fire are taken into consideration while developing new
products.
Grand View Research has segmented the
global fire protection materials market for construction on the basis of type,
application, and region:
Fire Protection Materials for Construction
Type Outlook (Revenue, USD Million, 2014 - 2025)
·
Sealants
·
Mortar
·
Spray
·
Sheets/Boards
·
Putty
·
Others
Fire Protection Materials for Construction
Application Outlook (Revenue, USD Million, 2014 - 2025)
·
Residential
·
Commercial
·
Industrial
Fire Protection Materials for Construction
Regional Outlook (Revenue, USD Million, 2014 - 2025)
·
North America
·
Europe
·
Asia Pacific
·
Middle East & Africa
·
Central & South America
About Grand View Research
Grand View Research, Inc. is a
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides
syndicated research reports, customized research reports, and consulting
services. To help clients make informed business decisions, we offer market
intelligence studies ensuring relevant and fact-based research across a range
of industries, from technology to chemicals, materials and healthcare.
