The report "Fire Protection Materials Market for Construction by Type (Coatings, Sealants & Fillers, Mortar, Sheets/Boards, Spray, Preformed Device, Putty, Cast-in Devices), Application (Commercial, Industrial, and Residential) - Global Forecast to 2024", is projected to reach USD 4.0 billion by 2024, at a CAGR of 8.5% from USD 2.7 Billion in 2019. The increased emphasis on passive fire protection systems due to stricter building codes regulated by NFPA and construction regulations is a key driver for this market. The increased number of structural fire accidents globally has created a need for stringent fire safety regulations. Growing construction activities fueled by growing GDP and increased funding in PPP projects have also significantly increased the consumption of fire protection materials globally.
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Coatings are expected to lead the market during the forecast period.
Based on type, the fire protection materials market is segmented into coatings, mortar, sealants & fillers, sheets\boards, spray, preformed device, putty, and cast-in devices, and others (ablative and perlite). Coatings is estimated to lead the market. This is due to its fire proofing application in the construction industry. The growth of steel consumption plays a huge role in the demand for coatings in the construction industry. The market by type is greatly affected by the growing construction industry globally.
Commercial construction is projected to be the largest application of fire protection materials market during the forecast period.
Commercial construction is projected to dominate the fire protection materials market during the forecast period. The growing demand for a passive fire protection system and increased emphasis on fire safety codes and regulations are driving its application. Increased commercial construction activities are a result of increased capital expenditure on all types of commercial centers which include, hospitals, institutions, education centers, and offices. The growth of the retail industry plays a vital role in commercial expansion; thus, it will also have a significant impact on the commercial application of this market.
North America is expected to account for the largest share of the fire protection materials market during the forecast period.
North America is expected to account for the largest market share in the fire protection materials market during the forecast period. The presence of various key fire-stopping and fire protection market players, such as Hilti Group (Liechtenstein), 3M (US), Specified Technologies Inc. (US), and Morgan Advanced Materials (UK), along with the strict implementation of NFPA codes has a positive impact on the market. Additionally, the growing emphasis on passive fire protection systems influenced by fire-stop contractors and regulatory organizations has a huge impact on this market.
Key Market Players
The key market players profiled in the report include as Hilti Group (Liechtenstein), 3M (US), Specified Technologies Inc. (US), ETEX (Belgium), Morgan Advanced Materials (UK), Akzo Nobel NV (Netherlands), Jotun (Norway), Sika AG (Switzerland), and Rolf Kuhn GmbH (Germany).
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