Fire Protection Material Market Will Generate New Opportunities with Growth of a CAGR 8.8% and is projected to reach USD 5.98 billion by 2029| Increasing Demand of Fire Protection Materials Among Consumers Is Driving the Market | Exactitude Consultancy

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The rapid growth of the construction industry is expected to propel the growth of the Fire Protection Material market going forward. Fire Protection Material is widely used at the construction site to protect the user from fire.

PUNE, India, Aug. 22, 2022 /PRNewswire/ -- Fire Protection Material Market size was valued at USD 2.8 billion in 2021 and is expected to reach USD 5.98 billion by 2029; it is projected to grow at a CAGR of 8.8% from 2022 to 2029.

Fire protection materials are a class of materials which find use in applications that help ensure safety of buildings from hazards associated with fire. Fire detection, coupled with fire suppression through manual or automatic means, aid in curbing fire and damages resulting therefrom. Partitioning the overall building or construction structure with fire resistance rated floors and walls also assists in ensuring protection from fire.

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The Fire Protection Material 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.

Recent developments

• In May 2020, BASF launched ZEAL™, a Fluidized Catalytic Cracking (FCC) additive product, to supply more propylene to refiners by enhancing the production of light olefins in FCC units that process Gasoil feedstocks.
• In February 2020, PPG today signed a definitive agreement to acquire Alpha Coating Technologies LLC, a supplier of light industrial and heat-sensitive substrates powder coatings. PPG will be a strategic counterpart to Alpha's best-in-class support, technology, and quick turnaround color matching capabilities.
• In May 2020, Hempel announced the acquisition of Schaepman's Lakfabrieken B.V, a leading Dutch manufacturer of specialist automotive, protective and decorative coatings. The acquisition will allow Hempel to draw on the proven expertise of Schaepman in protective layers. At the same time, Schaepman customers will gain exposure to the wide variety of Hempel goods, as well as global expert support.

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 US construction industry is one of the largest industries worldwide. According to the US Census Bureau, construction spending during February 2022 was estimated at USD 1,704.4 billion compared to USD 1,533.3 billion in February 2021. About 1,859,000 building permits and 1,769,000 housing permits were authorized in February 2022 as per the latest data provided by the US Census Bureau and US Department of Housing and Urban Development.

Fire Protection Materials for Construction Industry Report Scope

Competitive Landscape and Fire Protection Materials Market Share Analysis

The fire protection materials market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to fire protection materials market.

The fire protection material market key players include AkzoNobel N.V., PPG Industries, Jotun, Sherwin-Williams, Hempel, RPM International, Sika, ETEX group, Kansai Paints and Teknos and others.

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Key Market Segments:

Fire Protection Material Market by Product Type, 2022-2029, (USD Million)

• Intumescent Coatings
• Cementitious Coatings
• Adhesives & Sealants
• Others

Fire Protection Material Market by Application, 2022-2029, (USD Million)

• Pipe
• Duct
• Steel Fireproofing
• Cable and Wire Tray Fireproofing

Fire Protection Material Market by End-Users, 2022-2029, (USD Million)

• Residential
• Commercial
• Infrastructure

Fire Protection Material Market by Region, 2022-2029, (USD Million)

• North America
• Asia Pacific
• Europe
• Latin America
• Middle East and Africa

Key Market Trends

Increasing Demand for Fire Protectant Materials

• Increasing urbanization is considered one of the key reasons for the adoption of fire protection in the building industry.
• Concentrated conditions and environments increase the risk of a life-threatening fire. This has increased the demand for integrated and effective fire protection not only in buildings but also in other industries, in order to minimize risk and protect human life, their property, and the environment.
• Modern building frameworks are interspersed with multiple utility and network services, including cables, pipes, and ventilation ducts in both horizontal and vertical directions, resulting in countless penetrations through most of the walls and floors.
• Apart from the construction industry, the oil and gas, petrochemical, and power generation industries also require such Fire Stopping Materials. In the oil and gas and petrochemical sectors, accidental fire outbreaks pose great risks for workers.
• The engineering of a safety-proof structure is needed to ensure the stability of the structure and make fire and explosion risks manageable. Furthermore, incidents, such as Flixborough, Piper Alpha, Seveso, and BP Texas City disasters, increased the need for fire safety in these industries through the years.

Fire Protection System Market Dynamics:

Drivers:

Advanced fire safety systems in the fire protection industry are the factors driving the global fire protection system market. There is also a demand for automotive power and utilities, mining, petroleum, chemicals, and oil and gas exploration. These factors have the potential to shape the market path from 2022 to 2029. It is an urgent need for fire safety solutions, which have increased marginally in the year 2022. In addition to these factors and detection, integral elements that enable safety across multiple structures have begun to appear in building projects. This increases the number of construction-related projects that arise as the industry expands. Technology has advanced in response to time, paving the way for future growth. In addition, the government has a systematic policy in place to install fire protection equipment. Furthermore, rapid development modernization technological advancements have been made in various sectors, resulting in a high rate of fire protection systems.

Opportunities:

The various aspects of the global fire protection system can lead to market growth. These factors include fire safety settings as well as work from home models that have prompted building managers or facility owners to secure and maintain fire protection systems. There are opportunities, such as a market increase with the reopening of businesses in some parts of the world. In the currently underway reassessment process, or fire safety requirements. It is expected to provide growth opportunities for market participants over the forecasted period.

Among the opportunities is the requirement for solutions in 2022. In addition, a large number of projects that suffered a setback as a result of the coronavirus continue to thrive in terms of anticipated new projects and ongoing projects that are expected to resume in 2022.

Restraints:

A disruption in supply trains vendors who have experienced minor hiccups in the process of receiving and fulfilling orders are some of the factors that have hampered the growth of the fire protection system market. Lord demon has slowed the growth of fire protection systems for cooking fire safety, electrical fire safety, and heater fire safety. The Fire Protection System market is already experiencing minor setbacks, which are primarily the result of supply chain disruptions. Some of the side bags are the result of the Covid-19 pandemic, which has hampered or continued growth. As new technology has enabled wireless products to improve in response to time, high-cost products have emerged.

Study Objectives of this report are:

• To study and analyze the global Fire Protection Materials market size (value and volume) by company, key regions/countries, products and application, history data from 2017 to 2020, and forecast to 2029.
• To understand the structure of Fire Protection Materials market by identifying its various subsegments.
• To share detailed information about the key factors influencing the growth of the market (growth potential, opportunities, drivers, industry-specific challenges and risks).
• Focuses on the key global Fire Protection Materials manufacturers, to define, describe and analyze the sales volume, value, market share, market competition landscape, SWOT analysis and development plans in next few years.
• To analyze the Fire Protection Materials with respect to individual growth trends, future prospects, and their contribution to the total market.
• To project the value and volume of Fire Protection Materials submarkets, with respect to key regions (along with their respective key countries).
• To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market.
• To strategically profile the key players and comprehensively analyze their growth strategies.

Checkout Our Research Key Updates:

Fire Stopping Materials Market: The global Fire Stopping Materials Market is expected to grow at a 6.42% CAGR from 2022 to 2029. It is expected to reach above USD 2.8 billion by 2029 from USD 1.6 billion in 2021.

https://exactitudeconsultancy.com/reports/6220/fire-stopping-materials-market

Fire Resistant Fabrics Market: The global Fire-Resistant Fabrics Market is expected to grow at a 2.93% CAGR from 2022 to 2029. It is expected to reach above USD 4.8 billion by 2029 from USD 3.7 billion in 2021.

https://exactitudeconsultancy.com/reports/6208/fire-resistant-fabrics-market

Fire Resistant Cable Market: The global Fire-Resistant Cable Market is expected to grow at an 8.87% CAGR from 2022 to 2029. It is expected to reach above USD 5.8 billion by 2029 from USD 2.7 billion in 2021.

https://exactitudeconsultancy.com/reports/6191/fire-resistant-cable-market

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