Fireproofing Materials Global Market Report 2023

NEW YORK, March 3, 2023 /PRNewswire/ -- Major players in the fireproofing materials market are 3M, Akzo Nobel N.V., Isolatek International, Sika Services AG, Etex Group, PPG Industries Inc., BASF SE, ROCKWOOL International A/S, RPM International Inc., Jotun Group, Intumescent Systems Ltd., PK Companies, and FlameOFF Coatings Inc.

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The global fireproofing materials market grew from $0.91 billion in 2022 to $1.07 billion in 2023 at a compound annual growth rate (CAGR) of 17.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The fireproofing materials market is expected to grow to $1.83 billion in 2027 at a CAGR of 14.3%.

The fireproofing materials market consists of sales of fireproofing materials such as gypsum plasters and pyrocrete 241.Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.

The value of goods in this market includes related services sold by the creators of the goods.

The fireproofing materials market consists of sales of fireproofing materials by entities (organizations, partnerships, sole proprietors) that are used to limit the growth and spread of fire by providing protection for firefighters and allowing occupants to escape.Fireproofing materials are resistant to fire to safeguard the critical structures until the fire is brought under control.

These are applied or embedded in the structures to offer stability and separate the building into manageable risk areas.

North America was the largest region in the fireproofing materials market in 2022.Asia-Pacific is expected to be the fastest-growing region in the market.

The regions covered in fireproofing materials market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The main types of products in fireproofing materials are intumescent coatings, thin-film, and thick film.The intumescent coatings contain sodium silicates in their composition, and under high heat conditions, these coating thickens to form a heat barrier.

The substrates involved are metal and wood.The technology includes solvent-borne and water-borne.

These are used in various industries such as energy & power, manufacturing, oil & gas, petrochemical, transportation, logistics, and others.

The rising number of fire accidents is significantly contributing to the growth of the fireproofing materials market.Fire accidents are accidents caused by a fire that is unexpected and sudden.

Fire accidents can result in serious injuries and damage to properties.The increase in the fire accident rate is creating demand for fireproofing materials by various end-use industries.

For instance, according to National Fire Protection Association, the local fire departments of the US encountered 1.4 million fires i.e. every 23 seconds in 2020. Therefore, the rising number of fire accidents is driving the growth of the fireproofing materials market.

New product launches are the key trends gaining popularity in the fireproofing materials market.New products launch helps to increase the safety of users from the fire.

Major companies operating in the fireproofing materials sector are focused on developing advanced fireproofing materials to strengthen their position in the market.For instance, in April 2022, Henkel AG & co.

KGaA, a Germany-based consumer goods and chemicals company introduced new fire protection products for safer EV batteries, Loctite EA 9400 and Loctite FPC 5060.The coatings serve to prevent and impede the spread of fires when applied to battery packs, protecting the passengers as they flee the vehicle.

Manufacturers can continue to optimize battery production while maintaining safety thanks to their effective and affordable application techniques.

In February 2021, AkzoNobel, a Netherlands-based company that manufactures creates paints and performance coatings acquired Titan Paints for an undisclosed amount.This acquisition will help AkzoNobel strengthen its footprint and business in Spain to better serve customers and grow as a market reference in paints and coatings throughout the region.

Titan paints is a Spain-based company that manufactures intumescent paint to protect steel structures from fire.

The countries covered in the fireproofing materials market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

The fireproofing market research report is one of a series of new reports that provides fireproofing market statistics, including fireproofing industry global market size, regional shares, competitors with a fireproofing market share, detailed fireproofing market segments, market trends and opportunities, and any further data you may need to thrive in the fireproofing industry. This fireproofing market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

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