Fire Protection Materials For Construction Global Market Report 2024: Major Players, Emerging Trends And Opportunities

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The "Fire Protection Materials For Construction Global Market Report 2024" highlights the significant growth in the fire protection materials for construction market size, which has seen surges in recent times. It is projected to grow from $4.69 billion in 2023 to $5.09 billion in 2024, reflecting a compound annual growth rate CAGR of 8.5%. This increase during the historical period can be attributed to evolving building codes and regulations, a commitment to enhanced safety and risk mitigation, rapid urbanization, and population growth, an uptick in demand for industrial and commercial projects, and stipulations by the insurance industry.

So, What's Driving the Fire Protection Materials For Construction Market Growth?

The growth of the fire protection materials for construction market is, in part, fueled by the intensification of regulations on using fire safety materials. Fire safety standards aim to mitigate the fire-response of products and materials used in various environments like domestic dwellings, commercial buildings, and modes of transportation. These worldwide standards seek to prevent fires by establishing actionable norms to enhance the fire safety of materials and products. For example, the Home Office in England and Wales enacted the Fire Safety Act 2021 as a commitment to enhancing fire safety in buildings across the region. Enforced on April 29, 2021, this Act signifies the potential regulations have in propelling the growth of the fire protection materials for construction market.

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What's the Growth Forecast for the Fire Protection Materials For Construction Market?

The report predicts this market will experience robust growth, predicting a rise to $7.02 billion by 2028 at a CAGR of 8.4%. Factors that are projected to contribute to this growth in the forecast period include increasing high-rise construction, retrofitting of existing structures, a rise in fire-resistant coatings and insulation application, and heightened infrastructure development. Other key trends are the emergence of smart fire protection systems, high-rise fire safety solutions, advancements in fire resistance testing and certification, fire-resistant glass, and bio-based fire protection materials.

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Who Are the Key Players Influencing the Fire Protection Materials For Construction Market?

Numerous prominent companies are operating within this market, including Hilti Corporation, 3M Company, Akzo Nobel N.V., Morgan Advanced Materials plc, Isolatek International Co., Sherwin-Williams Company, Rolf Kuhn GmbH, Specified Technologies Inc., Tremco Incorporated, BASF SE, and USG Corporation. These key industry players are constantly researching and innovating to create improved fire protection materials that can resist fire for extended periods and emit less smoke when burned. A recent example is Hempel A/S, a Denmark-based coating solutions manufacturer, announcing the launch of a new protective material, Hempafire XTR 100, in June 2022. This new lightweight coating offers a low dry film thickness and is engineered for the passive fire protection of downstream oil and gas industry assets.

So, How Is This Market Categorized?

The fire protection materials for construction market covered in this report is divided by
1 Type: including Coatings, Mortar, Sealants And Fillers, Sheets Or Boards, Spray, Preformed Device, Putty, Cast-In Devices, Other Types
2 By Application: focusing on Structural, Compartmentation, Opening Protection, Firestopping Materials
3 By End User: encompassing Commercial, Industrial, Residential, Other End Users

What Do the Regional Insights Reveal?

In 2023, North America was the dominant region in the fire protection materials for construction market. This report covers a broad geographical range that includes Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

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