Fire Protection Materials Market Perspective by Comprehensive Analysis Growth Prediction to 2025
Fire protection material are materials that help resist and withstand fire. These materials are used to reduce the effects of destructive fires by minimizing the harm caused to the body. These materials can be classified into active fire protection materials or passive fire protection materials. Active fire protection materials are those that require some kind of motion and action for its protection such as the fire extinguishers used by the fire fighters, whereas passive fire protection materials are those that are installed in a building, which do not require any motion or action such as the fire resistant walls, floors, and fire doors.
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The increase in number of fire accidents, leading to the loss of life and valuable assets has made various construction companies more vigilant, compelling them to employ fire protection measures for safety, in turn, boosting the fire protection materials market. Moreover, the increase in demand from the major application industries, such as industrial and commercial constructions and oil and gas industries, has boosted the market growth.
Fire Protection Materials Market Outlook:
North American market is the largest market for fire protection materials. Owing to well-established industries and increased safety awareness among the populace, North American market is expected to sustain its leading position during the forecast period. Moreover, stringent laws and regulations specified by the OSHA, ANSI, UL, NFPA, and CCOHS in countries such as America and Canada, specifies the standards that products are required to adhere to and fire codes. This creates an increase in demand for Fire protection products. According to the National Fire Protection Association (NFPA), a decrease of around 21% in fire hazards has been observed over the last 5-10 years, which is mainly due to the adequate use of fire protection materials and the amendments of strict fire codes across the region. In addition to this, growth of the aerospace industry has further augmented the demand for fire protection materials in the region.
Growing construction industry, improving warehousing facilities, and increasing renovation of existing buildings are the driving factors for growth of the market in Europe. Moreover, increased spending on infrastructure, non- residential constructions, and urban housing projects in Eastern Europe, have led to the increase in demand for fire protection products in the region. The recent Grenfell Tower tragedy in 2017 has increased awareness regarding fire protection measures in the region, thereby attracting more investment from the government in fire protection materials. Europe is considered to be the second largest market for global fire protection materials.
Owing to the huge investments in end-use industries and high growth in infrastructural development, industrial development, and construction, Asia-Pacific is projected to be the fastest growing market for fire protection materials. The recent growth of the ware housing facilities in emerging economies such as India and China, have further augmented the fire protection materials market in this region.
The Middle East and Africa are expected to be the second fastest growing market for fire protection materials. The increase in growth of the construction industry, industrialization, and disposal income of the population are the factors driving growth of the market in these regions. The high demand for fire protection materials in the oil and gas industry is also contributing to growth of the fire protection material market. The innovation of epoxy intumescent has further increased growth of the market for fire protection materials. Growth in the construction sector of Qatar, owing to the FIFA world cup 2022, has been a major driving factor fueling demand for fire protection materials in the region. Planned investments are made in Lusail City, Al Jawhara city and in Barwa for fire protection material.
Major players are adopting various organic and inorganic growth strategies. For instance, Republic Elite acquired a merger with LDC Stone, Inc. In 2017.
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The major players in the fire protection materials market include Hilti Group, 3M Co, Akzo Nobel N.V., Morgan Advanced Materials, Specified Technologies Inc., Etex, Tremco Incorporated, BASF SE, Isolatek International (U.S.), USG Corporation, Hempel Group, PPG Industries Inc., W.R. Grace & Co., Rolf Kuhn GmbH, and Rectorseal.
Intumescent thin film coatings have been replacing conventional techniques such as fillings, boards, and sprays. These coatings are extensively used by architects, contractors, builders, and engineers in the protection of steel. New innovations are boosting the productivity of fire productive materials. Epoxy intumescent is one such innovation, which is widely used in Oil rigs.
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