PUBLISHER: DataM Intelligence | PRODUCT CODE: 1040023
PUBLISHER: DataM Intelligence | PRODUCT CODE: 1040023
The global fireproof insulation market size was worth US$ XX billion in 2020 and is estimated to record significant growth by reaching up to US$ XX billion by 2028, growing at a CAGR of XX% within the forecast period (2021-2028).
A specially designed material that can resist burning and withstand extreme heating conditions is a fire-resistant or fireproof insulation material. Fireproof insulations effectively prevent the spread of flames in the event of a fire and safeguards human life, and buildings load-bearing structures. The materials used to make fireproof insulation are either non-combustible or have low combustibility. These materials provide high fire resistance, ensuring that the building's key structure remains intact and that people have enough time to flee until the fire is under control. Furthermore, fireproof insulation materials come in five primary varieties: fiberglass, reflective insulation, mineral wool, foam, and fibrous mats and is in great demand in end-users such as residential buildings, commercial buildings, marine and offshore and industrial building and construction.
Stringent codes for building safety, especially in developed countries, are accelerating the uptake of fireproof insulation materials in recent times. Increased demand from new constructions and growing efforts to minimize greenhouse gas emissions, creating opportunities for the global fireproof insulation industry to expand rapidly.
Stringent codes for building safety, especially in developed countries, are accelerating the uptake of fireproof insulation materials in recent times.
The Beijing Municipal Commission of Development and Reform unveiled 300 construction projects costing roughly USD 36 billion in 2020. The plan included 100 projects aimed at promoting the development of high-tech enterprises, 100 projects aimed at improving people's living conditions, and 100 infrastructure projects. Furthermore, construction spending in the United States is expected to exceed USD 1.4 trillion in 2020, with residential development accounting for roughly 43% of total spending. In nations where forest fires are a serious threat, the usage of fireproof insulation is also on the rise. Thus, building fires are becoming more common, resulting in stricter regulations, particularly for commercial and industrial buildings. Insulation materials are used in various industries, including manufacturing, construction, oil platforms, and electronics, all of which are seeing significant market expansion. Furthermore, the growing population and high rate of urbanization, particularly in developing economies, are driving up demand for amenities, including transportation, building, and transportation.
For instance, building codes in the United States and the usage of flame retardants: Model building codes, such as the International Building Code (IBC) and the International Residential Code (IRC), are published by the International Code Council (IRC). These model regulations are updated every three years and serve as the foundation for state and local building standards in the United States. Their goal is to keep the general people and first responders safe from fire and other dangers. The laws demand that foam plastic insulation, inexpensive and effective yet flammable, fulfill specific flammability requirements.
In the first quarter of 2020, the construction industry contributed more than $900 billion to the US economy, the highest level since the 2008 recession. In February 2020, it employed 7.64 million workers, the largest number since 2008. Then COVID-19 arrived in the United States, creating a $60.9 billion loss in GDP and a 6.5 million job loss, completely wiping out two years of GDP growth and four years of job growth. With additional relief initiatives focusing on clean energy and transportation, the 1.9 trillion dollar stimulus will increase infrastructure spending. In terms of infrastructure investments, the United States was rated 39th in the world in 2018.
Thus growing construction industry is more likely to create opportunities for the fireproof insulation market to proliferate in the near future. In addition, increasing the use of insulation material in developing countries has also accelerated the market share for the product as insulating materials in buildings have resulted in energy conservation; this use has also created fire and health risks. For instance, Cellulose insulation is usually made from recycled paper fiber (such as magazines and newspapers) that has been treated with one or more fire-retardant chemicals. Cellulose fiber materials are "hygroscopic," meaning they quickly absorb and hold moisture at the right temperature and humidity conditions, and they dry slowly once wet.
Developing efficient, cost-effective, long-lasting, and safe thermal insulation materials is still a challenge, as fire safety, particularly fire and thermal resistance, is as vital in civil construction now as it was in the past. Several tragic accidents linked to the heat decomposition of polymer foam-based insulation have prompted both developers and contractors to seek other solutions. Thus several companies are coming up with cost-effective fireproof insulation solutions to overcome the growing challenges of fire-related accidents, thereby creating immense opportunities for the product to proliferate in the near future. The rebounding construction sector in the United States of America and Canada is projected to drive up demand for fiberglass insulation material. Because of its characteristics, low cost, and ease of installation, the product is widely utilized in North America and is the country's favored insulating material. The overall growth of this product area is likely to be driven by rising demand, particularly for thermal insulation in energy-efficient applications. Thus growing adoption of cost-effective fireproof insulation material is expected to create immense opportunities for the product to proliferate in the forecast period.
The fireproof insulation industry's expansion is being hampered by a lack of information about the need for fireproof insulation and the health crisis created by the COVID-19 outbreak. Measures taken by numerous governments to contain the spread of the contagious virus, such as temporary shutdowns of industrial operations, mobility restrictions, trade bans, and so on, had a heavy toll on the building industry. As a result, the industry supply chain was damaged in every way, and demand for fireproof insulating materials dropped.
Furthermore, globally, the construction industry accounts for more than USD 11 trillion, of which residential construction is the largest sector. The emergence of COVID-19 has wrought havoc on the residential construction industry. The supply chain is the most affected. COVID-19's evolution from a China-centric threat to a global pandemic has shifted the disease's impact to global building supply networks and marketplaces. Not only has the ongoing pandemic posed a variety of obstacles for the building industry, but it has also thrown the world economy into disarray. Thus severe disruption of construction projects has shown a negative impact on the growth of the fireproof insulation market during the covid-19 period.
The global fireproof insulation market is bifurcated based on material, application and region.
Fireglass holds a dominating position in the market as it minimizes heat transfer, reduces the risk of mold, and improves the home's energy efficiency.
The global fireproof insulation market is segmented into fiberglass, mineral wool, cellulose, polystyrene, polyurethane, and others based on material. Out of the mentioned materials, fiberglass holds a dominating position in the market as it minimizes heat transfer, reduces the risk of mold, and improves the home's energy efficiency. Creating an airtight seal using fiberglass batts necessitates considerable effort. Fiberglass insulation is non-combustible by nature, as the ingredients used to make it - sand and recycled glass - are non-combustible. Fiberglass insulation does not require chemical treatment to make it fire-resistant, and it does not become more combustible with time.
Furthermore, the rebounding construction sector in the United States of America and Canada is projected to drive up demand for fiberglass insulation material leading to uplift the market share for the segment. Because of its characteristics, low cost, and ease of installation, the product is widely utilized in North America and is the country's favored insulating material. The overall growth of this product area is likely to be driven by rising demand, particularly for thermal insulation in energy-efficient applications.
Europe is the most revenue-generating region, accounting for nearly 40% of the global fireproof insulation market. The region's industry expansion is supported by strict building and construction rules. In some circumstances, these regulations also require specific fire-resistant insulating materials, particularly when constructing residential housing units.
The insulation market has already risen due to the increased development of energy-efficient buildings. In Europe, however, increased consumer awareness of the potential benefits of fireproof insulation is driving product usage. Furthermore, rising disposable income is translating into sales revenue of furniture, bedding, home goods, and appliances, fueling regional growth. Countries such as Italy, Germany, the United Kingdom, and France will be at the forefront of Europe's expansion. The region is also attracting an increasing number of tourists, resulting in a rapid increase in hotel bed capacity and the development of new hotels and stays, all of which contribute considerably to market demand.
The fireproof insulation market is highly competitive with the presence of local and global companies. Some prime companies contributing to the market's growth include BASF SE, Knauf Insulation, Saint-Gobain SA, Rockwool International A/S, Owens Corning Corporation, Kingspan Group PLC, GAF, Johns Manville, Sipla Solutions, and Beijing New Building Material Co., Ltd. and others. The major companies are adopting several growth strategies such as acquisitions, product launches, and collaborations.
For instance, in August 2019, The California State Fire Marshall's Building Materials Listing Program (BML) has certified Rockwool International A/fireproof S's insulation product COMFORTBOARD, which will help the company expand North American region.
Overview: BASF SE is a growing German multinational chemical corporation that is the world's largest chemical manufacturer. The company is branched in Europe, Asia, Australia, the Americas, Africa, and joint ventures in over 80 countries and operates in six integrated production sites and 390 other production sites.
The global fireproof insulation market report would provide approximately 69 market data tables, 70 figures, and 290 pages.
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