Fire Protection Materials Market - Growth, Trends, and Forecasts (2023 - 2028)

The market for fire protection materials is expected to register a CAGR of greater than 7% during the forecast period.

The industry's need for fire protection coatings will commendably rise in line with the rising building sector. In 2021, the rise in construction projects all across the world increased the demand for fire protection materials. Increased industrialization and increased use of cementitious and intumescent coatings would enhance the market growth. On the flip side, the technical challenges of passive fire protection products are expected to hinder the growth of the market studied.

Key Highlights

• Urban expansion, increasing technical improvements, and the growing need for comprehensive building protection will all contribute significantly to the market growth.
• The coatings segment accounted for the largest share, holding around 23% of the total market share.

Key Market Trends

Increasing Demand for Passive Fire Protectant Materials

• Increasing urbanization is considered one of the key reasons for the adoption of passive 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 passive 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 passive fire protectant 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.

North America to Witness the Fastest Growth

• 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.
• The construction industry in Canada boosts the market demand for fire protection materials, dominated particularly by residential construction investment. There are many major construction projects such as office buildings and others scheduled for 2022.
• In Canada, the demand for both residential and non-residential properties increased over the past few years. Building construction investment increased by 1.9% to USD 18.4 billion in December 2021.
• All the above-mentioned factors are likely to drive the market growth in the North American region.

Competitive Landscape

Despite the availability of a decent mix of small, medium, and large enterprises in the global market, the fire protection materials market is partially consolidated at the top. Some of the players (not in any particular order) include 3M, BASF, Sika, AkzoNobel, and WR Grace, which have brand recognition, geographical presence, and supply chain foothold. These factors give an added benefit to these companies to generate more traction for their products.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support