PUBLISHER: The Business Research Company | PRODUCT CODE: 1391229
PUBLISHER: The Business Research Company | PRODUCT CODE: 1391229
“Fireproofing Materials Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on fireproofing materials market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for fireproofing materials? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The fireproofing materials market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The fireproofing materials market comprises the sales of materials designed to limit the growth and spread of fire, providing protection for firefighters and facilitating safe evacuation for occupants. These materials are resistant to fire, serving to safeguard critical structures until the fire is brought under control. They are either applied or embedded in structures to enhance stability and compartmentalize buildings into manageable risk areas.
The primary product categories in fireproofing materials include intumescent coatings, thin-film coatings, and thick film coatings. Intumescent coatings, for instance, contain sodium silicates in their composition, thickening under high heat conditions to form a heat barrier. These coatings are applied to substrates such as metal and wood, and the technology involved includes both solvent-borne and water-borne solutions. Fireproofing materials find applications across various industries, including energy and power, manufacturing, oil and gas, petrochemicals, transportation, logistics, and others.
The fireproofing market research report is one of a series of new reports from The Business Research Company 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.
The fireproofing materials market size has grown rapidly in recent years. It will grow from $1.05 billion in 2023 to $1.21 billion in 2024 at a compound annual growth rate (CAGR) of 15.8%. The growth observed in the historical period can be attributed to several factors, including compliance with building regulations, a rise in high-rise construction projects, heightened awareness of fire safety, increased development in industrial and commercial sectors, and the requirements imposed by the insurance industry. These factors collectively contributed to the growth experienced during the historic period.
The fireproofing materials market size is expected to see rapid growth in the next few years. It will grow to $2.14 billion in 2028 at a compound annual growth rate (CAGR) of 15.2%. The anticipated growth in the forecast period is driven by various factors, including the increasing focus on climate change adaptation, the rise in advanced fire-resistant coatings, growing infrastructure development, the demand for retrofitting existing buildings with fireproofing measures, and the adoption of high-performance insulation. Significant trends expected in the forecast period encompass the emergence of sustainable and eco-friendly fireproofing solutions, the adoption of smart fireproofing systems, innovation in fireproofing materials, the protection of data centers and critical infrastructure, and an emphasis on regulatory compliance and certification.
The significant rise in the incidence of fire accidents is a substantial driver for the growth of the fireproofing materials market. Defined as unexpected and sudden events caused by fire, these accidents pose risks of serious injuries and property damage. The escalating rate of fire accidents is generating a heightened demand for fireproofing materials across various end-use industries. For example, in 2021, the National Fire Protection Association reported that local fire departments in the US responded to 1.4 million fires, occurring approximately every 23 seconds. Consequently, the increasing frequency of fire accidents is a pivotal factor propelling the expansion of the fireproofing materials market.
Anticipated growth in the construction industry is poised to be a key driver for the fireproofing materials market. The construction sector involves the planning, creation, and maintenance of physical structures and infrastructure through the utilization of labor, materials, and equipment. Fireproofing materials play a crucial role in safeguarding structural elements and surfaces within the construction industry, thereby preventing the spread of fires and enhancing overall building and occupant safety. As an illustration, projections from February 2021 indicate an expected 8.5% compound annual growth rate (CAGR) for the Canadian construction industry by 2024, resulting in a value increase to $354.9 billion (USD). Hence, the burgeoning construction industry is a key catalyst for the expansion of the fireproofing materials market.
A notable trend gaining traction in the fireproofing materials market is the emergence of new product launches. This trend is instrumental in enhancing user safety against fire-related risks. Major companies within the fireproofing materials sector are actively engaged in the development of advanced fireproofing materials as a strategic move to fortify their market position. For instance, in April 2022, Henkel AG & Co. KGaA, a Germany-based consumer goods and chemicals company, introduced innovative fire protection products-Loctite EA 9400 and Loctite FPC 5060-designed for safer electric vehicle (EV) batteries. These coatings serve to prevent and impede the spread of fires when applied to battery packs, ensuring the safety of passengers during emergency situations. The effective and cost-efficient application techniques make these products conducive to optimizing battery production while maintaining high safety standards.
Leading companies in the fireproofing materials market are introducing innovative lightweight fire-resistant materials, such as FR1500, to enhance fire resistance specifically for electric vehicle (EV) batteries. FR1500, characterized by a density of 1.28 g/cm^3, has emerged as a notable solution. For instance, in June 2021, Trelleborg, a Sweden-based provider of engineered polymer solutions, collaborated with CFP Composites to launch FR1500 in the European market. This fire-resistant material boasts the ability to withstand temperatures of up to +1500°C for seven hours and exhibits a cryogenic rating down to -192°C. With its density of 1.28 g/cm^3, FR1500 proves to be an ideal choice for electric vehicle battery boxes and serves as a viable alternative to aluminum in the automotive and aerospace sectors. Beyond its structural benefits, FR1500 emits minimal smoke and toxicity and offers ease of shaping, bonding, and installation.
In a strategic move, AkzoNobel, a Netherlands-based company specializing in paints and performance coatings, acquired Titan Paints in February 2021 for an undisclosed amount. This acquisition positions AkzoNobel to strengthen its presence and business in Spain, enabling better customer service and establishing itself as a market reference in paints and coatings across the region. Titan Paints, based in Spain, is recognized for manufacturing intumescent paint designed to protect steel structures from fire. This strategic acquisition aligns with AkzoNobel's commitment to expanding its capabilities and market share in the field of fire-resistant coatings.
Major companies operating in the fireproofing materials market include Minnesota Mining and Manufacturing Company, Akzo Nobel N.V., BASF SE, Etex Group, FlameOFF Coatings Inc., Intumescent Systems Ltd., Isolatek International, Jotun Group, PK Companies, PPG Industries Inc., ROCKWOOL International A/S, RPM International Inc., Sika Services AG, Albi Protective Coatings, Alsey Refractories Co., Carboline Pvt. Ltd., Chartek New Zealand, Firetherm Ltd., Flame Control Coatings, Grace Construction Co., Hempel AS, Hilti Corp., International Fireproof Technology Inc., Leighs Paints Co. Ltd., Monokote, Nullifire Ltd., Promat International, Pyro-Cote Corporation, Sherwin-Williams Co., Specified Technologies Inc.
North America was the largest region in the fireproofing materials market in 2023. Asia-Pacific is expected to be the fastest-growing region in the market. The regions covered in the fireproofing materials market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
The countries covered in the fireproofing materials market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
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 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.