CHICAGO, Feb. 18, 2020 /PRNewswire/ -- According to the new market research report "Fire Protection Materials Market for Construction by Type (Coatings, Sealants & Fillers, Mortar, Sheets/Boards, Spray, Preformed Device, Putty, Cast-in Devices), Application (Commercial, Industrial, and Residential) - Global Forecast to 2024", published by MarketsandMarkets, the Fire Protection Materials Market is projected to reach USD 4.0 billion by 2024, at a CAGR of 8.5% from USD 2.7 Billion in 2019.
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The increased emphasis on passive fire protection systems due to stricter building codes regulated by NFPA and construction regulations is a key driver for this market. The increased number of structural fire accidents globally has created a need for stringent fire safety regulations. Growing construction activities fueled by growing GDP and increased funding in PPP projects have also significantly increased the consumption of fire protection materials globally.
Coatings are expected to lead the market during the forecast period.
Based on type, fire protection materials are segmented into coatings, mortar, sealants & fillers, sheets\boards, spray, preformed device, putty, and cast-in devices, and others (ablative and perlite). Coatings is estimated to lead the fire protection materials market. This is due its fire proofing application in the construction industry. The growing emphasis on passive fire protection because of the increasing number structural fire incidents globally is expected to put a significant impact on this market. Growing construction activities regulated by stringent building codes and fire safety policies play a crucial role in increasing the demand for fire protection materials.
Commercial construction is projected to be the largest application of fire protection materials during the forecast period.
Commercial construction is projected to dominate the fire protection materials market during the forecast period. The growing demand for passive fire protection system and increased emphasis on fire safety codes and regulations are driving the market in this application.
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North America is expected to account for the largest share of the fire protection materials market during the forecast period.
North America is expected to account for the largest market share during the forecast period. The growth is mainly due to strict implementation of NFPA codes. The growing emphasis on passive fire protection system influenced by fire-stop contractors and regulatory organizations has a huge impact on this market.
The key Fire Protection Materials Market players profiled in the report include Hilti Group (Liechtenstein), 3M (US), Specified Technologies Inc. (US), ETEX (Belgium), Morgan Advanced Materials (UK), Akzo Nobel NV (Netherlands), Jotun (Norway), Sika AG (Switzerland), and Rolf Kuhn GmbH (Germany)
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