The market for fire protection materials is expected to grow at a CAGR of greater than 8% during the forecast period. The major factors driving the growth of the market studied are increasing demand for passive fire protective materials and strict government regulations.
New York, March 03, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Fire Protection Materials Market Size, Share, Analysis - Segmented by Material Type, By Application Sector, and Geography - Growth, Trends, and Forecast (2020 - 2025)" - https://www.reportlinker.com/p05867451/?utm_source=GNW
On the flip-side, technical challenges of passive fire protection products are expected to hinder the growth of the market studied.
- Upcoming developments and investments in the construction sector is likely to provide a major growth opportunity for the market studied during the forecast period.
- The coatings segment accounted for the largest share, holding around 23% of the total market share.
Key Market Trends
Soaring Demand for Coatings
- Fire protection coatings are coating systems that are required to be applied on structural elements in building and construction, across various industries, to provide an adequate rescue and evacuation time during fire accidents.
- Stringent fire safety norms and regulations by governments, as well as insurance companies, and rapid urbanization have resulted in an increase in the use of fire protection coatings in building and construction projects.
- Mostly, fireproofing coatings are two-layer coatings consisting of the active layer, which acts like a shield when exposed to the rise in temperature, and a top coat that not only protects the first layer from water spill and scratches, but also provides an attractive matte finish to the wooden surface.
- Basically, there are two types of fire protection coatings: cementitious and intumescent coatings or passive fire protection coatings.
- Two key aspects of fire performance are fire-resistance and reaction-to-fire. Fire-resistance refers to the ability of a material or system to withstand exposure to high temperatures based on thermal insulation and mechanical integrity evaluations.
- Silicone-based flame retardant coatings are convenient and effective to decrease the flammability of the substrate materials.
- All the aforementioned factors may help the market studied to flourish during the forecast period.
North America to Witness Fastest Growth
- North America holds a share of more than 20% and is expected to witness a fastest rate during the forecast period.
- The US construction industry is one of largest industries worldwide. The construction industry has been witnessing a steady growth in the recent growth. The industry is projected to continue to register a growth rate of 4.5% through 2020.
- With the growing trend of multi-family building and rise in migration to cities, the US Census Bureau has been providing more permits for the construction of new residential buildings. These construction activities are expected to augment the demand for fire protection materials in the country during the forecast period.
- The oil and gas drilling and production activities in the United States increased after the drastic fall in 2016. This can be attributed to factors, including the rising crude oil prices, the increase in the exploration of shale resources, and increasing natural gas exports by the country. In 2019, Exxon Mobil Corporation started construction in its Beaumont refinery. The expansion is expected to the make the facility the largest in the United States.
- These aforementioned factors are anticipated to drive the demand for fire protection materials during the forecast period.
Despite the availability of a decent mix of small, medium, and large enterprises in the global market, the global fire protection materials market is partially consolidated at the top. For instance, in tier one, 3M, BASF, Sika, AkzoNobel, and WR Grace, among other players, 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.
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