Increasing demand for passive fire protection system is expected to drive the global market. The global fire protection materials market size is estimated to grow from USD 2. 7 billion in 2019 to USD 4.
New York, Feb. 26, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Fire Protection Materials Market for Construction by Type, Application - Global Forecast to 2024" - https://www.reportlinker.com/p05098909/?utm_source=GNW
0 billion by 2024, at a CAGR of 8.5%. Strict building codes & building regulations, and increased emphasis on passive fire protection materials are driving the market for fire protection materials market. Higher costs of these materials and lack of awareness among consumers are restraining the growth of the market.
Putty is expected to be the fastest-growing segment of the market in terms of value between 2019 and 2024.
The putty segment is expected to witness the highest growth in terms of value during the forecast period. The growing use of putty in various fire-stop applications in construction activities, along with its properties, such as compatibility with almost every construction and building material is driving this market.
Commercial construction application segment is estimated to witness the highest growth rate between 2019 and 2024.
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.
Increase in commercial activities, such as tourism, education, healthcare, retail, and other services has augemented the need for commercial buildings and establishments. This has increased the demand for fire protection materials in commercial construction.
North America is expected to account for the largest market share.
North America is expected to be the largest market during the forecast period.The growing emphasis on passive fire protection system as a result of the increasing number structural fire accidents has a huge impact on this market.
The market in North America is mature and is majorly driven by regulatory associations and organizations, along with licensed contractors and product listing. With the increase in commercial and industrial construction segments, the demand for fire protection materials in the region is expected to continuously grow.
• By Company Type: Tier 1 - 30%, Tier 2 - 43%, and Tier 3 - 27%
• By Designation: C-Level - 21%, Director Level - 23%, and Others - 56%
• By Region: North America - 30%, Europe - 18%, APAC - 41%, Rest of the world - 11%
The key 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).
This report segments the market for fire protection materials based on type and application and provides estimations for the overall market size across various regions. A detailed analysis of key industry players has been conducted to provide insights into their business overviews, products & services, key strategies, new product launches, expansions, and acquisitions associated with the market.
Reasons to Buy this Report
This research report is focused on various levels of analysis — industry analysis (industry trends), market ranking analysis of top players, and company profiles, which together provide an overall view on the competitive landscape; emerging and high-growth segments of the fire protection materials market; high-growth regions; and market drivers, restraints, opportunities, and challenges.
The report provides insights on the following pointers:
• Market Penetration: Comprehensive information on fire protection materials offered by top players in the global market
• Product Development/Innovation: Detailed insights on upcoming technologies, R&D activities, and new product launches in the fire protection materials market
• Market Development: Comprehensive information about lucrative emerging markets — the report analyzes the markets for fire protection materials across regions
• Market Diversification: Exhaustive information about new products, untapped regions, and recent developments in the global fire protection materials market
• Competitive Assessment: In-depth assessment of market shares, strategies, products, and manufacturing capabilities of leading players in the fire protection materials market
Read the full report: https://www.reportlinker.com/p05098909/?utm_source=GNW
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