Fire Protection Materials Market, By Product (Adhesive and Sealant, Intumescent Coatings, Sheets and Boards, Foam, Putties, Sealants & Fillers, Yarns, Needle Punch Felt, Non-Woven Felt, Mortar, Fire Blocks, Cementitious Spray, Fire Safe Pipe Penetration and Others), Types of Fire, Distribution Channel, Application, End-User, and region (North America, Europe, Asia-Pacific, Middle East and Africa and South America).
The Global Fire Protection Materials Market size was estimated at USD 3.17 billion in 2023 and is projected to reach USD 5.84 billion in 2030 at a CAGR of 9.1% during the forecast period 2023-2030.
Fire protection materials refer to materials that are employed to provide protection against fire. These materials are categorized into different types based on their specific characteristics, such as Fire-resistant boards, Sealants, Vermiculite cement sprays, Fiber sprays, Drylining systems, Mineral wool, and Intumescent paints & coatings. The utilization of fire protection materials varies across different sectors, including Commercial, Industrial & Institutional, Residential, and Others.
The market is being driven by the rising need for passive fire protection systems, which is driven by strict building codes and fire safety policies. The market is expected to grow as a result of the increasing adoption of these solutions for various types of constructions, as a result of the implementation of stringent safety regulations and building codes. Furthermore, the market is likely to be propelled in the future by the growing public awareness concerning the safety of residences and workplaces.
The expansion of the fire protection material business has been negatively affected by the ongoing coronavirus outbreak, which has resulted in a halt in production and delays in significant construction projects worldwide. The imposition of national lockdowns by governments has limited transportation activity and further reduced the market size. Moreover, the future market expansion may face obstacles due to the declining demand for fire protection materials from various end-user sectors and the high cost of volatile raw materials. However, the global market share for fire prevention materials could be significantly influenced by the increase in residential construction projects and the implementation of swift immunisation programmes. Therefore, it is anticipated that the fire protection materials market will experience growth during the specified forecast period.
The pandemic had a considerable impact on businesses globally, with nations like India and China bearing the brunt of the virus's outbreak. The fire protection materials market is anticipated to witness growth in the upcoming years due to the rising demand for passive fire protection systems, which is driven by strict building codes and fire safety policies. Moreover, the market is expected to receive a boost from the implementation of various official standards that aim to supervise and ensure the effectiveness of fire protection products. Furthermore, the market is projected to be fueled by increasing public awareness regarding fire safety and the growing number of fire hazard incidents during the forecasted period. These factors have led to the expansion of the market and increased demand for Fire Protection Materials solutions.
North America to Dominate the Market