The global fire protection materials market for construction industry is expected to reach USD 8.10 billion by 2025, according to a new report by Grand View Research, Inc. The market is anticipated to grow with the implementation of fire safety regulations and strict building codes. In addition, the growing awareness among people toward fire safety is anticipated to trigger the market growth.
According to the latest report by National Fire Protection Association (NFPA) published in 2016, seven lives are lost each day due to fire incidents in the U.S. alone. Fire protection materials have gained a high popularity on account of their life-saving performance in the critical situation of fire outbreak. It effectively resists fire from spreading from one area to another. Fire protection materials can withstand fire for a long duration and hence allow firefighters to get fire under control and prevent loss of life and property by extending the time frame available for them during such situations.
Growing positive attitude toward building safety codes along with increasing fire hazard incidents is anticipated to boost the sales of fire protection materials around the globe. Fire protection materials have growth potential and can partially replace the traditional construction materials such as sealants, putty, and coating sprays. There are also various official standards established in order to determine the overall effectiveness of the product.
Key manufacturers constantly focus on high-end research and technological advancements to produce improved fire protection materials, which can withstand fire for more duration and produce less smoke when burnt.
Further key findings from the report suggest:
- Putty is expected to be the fastest-growing segment, in terms of revenue, indicating a CAGR of 9.3% from 2017 to 2025
- Sealant was the largest segment type in terms of revenue in 2016. The market is expected to grow at a CAGR of 8.6% over the forecast period owing to growing use of sealant as a primary fire protection material in steel infrastructure.
- Commercial construction application is projected to emerge as the largest as well the fastest growing segment on account growing fire safety regulations and strict building codes for offices, shopping centers, malls, hospitals, schools, colleges, universities, and hotels
- Asia Pacific is expected to be the fastest growing region with an estimated CAGR of 10.4% from 2017 to 2025. Growing manufacturing industries with support from the government in the form of incentives and subsidies and rapidly growing population have fostered market growth in the region.
- Implementation of strict fire safety regulations coupled with high disposable income and awareness among public toward fire safety are the key factors making North America the biggest consumer of fire protection materials for construction
- Fire protection material manufacturers are focusing on some parameters, such as stability of a structure in case it is exposed to fire, for developing new products