The fireproof insulation market was valued at US$ 2.02 billion in 2019 and is projected to reach US$ 2.59 billion by 2027; it is expected to grow at a CAGR of 3.2% during the forecast period.
Fireproof insulation material assists in reducing the damage caused by fire. The fireproof insulation materials are available in five forms-foam; chopped fibers; board or block insulation; fibrous mats; and textiles, films, and foils. The resistance of each form depends on the material from which it is made. Demand for fireproof insulation products is high in the residential sector owing to the strict building standards related to fire protection and increasing residential construction activity. Furthermore, popularity of fireproof insulation is growing significantly in the commercial sector due to increasing focus on ensuring fire safety. Moreover, the construction and retrofitting activities are growing significantly in the developed as well as developing economies, which is expected to have a positive impact on the fireproof insulation market.
Growing demand for energy-efficient insulation materials to reduce the greenhouse emissions and stringent government mandates regarding insulation measures at properties are the major factors that are expected to support the growth of the fireproof insulation market. However, the lack of awareness and limited number of construction projects in the underdeveloped countries are the major factors restricting the fireproof insulation market growth. Increase in adoption of fireproof insulation in industrial applications is creating lucrative growth opportunities for the market players.
The fireproof insulation market is segmented into material, end user, and geography. Based on material, the market is segmented into glass wool, mineral wool, plastic foam, fiberglass, polyurethane foam, and others. In 2019, the glass wool segment held the largest share of the global fireproof insulation market. In terms of end user, the fireproof insulation market is categorized into commercial and residential. The residential segment held a larger market share in 2019. The commercial segment is expected to register a higher CAGR in the market during the forecast period.
The overall fireproof insulation market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the fireproof insulation market. The process also serves the purpose of obtaining overview and forecast for the fireproof insulation market with respect to all the segments. It also provides the overview and forecast for the global fireproof insulation market based on all the segmentation provided with respect to five major regions-North America, Europe, Asia Pacific, the Middle East and Africa, and South America. Also, primary interviews were conducted with industry participants and commentators to validate data, as well as to gain more analytical insights into the topic. The participants who take part this process include industry experts, such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants, such as valuation experts, research analysts and key opinion leaders specializing in the fireproof insulation market.