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Fire Protective Materials Market Size
Fire Protective Materials Market size will witness lucrative gains from 2024 to 2032 owing to the surging number of fire safety codes worldwide.
The considerable spike in the number of building and construction projects has bolstered the demand for fire protective materials. As per Invest India, the construction sector in India is set to reach USD 1.4 trillion by 2025. The increasing industrialization, along with the growing adoption of intumescent and cementitious coatings is expected to further boost the industry growth.
Fire Protective Materials Market Trends
One notable trend is the increasing focus on sustainable and eco-friendly solutions. Manufacturers are developing fire protective materials that not only provide effective fire resistance but also minimize environmental impact throughout their lifecycle, from production to disposal. This trend is driven by regulatory pressures, consumer preferences for green products, and corporate sustainability initiatives.
However, the Russia-Ukraine war had a negative impact on the fire protective materials industry on account of the shortage of raw materials and disruptions in supply chains. Both countries are major producers of sealants. The geopolitical tension also affected the international trade of sealants, hindering industry growth. On bright side, the consolidated efforts by governments across the world towards ending the war are anticipated to bring some relief to the fire protective materials market expansion.
Fire Protective Materials Market Analysis
Based on product, sealants segment is anticipated to register considerable gains through 2032, attributed to the increasing usage in homes. The product helps in sealing gaps, joints, and penetrations in building structures, effectively containing fire and smoke spread during a fire incident. As building codes and regulations become more stringent and the demand for fire-safe construction materials rises, sealants emerge as a critical component in ensuring compliance and enhancing fire safety standards.
Based on application, commercial segment is poised to record a substantial revenue share by 2032, due to progressions across the retail sector. The increase in the number of commercial centers has led to the growing requirement for passive fire protection systems Furthermore, the mounting concerns over the rapid spread of fire, especially across commercial spaces such as hospitals, education centers, institutions, and others proliferate the product demand.
North America fire protective materials industry is estimated to register considerable growth through 2032, driven by the surging number of gas & oil drilling projects coupled with growing construction sector. The strict government regulations and presence of prominent market players, such as the 3M company, PPG Industries, and others will bolster the regional market outlook.
For instance, in February 2023, PPG Industries, an American paint & coating manufacturing company, unveiled PPG STEELGUARD® 951, an epoxy intumescent coating for fire protection. The product caters to the rising needs of modern architectural steel to provide cellulosic fire protection for up to three hours.
Fire Protective Materials Market Share
Some of the prominent fire protective materials market contenders are:
- Morgan Advanced
- Svt Holding GmbH
- BASF Coating GmbH
- 3M Company
These companies are emphasizing product innovations to consolidate their industry presence.
Fire Protective Materials Industry News
In June 2022, Hempel Holding A/S announced the launch of Hempafire XTR 100, its new hydrocarbon PFP coating. The product offers up to four hours of UL 1709-certified fire protection and insulates the steel in case of a hydrocarbon pool fire.