With the global industrial sectors accelerating at a fast pace, the need to enhance fire safety measures are skyrocketing. Often, companies need to maintain high standards of comprehensive frameworks to prevent circumstances such as occupational injuries and fire accidents. However, the number of fire accidents related to physical, chemical, and biological hazards are increasing in diverse sectors. Around the world, about 340 million work-related accidents are estimated to happen every year. These incidents are leading to more than 6000 deaths in a single day. With these fatal incidents rising, there is a significant demand arising to integrate fire protection materials in the buildings to ensure safety from hazards associated with fire. Thus, the demand to safeguard human life and preserve ergonomic factors is augmenting the growth of the active and passive fire protection materials market across various commercial and residential sectors.
The global fire protection materials market size reached a value of $4.86 billion in 2018. Furthermore, the industry is experiencing lucrative growth with a notable CAGR of 8.7% during the forecast period 2019-2025.
Commercial Construction Segment Experiencing Ample Opportunities in the Global Fire Protection Materials Market
Commercial construction emerged as the fastest-growing segment in the global fire protection materials market rising with a CAGR of 6.7% over the aforementioned period. Rising occupational accidents and fire safety initiatives by associations and government organizations are the eminent reasons catering to the fire protection materials market demand in this segment. These rising occupational accidents and diseases create a paramount economic burden on the organizations and countries occupying an estimate of about 3.94% of global GDP (Gross Domestic Product) every year. Consequently, this burden incurred is driving the government bodies to levy stringent fire safety regulations which in turn is amplifying the growth of fire protection materials market in commercial spaces.
Typically, in commercial buildings such as hospitals, offices, and retail, passive fire protection products top the priority list owing to their huge demand concerning the builders, facility managers, and owners. This, in turn, boosts the passive fire protection materials market demand in the commercial constructions. Furthermore, these buildings are often treated with fire protection coating with soluble silicates such as sodium silicate, calcium silicate, and potassium silicate in the form of intumescent paint. As a result, these prospects collectively are spurring the fire protection materials market growth in commercial construction.
APAC Dominated the Global Fire Protection Materials Market
APAC held the largest part in the global fire protection materials market share with 38% as of 2018. Dominant construction and infrastructural sectors in APAC countries such as India and China are leading the market growth in this region. Increasing urban and economic growth is driving the industrial, commercial, and residential constructions in China and India. China’s “Road and Belt Initiative”, “Made in China”, and India’s “Make in India” initiatives are enthralling huge investments towards the construction sector of these countries. Besides, the construction industry is considered as one of the most dangerous places to work. Therefore, successful construction businesses are ought to maintain effective fire protection and risk management initiatives to guard occupant safety. Thus, the reigning constructional activities in APAC which hold huge prominence for fire safety measures are surging the APAC fire protection materials market growth.
Global Fire Protection Materials Market – Key Market Players
The key companies operating in the global fire protection materials market are Hilti Group, 3M, Akzo Nobel N.V., Morgan Advanced Materials, Specified Technologies Inc., Etex, Tremco Incorporated, BASF SE, Isolatek International, USG Corporation, Hempel Group, PPG Industries Inc., W.R. Grace & Co., Rolf Kuhn GmbH and Rectorseal. These companies are increasing their global presence with seamless expansions and product launches in the global fire protection materials industry.
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