The global Fire Protection Material Market for Construction is forecast to reach USD 8.62 Billion by 2027, according to a new report by Reports and Data. The market is seeing an expanded interest from the construction sector for the use of fire protection materials, as they delay the spread of flames, toxic fumes, and smoke, and give ample amount of time to carry-on with the evacuation methods. However, due to the use of costly raw materials, the high prices of fire safety materials are steadily arising the need for exploring and adopting other products as a substitute to reduce the overall cost of the operation and hence, will be hampering the market demand.
Rapid urbanization has changed the way of life of individuals and, thus, has expanded the pervasiveness of the construction sector for commercial purposes over a broad aspect; therefore, augmenting the demand for the market product. Furthermore, intensive research and development increase the cost of the final product, which makes the materials expensive to a considerable section of consumers, especially those of underdeveloped and developing countries, and hence is anticipated to hinder the growth of the market.
Key participants include 3M, BASF Coating GmbH, Nippon Paint Co. Ltd., Hempel A/S, Pilkington Group Ltd., PPG Industries Inc., Morgan Advanced Materials, Hilti, Akzo Nobel N.V, and Rectorseal, among others.
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The use of the Fire Protection Material is supported by the Ministry of Science & Technology, Directorate General Civil Defence & Fire Services (DGCD), Ministry of Commerce and Industry, and International Advanced Research Centre for Powder Metallurgy and New Materials (ARCI), of the Indian Government, thereby boosting the demand for the product in the market. The Central Institute of Plastic Engineering and Technology (CIPET) has signed a Memorandum of Understanding (MoU) with the Government of Karnataka to establish an Advanced Polymer Design and Development Research Laboratory in Bengaluru, which would also help India tackle various global issues such as the need for flame retardant polymers, lightweight components and high-performance coatings for multiple industries. Scientists at China’s University of Science and Technology have produced a new fire-retardant building material that can withstand flames of about 1,300 degrees Celsius without disintegration. A research team has developed a composite aerogel with low thermal conductivity and excellent resistance to fire. The composite is highly durable, porous, and displays better fire-resistance than current insulation materials, such as expanded polystyrene and glass wool. Moreover, other nations such as China, Japan, and the United States are also supported by their respective government, which help them to withhold their position in the market, raising the potential to increase the expenditure in the Fire Protection Material sector.
The COVID-19 impact:
As the COVID-19 crisis grows, manufacturers are quickly changing their practice and purchasing priorities to meet the required demand of a pandemic, which has cut the need for Fire Protection Material for construction in the market. Over a couple of months, there will be a series of both positive and negative shocks, as manufacturers and their suppliers respond to providers changing needs. With an unfortunate global situation, the export-dependent economies of many regions look vulnerable. Global Fire Protection Material Market for construction is reshaped by the effects of this pandemic, as some suppliers are either shutting down or reducing their output, due to a lack of demand from the downstream market. While some are having their production suspended by their respective governments as a precautionary measure to combat the spread of the virus. In certain regions, markets are focusing on becoming more localized, by looking at the severity of the outbreak, and the consequent actions by the individual national authorities. Under these circumstances, market conditions in Asia Pacific regions have been very fluid, declining weekly, making it challenging to stabilize itself.
For the purpose of this report, Reports and Data have segmented into the global Fire Protection Material Market for Construction on the basis of type, end-use, application, and region:
Type Outlook (Volume, Kilo Tons; 2017-2027) (Revenue, USD Billion; 2017-2027)
End-Use Outlook (Volume, Kilo Tons; 2017-2027) (Revenue, USD Billion; 2017-2027)
Application Outlook (Volume, Kilo Tons; 2017-2027) (Revenue, USD Billion; 2017-2027)
Regional Outlook (Volume, Kilo Tons; 2017-2027) (Revenue, USD Billion; 2017-2027)
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Further key findings from the report suggest
Table of Content:
Chapter 1. Market Synopsis
1.1. Market Definition
1.2. Research Scope & Premise
1.4. Market Estimation Technique
Chapter 2. Executive Summary
2.1. Summary Snapshot, 2019-2027
Chapter 3. Indicative Metrics
Chapter 4. Fire Protection Material Market for Construction Segmentation & Impact Analysis
4.1. Fire Protection Material Market for Construction Material Segmentation Analysis
4.2. Industrial Outlook
4.2.1. Market indicators analysis
4.2.2. Market drivers analysis
188.8.131.52. Increasing public awareness regarding safety of residences and workplaces
184.108.40.206. Increasing fire safety codes and growth in construction activities.
220.127.116.11. Increasing demand for passive fire protection systems fueled by stringent building codes and fire safety policies
4.2.3. Market restraints analysis
18.104.22.168. High price of fire protection materials due to use of expensive raw materials
4.3. Technological Insights
4.4. Regulatory Framework
4.5. ETOP Analysis
4.6. Porter’s Five Forces Analysis
4.7. Competitive Metric Space Analysis
4.8. Price trend Analysis
4.9. Customer Mapping
4.10. Covid-19 Impact Analysis
4.11. Global Recession Influence
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