The global fire protection materials for construction market size is expected to reach USD 8.10 billion by 2025, according to a new report by Grand View Research, Inc., projecting an 8.4% CAGR during the forecast period. The market is anticipated to grow with the implementation of fire safety regulations and strict building codes. There are also various official standards established to overlook and ensure product effectiveness. In addition, rising awareness among people toward fire safety is anticipated to trigger market growth. (Logo: https://mma.prnewswire.com/media/661327/Grand_View_Research_Logo.jpg )
According to the latest report by National Fire Protection Association (NFPA) published in 2016, fire incidents kill at last seven people each day in U.S. alone. Fire protection materials have gained high popularity as they effectively prevent the spread of fire from one area to the other. These materials can withstand fire for a long time. As a result, firefighters can control the fire and prevent loss of life and property by extending the time frame available during such situations.
Improving attitude toward building safety codes, along with increasing fire hazard incidents, is anticipated to boost sales of fire protection materials around the globe. These materials have immense growth potential and can partially replace traditional construction materials such as sealants, putty, and coating sprays.
Key manufacturers constantly focus on high-end research and technological advancements to produce improved fire protection materials that can withstand fire for a longer duration and produce less smoke when burnt.
By type, putty is expected to be the fastest-growing segment, in terms of revenue, exhibiting a CAGR of 9.3% from 2017 to 2025. Sealants, on the other hand, formed the largest segment in terms of revenue in 2016 owing to its growing usage as a primary fire protection material in steel infrastructure
Commercial construction is projected to emerge as the largest as well the fastest growing application segment on account rising 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. Rising manufacturing industries with support from the government in the form of incentives and subsidies and rapidly growing population have fostered market growth
Implementation of strict fire safety regulations, coupled with high disposable income and awareness among public toward fire safety, has made North America the largest consumer of fire protection materials for construction
Parameters such as stability of a structure in case it is exposed to fire are taken into consideration while developing new products.
Browse related reports by Grand View Research:
Automotive Stainless Steel Tube Market - The global automotive stainless steel tube market size was valued at USD 3.37 million in 2015 and is projected to grow at a CAGR of 3.9% from 2016 to 2024.
Grand View Research has segmented the global fire protection materials market for construction on the basis of type, application, and region:
Fire Protection Materials for Construction Type Outlook (Revenue, USD Million, 2014 - 2025)
Fire Protection Materials for Construction Application Outlook (Revenue, USD Million, 2014 - 2025)
Fire Protection Materials for Construction Regional Outlook (Revenue, USD Million, 2014 - 2025)
Middle East & Africa
Central & South America
Explore the BI enabled intuitive market research database,Grand View Compass, by Grand View Research, Inc.
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
Contact: Sherry James Corporate Sales Specialist, USA Grand View Research, Inc. Phone: +1-415-349-0058 Toll Free: 1-888-202-9519 Email: email@example.com