Fire Protection Materials Market estimated to reach beyond USD 6.78 Billion by 2022

The Global Fire Protection Materials Market is estimated to be USD 4.52 Billion in 2017 and is projected to reach USD 6.78 Billion by 2022, at a CAGR of 8.41% between 2017 and 2022. Increasing fire safety regulations & codes, and growing construction industry are expected to drive the demand for fire protection materials globally.

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The fire protection materials market is segmented on the basis of type into sealants & fillers, mortar, sheets/boards, spray, preformed device, putty, cast-in devices, and others. The fire protection sealants & fillers type segment accounted for the largest share of the overall fire protection materials market in 2016. The putty segment is expected to grow at the highest CAGR during the forecast period. The demand for fire protection putty is increasing due to its increasing usage in commercial construction application in both developed and developing countries.

The fire protection materials market is segmented on the basis of application into commercial construction, industrial construction, and residential construction. Commercial construction is the leading application segment of the fire protection materials market due to the growing demand for fire protection materials in all types of commercial buildings, such as schools, universities, offices, restaurants, hotels, and others.

The fire protection materials market has been studied for into five regions, namely, North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America is the largest fire protection materials market, followed by Europe, in terms of value. The rising demand of fire protection materials in commercial and residential constructions in this region is driving the fire protection materials market.

Currently, various market players, such as Hilti Group (U.S.), 3M (U.S.), Akzo Nobel N.V. (Netherlands), Morgan Advanced Materials (U.K.), Specified Technologies Inc. (U.S.), Etex (Belgium), Tremco Incorporated (U.S.), BASF SE (Germany), Isolatek International (U.S.), USG Corporation (U.S.), Hempel Group (Denmark), PPG Industries Inc. (U.S.), W.R. Grace & Co. (U.S.), Rolf Kuhn GmbH (Germany), and Rectorseal (U.S.) are leading the global fire protection materials market.

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