Fire Protection Materials Market to be Worth USD 6.78 Billion by 2022
The report "Fire Protection Materials Market for Construction by Type (Sealants & Fillers, Mortar, Sheets/Boards, Spray, Preformed Device, Putty, Cast-in Devices), Application (Commercial Construction, Industrial Construction, and Residential Construction) - Global Forecast to 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 is driving the fire protection materials market.
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Based on type, the fire protection materials market is segmented into sealants & fillers, mortar, sheets/boards, spray, preformed devices, putty, cast-in devices, and others. The fire protection materials market is led by the sealants & fillers type segment due to their increasing usage in steel infrastructures. The fire protection putty is projected to grow at the highest CAGR during the forecast period.
Currently, North America is the largest market for fire protection materials, in terms of value, followed by Europe. Some of the factors driving the growth of the North American fire protection materials market are stringent regulations and codes related to fire safety, and growing construction industry, along with the upgradation of existing buildings.
Asia-Pacific is expected to be the fastest-growing market for fire protection materials due to high demand for fire protection materials for industrial and commercial construction. The presence of major developing nations of the Asia-Pacific, such as China, India, and South Korea is also a major driver for the fire protection materials market in the region.
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Key companies profiled in fire protection materials are 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.).
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