Demand for technologically advanced solutions in airport construction has paved the growth path for thermal insulators, including fireproof insulation solutions
NEW YORK, UNITED STATES, November 10, 2022 /
EINPresswire.com/ -- According to the latest research report titled “
Fireproof Insulation Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Materials (Glass Wool, Mineral Wool, Plastic Foam, Fiberglass, Polyurethane Foam, and Others), End Users (Commercial and Residential), and Geography”, published by The Insight Partners, The fireproof insulation market was valued at US$ 2.02 billion in 2019 and is projected to reach US$ 2.59 billion by 2027
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Fireproof Insulation Market: Competitive Landscape and Key Developments
A few players operating in the fireproof insulation market are Saint Gobain S.A., BASF SE, Johns Manville, Kingspan Group PLC, Lloyd Insulations (India) Limited, Owens Corning, ROCKWOOL International A/S, U.P. Twiga Fiberglass Limited, Knauf Insulation GmbH, and L'ISOLANTE K-FLEX S.P.A among many others. The key companies implement the mergers and acquisitions, and research and development strategies to expand customer base and gain significant share in the global market, which also allows them to maintain their brand name globally.
During Forecast Period
A large population in APAC has led to increased demand for residential as well as commercial constructions in the region. The region comprises several developing economies, including India and many Southeast Asian countries, posing strong demand for more infrastructure projects. Further, governments of several countries in the region are taking several measures to attract private investments in infrastructure development. Growing investments in infrastructure development for commercial as well as residential construction are bolstering the demand for fireproofing technologies in APAC countries.
Demand for oil and gas in APAC countries, especially China, India, and Indonesia, has been increasing, which is triggering the number of exploration projects in these countries. Government bodies of these countries are emphasizing on respective oil & gas industry and investing substantial amounts in this sector, which is a key enabler of the fireproof insulation market growth.
The Government bodies of other Asian countries are emphasizing heavily on the respective construction industry. The growing population is demanding increased volumes of residential areas while increased business and leisure travel is resulting in higher demand for commercial infrastructures. These factors are compelling the governments to invest in respective construction sectors. For instance, the Building and Construction Authority (BCA) of Singapore announced the valuation of construction projects in Singapore in 2018 to be approximately US$ 31 billion. Such steps taken by the governments are driving the construction industry. This, in turn, is propelling the fireproof insulation market since the construction of robust infrastructures demand the usage of fireproof insulation materials.
Key Findings of Study:
China dominated the fireproof insulation market in 2019. China has a massive construction industry. Moreover, the Chinese government constantly emphasizes the development of robust, attractive, and safe infrastructure, thus, adding to the demand for fireproof insulation materials and products. Constructional developments helps in driving the fireproof insulation market in China, and the trend is estimated to continue in the next few years. For instance, in 2019, Asia Cuanon supplied thermosetting polystyrene panels as an insulation panel system to the Beijing Daxing International Airport.
China also has a significantly large industrial sector, encompassing several industries. The number of manufacturing facilities, warehouses, and storage facilities continues to surge year-on-year (Y-o-Y). With an objective to reduce the risk of accidents caused by electrical fire breakouts, the builders of these facilities are focusing on fireproof insulations, which is catalyzing the growth of fireproof insulation market in the country. Also, the high economic development has created a need for enhanced infrastructure; construction of facilities, such as airports, office buildings, shopping malls, hospitals, and hotels, is growing at a high pace. With increasing construction in these economies, the fireproof insulation market will be positively impacted.
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Impact of COVID-19 Pandemic on Fireproof insulation Market
The COVID-19 outbreak adversely affects economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. Chemicals and Materials are among the significant industries suffering from severe disruptions such as restrictions on the supply chain and shutdown of production plants. The shutdown of different plants and factories in various countries disrupts the global supply chains and negatively impacts the manufacturing activities, delivery schedules, and multiple goods sales. Various companies have already announced possible delays in product deliveries and slump in future sales of their products. In addition, the global travel bans imposed by countries in Europe, Asia, and North America are hindering business collaboration and partnership opportunities. Thus, these factors are restraining the growth of the fireproof insulation market in the chemicals and materials industry.
Fireproof Insulation Market by Segment
The fireproof insulation market is segmented into material, end user, and geography. Based on material, the market is segmented into glass wool, mineral wool, plastic foam, fiberglass, polyurethane foam, and others. In 2019, the glass wool segment held the largest share of the global fireproof insulation market. In terms of end user, the fireproof insulation market is categorized into commercial and residential. The residential segment held a larger market share in 2019. The commercial segment is expected to register a higher CAGR in the market during the forecast period.
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