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The fireproofing materials market size has witnessed substantial growth in recent years, and it is set to continue growing. Increasing from $1.05 billion in 2023 to $1.21 billion in 2024, the compound annual growth rate CAGR is predicted to be 15.8%. Factors like stricter building regulations, the surge in high-rise construction, improving fire safety awareness, industrial and commercial development, and the requirements of the insurance industry have driven this historic period growth.
What Will Drive The Growth Of The Fireproofing Materials Market?
A key promoter of growth within the fireproofing materials market is the escalating number of fire accidents. These accidents, which are both sudden and unexpected, can cause significant injuries and property damage. The growing rate of these incidents is stimulating demand for fireproofing materials from a wide range of industries, thereby driving the market's expansion. As specified by the National Fire Protection Association, local US fire departments attended to 1.4 million fires, i.e., one fire every 23 seconds in 2021. Hence, the alarming rise in fire accidents is significantly accelerating the growth of the fireproofing materials market.
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How Are The Major Players Contributing To The Fireproofing Materials Market?
The prominent companies operating in the fireproofing materials market that have significantly influenced this market growth include Minnesota Mining and Manufacturing Company, Akzo Nobel N.V., BASF SE, Etex Group, FlameOFF Coatings Inc., Intumescent Systems Ltd., Isolatek International, Jotun Group, PK Companies, PPG Industries Inc., ROCKWOOL International A/S, RPM International Inc., Sika Services AG, Albi Protective Coatings, Alsey Refractories Co., Carboline Pvt. Ltd., Chartek New Zealand, Firetherm Ltd., Flame Control Coatings, Grace Construction Co., Hempel AS, Hilti Corp., International Fireproof Technology Inc., Leighs Paints Co. Ltd., Monokote, Nullifire Ltd., Promat International, Pyro-Cote Corporation, Sherwin-Williams Co., Specified Technologies Inc.
What Are The Emerging Trends And How Are They Shaping The Fireproofing Materials Market?
New product launches are enhancing the safety of fireproofing materials and are a key trend gaining traction in the market. The top companies operating in the fireproofing materials sector are steering their focus towards the development of state-of-the-art fireproofing materials, to consolidate their market position. An example of this trend is evident with Henkel AG & co. KGaA, a Germany-based consumer goods and chemicals company. In April 2022, they launched new fire protection products for safer Electric Vehicle EV batteries – Loctite EA 9400 and Loctite FPC 5060. These innovative coatings aid in the prevention and curtailment of fires when applied to battery packs, ensuring the safety of passengers exiting a vehicle. These easily and cost-effectively applied products allow manufacturers to continually enhance battery production whilst maintaining optimum safety levels.
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How Is The Fireproofing Materials Market Segmented?
The fireproofing materials market delineated in this report encompasses various segments:
1 By Type: Intumescent Coatings, Thin Film, Thick Film
2 By Substrates: Metal, Wood
3 By Technology: Solvent-Borne, Water-Borne
4 By End-User: Energy And Power, Manufacturing, Oil And Gas, Petrochemical, Transportation And Logistics Industries, Other End-Users
Insights Into The Regional Fireproofing Materials Market:
In 2023, North America was the most substantial region within the fireproofing materials market. However, Asia-Pacific is forecasted to be the fastest-growing region in the sector. The regions covered in the fireproofing materials market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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