LONDON, Feb. 01, 2023 (GLOBE NEWSWIRE) — According to The Business Research Company’s research report on the fire protection materials for construction market, the growing regulations on the mandatory use of fire safety materials are likely to have a positive impact on the growth of fire protection materials for the construction market. Fire safety standards generally aim to reduce the fire-response of products and materials used in various living environments, such as domestic dwellings, household equipment, furnishings and electronics, buildings, and various modes of transportation. Globally, fire safety standards aim to prevent fires from starting by establishing performance-based norms that, if followed, will improve the fire safety of materials and products.
For instance, in March 2020, to improve fire safety in buildings in England and Wales, the Home Office introduced the new Fire Safety Bill. The Fire Safety Act 2023 has passed through the parliamentary process and is implemented as a law in the country. Thus, the growing regulation on the use of fire safety materials will support the further growth of the market.
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The global fire protection materials for construction market size is expected to grow from $3.81 billion in 2023 to $4.32 billion in 2023 at a compound annual growth rate (CAGR) of 13.4%. The growth in the market is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The fire protection materials for construction market growth is expected to reach $6.04 billion in 2026 at a CAGR of 8.7%.
Major players in the fire protection materials for construction market are Hilti Corporation, 3M Company, Akzo Nobel N.V., Morgan Advanced Materials, Isolatek International, Sherwin-Williams, Rolf Kuhn GmbH, Specified Technologies Inc, Tremco Incorporated, BASF SE, USG Corporation, Hempel A/S, PPG Industries Inc, Fire Protection Coatings Limited, ETEX SA, and Contego International Inc.
Key manufacturers in the fire protection materials in construction market are constantly focusing on cutting-edge research and technological advancements to create improved fire protection materials that can withstand fire for a longer period and emit less smoke when burned. For instance, in September 2020, CIN, a Portugal-based company developed two new products C-THERM S110 and C-THERM S111 FD, which are an important advancement in the fire protection materials for construction industry trends. C-THERM S110 and C-THERM S111 FD stand out for their long fire resistance times, which protect structures for up to 150 minutes. The technology in the C-THERM range improves structure safety by delaying the time of collapse in the event of a fire, protecting lives and material goods.
The global fire protection materials for construction market is segmented by type into coatings, mortar, sealants and fillers, sheets or boards, spray, preformed device, putty, cast-in devices, others; by application into structural, compartmentation, opening protection, firestopping materials; by end user into commercial, industrial, residential, others.
North America was the largest region in the fire protection materials for construction market in 2023. The regions covered in the fire protection materials for construction market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Fire Protection Materials For Construction Market Global Report 2020-30: COVID-19 Growth And Change is one of a series of new reports from The Business Research Company that provide fire protection materials for construction market overviews, fire protection materials for construction market analyze and forecast market size and growth for the whole market, fire protection materials for construction market segments and geographies, fire protection materials for construction market trends, fire protection materials for construction market drivers, fire protection materials for construction market restraints, fire protection materials for construction market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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