With the global industrial sectors
accelerating at a fast pace, the need to enhance fire safety measures are
skyrocketing. Often, companies need to maintain high standards of comprehensive
frameworks to prevent circumstances such as occupational injuries and fire
accidents. However, the number of fire accidents related to physical, chemical,
and biological hazards are increasing in diverse sectors. Around the world,
about 340 million work-related accidents are estimated to happen every year.
These incidents are leading to more than 6000 deaths in a single day. With
these fatal incidents rising, there is a significant demand arising to
integrate fire protection materials in the buildings to ensure safety from
hazards associated with fire. Thus, the demand to safeguard human life and
preserve ergonomic factors is augmenting the growth of the active and passive
fire protection materials market across various commercial and
residential sectors.
The global fire protection materials
market size reached a value of $4.86 billion in 2018. Furthermore, the industry
is experiencing lucrative growth with a notable CAGR of 8.7% during the
forecast period 2019-2025.
Commercial Construction Segment Experiencing Ample Opportunities in the
Global Fire Protection Materials Market
Commercial construction emerged as
the fastest-growing segment in the global fire protection materials market
rising with a CAGR of 6.7% over the aforementioned period. Rising occupational
accidents and fire safety initiatives by associations and government
organizations are the eminent reasons catering to the fire protection materials
market demand in this segment. These rising occupational accidents and diseases
create a paramount economic burden on the organizations and countries occupying
an estimate of about 3.94% of global GDP (Gross Domestic Product) every year.
Consequently, this burden incurred is driving the government bodies to levy
stringent fire safety regulations which in turn is amplifying the growth of
fire protection materials market in commercial spaces.
Typically, in commercial buildings
such as hospitals, offices, and retail, passive fire protection products top
the priority list owing to their huge demand concerning the builders, facility
managers, and owners. This, in turn, boosts the passive fire protection
materials market demand in the commercial constructions. Furthermore, these
buildings are often treated with fire protection coating with soluble silicates
such as sodium silicate, calcium silicate, and potassium silicate in the form
of intumescent
paint. As a result, these prospects collectively are spurring the
fire protection materials market growth in commercial construction.
APAC Dominated the Global Fire
Protection Materials Market
APAC held the largest part in the
global fire protection materials market share with 38% as of 2018. Dominant
construction and infrastructural sectors in APAC countries such as India and
China are leading the market growth in this region. Increasing urban and
economic growth is driving the industrial, commercial, and residential
constructions in China and India. China’s “Road and Belt Initiative”, “Made in
China”, and India’s “Make in India” initiatives are enthralling huge
investments towards the construction sector of these countries. Besides, the
construction industry is considered as one of the most dangerous places to
work. Therefore, successful construction businesses are ought to maintain
effective fire protection and risk management initiatives to guard occupant
safety. Thus, the reigning constructional activities in APAC which hold huge
prominence for fire safety measures are surging the APAC fire protection
materials market growth.
Global Fire Protection Materials Market – Key Market Players
The key companies operating in the
global fire protection materials market are Hilti Group, 3M, Akzo Nobel N.V.,
Morgan Advanced Materials, Specified Technologies Inc., Etex, Tremco
Incorporated, BASF SE, Isolatek International, USG Corporation, Hempel Group,
PPG Industries Inc., W.R. Grace & Co., Rolf Kuhn GmbH and Rectorseal. These
companies are increasing their global presence with seamless expansions and product
launches in the global fire protection materials industry.
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