Global Fireproof Insulation Market - Overview
The global fireproof insulation market is witnessing a spurting rise over the past few years. A large share of the market growth attributes to the burgeoning construction industry that is experiencing an increase in the number of commercial residential projects. Huge investments are transpired to drive these public private construction projects, which, in turn, boost the consumption of fire protection materials.
Resultantly, fireproof insulation materials perceive an exponential demand, which allows its market to garner increasing traction on the global front. According to Market Research Future (MRFR), the global fireproof insulation market valuation had reached USD 20.22 BN in 2018, which is further projected to appreciate at 4.21% CAGR during the review period (2019-2025). Rising government funding is motivating key companies to manufacture new fireproof insulation materials that are eco-friendly and match the changing trends.
Global Fireproof Insulation Market – Prominent Players
BASF SE (Germany),Rockwool International A/S (Denmark),Owens Corning Corporation (US),Saint-Gobain S.A. (France),Paroc Group (Finland),Knauf Insulation (US),GAF (US),Knauf Insulation (Serbia),Beijing New Building Material Co., Ltd. (China). are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the global Fireproof Insulation Market.
The rapidly increasing global population, urbanization, and industrialization drive the demand in the building construction sectors. Rising awareness about the destruction that happens due to the fire is a major driving force behind the growth of the market. Fireproof insulation materials fine their vast usages in other growing industries also, such as automotive, aerospace, marine, OG, and electrical electronics, among others.
The growth of the fireproof insulation market has been negatively impacted by the recent global outbreak of COVID-19. Lockdowns and other restrictions have led to the disruption of numerous construction sector activities, hampering the growth of the market for fireproof insulation. However, it is expected that the ease of lockdown restrictions, together with the increased emphasis on effective restoration of the construction industry, will support the rapid recovery of the fireproof insulation market during the post-lockdown period.
Additional factors such as the rising numbers of OG plants worldwide and a sudden increase in the transport industry substantiates the growth of the market. Conversely, the lack of awareness about the benefits of fireproof insulation materials is a major factor expected to impede market growth during the projected period. Nevertheless, the increase in the global economy would support the growth of the market throughout the assessment period, increasing the sales in end-use industries.
Global Fireproof Insulation Market – Segmentations
The market is segmented into three key dynamics.
By Material: Glass Fiber, Mineral Wool, Plastic Foam, Glass Wool, and others.
By Application: Residential, Commercial, Industrial, and others.
By Regions: North America, Europe, APAC and Rest of the World.
Fireproof Insulation Market – Geographical Analysis
North America dominates the global fireproof insulation material. The largest market share majorly attributes to the augmenting demand from the burgeoning end user industries. Huge consumption of fireproof insulation products in the region is due to the presence of a large number of oil gas plants that are at high risk of fire. In addition, the booming manufacturing industry in the region fosters market growth.
Also, the increase in the number of food manufacturing companies is fueling the need for fireproof insulation materials for industrial machinery and equipment. US being the largest OG producing country significantly contributes to the regional market growth. Continuing with the same growth trends, the North American fireproof insulation market is projected to retain its dominating position throughout the review period.
The Asia Pacific region stands second in the global fireproof insulation market. The burgeoning building construction industry in the region is witnessing huge investments from the public private sector in residential commercial construction projects. Moreover, the high demand for fuel in India, China, and Indonesia, among other countries, is augmenting oil gas exploration activities.
Besides, the growing demand from the construction and consumer goods manufacturing sector, alongside the rising numbers of production capacities in the region, drives the demand for fireproof insulation materials.
The fireproof insulation market in Europe is growing rapidly. Increasing applications of fire protection insulation material in building infrastructures and energy plants is a key driving force behind the regional market growth. Besides, advances in fire protection technologies propel market growth. The European fireproof insulation market is expected to witness healthy growth, registering a healthy CAGR during the assessment period.
Industry/Innovation/Related News:
December 09, 2019 --- Installed Building Products, Inc. (the US), an industry-leading installer of insulation and complementary building products, announced the acquisition of a US-based provider of spray foam fiberglass insulation installation services - Gulf Coast Insulation. The acquisition aligns with the Company’s key growth plans.
Installed Building Products is one of the largest new residential insulation installers in America and offers products services for fireproofing, fire-stopping, waterproofing, and others. Also, the Company has a robust pipeline of acquisition opportunities across multiple geographies, products, and end markets.
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