The global fireproof insulation market is projected to surpass USD 20.22 billion by 2018 and expected to register a CAGR of over 4.21% during the review period.
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In the residential sector, the demand for fireproof insulation products is high due to strict building standards related to fire protection and increased activity in residential construction. In addition, due to an increasing focus on ensuring fire safety, the popularity of fireproof insulation is growing significantly in the commercial sector. In addition, it is anticipated that increasing fire accidents leading to loss of property and life will increase demand for the product.
In addition, both developed and developing economies are experiencing substantial growth in construction and retrofitting activities, which is expected to have a positive impact on the fireproof insulation market. Strict building codes in developed countries, reduction of greenhouse gas emissions, cost efficiency, a strict regulatory environment, rebates and tax credits, and increased demand for new construction are some of the factors that are expected during the forecast period to drive the growth of the market for fireproof insulation. However, the growth of the global fireproof insulation market may be hampered by factors such as slow construction sector growth and a lack of awareness of insulating materials.
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.
Some of the leading players operating in the global fireproof insulation market are 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), and Beijing New Building Material Co., Ltd. (China).
the global fireproof insulation market has been segmented according to materials, application, and region.
The global fireproof insulation market is segmented into mineral wool, plastic foam, glass wool, and others on the basis of material. Due to a wide range of thermal and mechanical properties such as outstanding fire safety, ease of use, environment-friendliness, and physical stability, glass wool is the most preferred material for manufacturing fireproof insulation products.
The global market for fireproof insulation is segmented into residential, commercial, and industrial buildings by application. Due to the rapidly increasing global population and urbanization, the residential segment is expected to grow at 4.1 percent CAGR, which increases the need for residential buildings. In different residential buildings, such as individual houses, dormitories, apartments, hotels, and lodgings, people spend most of their time. In such places, therefore, fire safety is important. This, in turn, was expected to boost the adoption of fireproof insulation in residential buildings.
In the global fireproof insulation market, North America and Europe will account for a large cumulative share. Increasing disposable income translates into higher sales of household furniture, bedding and appliances, which in turn drives regional growth. Enforcement of strict building safety codes plays an important role in the region's growth as well. While the U.S. will primarily drive North America, countries like Italy, Germany, the U.K., and France will be at the forefront of Europe's growth. Europe may grow significantly, driven by the size of the fireproof insulation market in Italy, the UK, France, and Germany. Increasing environmental awareness of energy savings, accompanied by the promotion of building safety codes, particularly in the United Kingdom and Germany, may fuel regional growth.
As a result of the rapidly growing industrialization, the increase in energy demand, especially in India and China, has driven the oil & gas industry, increasing the demand for insulation materials in oil and gas factories. Moreover, the growing demand for chemicals in paints & coatings, surfactants, lubricants and adhesives is a key factor driving the growth of the oil & gas industry. Demand for global fireproof insulation products has increased with increasing public sector investment in oil & gas exploration and production. In regions such as Asia-Pacific, oil and gas production and extraction activities are thus creating lucrative opportunities for players operating in the global fireproof insulation market.
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