According to a new report published by UnivDatos Markets Insights, the Fire Stopping Material Market was valued at more than USD 1.2 Billion in 2020 and is expected to grow at a CAGR of around 11% from 2022-2028.
According to a new report published by UnivDatos Markets Insights, the Fire Stopping Material Market was valued at more than USD 1.2 Billion in 2020 and is expected to grow at a CAGR of around 11% from 2022-2028. The analysis has been segmented into Type (sealants, mortars, boards, putty & putty pads, collars, wraps/strips, others); Application (electrical, mechanical, plumbing); End-User (residential, commercial, industrial); Region/Country.
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The fire stopping material market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the fire stopping material market. The fire stopping material market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing market growth. Furthermore, this statistical market research repository examines and estimates the fire stopping material market at the global and regional levels.
Market Overview
Fire Stopping Material is also known as a fundamental part of passive fireproofing. It refers to the process of filling openings and joints between walls and floors with fire-resistant material, inhibiting the spread of fire between 'compartments' within a building. In recent years, the demand for fire-stopping material has risen dramatically due to its rising use in preventing fire, smoke, and heat from passing through multiple components. These components are made of fire retardant and intumescent materials as well as cementitious motors, silicone, mineral fibers, and rubber compound. For instance, in May 2020, BASF launched ZEAL™, a Fluidized Catalytic Cracking (FCC) additive product, to supply more propylene to refiners by enhancing the production of light olefins in FCC units that process Gasoil feedstocks.
Factors such as increasing investment in the construction sector such as the building of offices, hospitals, government buildings, and education institutes. Some other factors such as rising population, urbanization, and disposable income, which has provided an impetus to the growing market.
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Some of the major players operating in the market include 3M Company, BASF SE, Lloyd Insulations India Ltd., Hilti Corporation, Knauf Insulation, Morgan Advanced Materials, Saint-Gobain S.A., Sika AG, Specified Technologies Inc., Abesco Fire Ltd.
COVID-19 Impact
The recent covid-19 pandemic has disrupted the world and has brought a state of shock to the global economy. The global pandemic has impacted the chemical industry and has transformed the way the chemical is delivered. The fire stopping material market has been significantly affected during these times owing to the delay in construction sites or production of it due to the unavailability of raw material during the pandemic.
The global fire stopping material market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
· Based on type, the market is segmented into sealants, mortars, boards, putty & putty pads, collars, wraps/strips, and others. Putty & putty pads fire-stopping material category to witness higher CAGR during the forecast period. It is the type of material that has high plasticity, similar in texture to clay or dough, majorly used to seal gaps during construction. In addition, the market is the leading elastomeric paste with quick-acting intumescent qualities that seal openings around through-penetrations and prevent the passage of smoke, hazardous gases, and fire
· On the basis of application, the market is categorized into electrical, mechanical, and plumbing. Among these, the electrical segment held a significant share in the market in 2020. This is mainly due to the growing construction industry globally which is demanding need for electrical equipment. As sealants, mortars, and putty are some of the products which are highly used to cover the electrical lines within those construction buildings that are helpful in stopping the fire
· Based on end-user, the fire-stopping material market has been classified into residential, commercial, and industrial. The commercial category is to witness higher adoption of fire-stopping material during the forecast period. This is mainly because it comprises many facilities such as malls, schools, hospitals, and many others which comprises a lot of gathering in these areas. Additionally, commercial construction is one of the most increasing in both developed and developing countries. Also in developed countries, the construction of grocery stores, drugstore, and quick service restaurants are increasing, while in developing countries, the construction of hospitals, schools and colleges, and retail stores are driving the commercial construction segment
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Fire Stopping Material Market Geographical Segmentation Includes:
· North America (U.S., Canada, and Rest of North America)
· Europe (Germany, United Kingdom, Spain, Italy, France, and the Rest of Europe)
· Asia-Pacific (China, Japan, India, and the Rest of Asia-Pacific)
· Rest of the World
Asia-Pacific is anticipated to grow at a substantial CAGR during the forecast period. This is mainly due to the increasing construction and building sector in the region which is demanding need for fire-stopping materials in the region. Additionally, the factors such as population growth coupled with the development of new technologies and products are expected to grow the market in the region. Moreover, improving lifestyles and rising incomes are also contributing to the prosperity of the market in the developing countries of the region However, many industry experts expect infrastructure development in the region to get a boost as many companies are investing in the region’s construction industry. Hence, the factors mentioned above explain the growth of fire-stopping material growth in the region.
The major players targeting the market include
· 3M Company
· BASF SE
· Lloyd Insulations India Ltd.
· Hilti Corporation
· Knauf Insulation
· Morgan Advanced Materials
· Saint-Gobain S.A.
· Sika AG
· Specified Technologies Inc.
· Abesco Fire Ltd.
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the fire stopping material market. The major players have been analyzed by using research methodologies for getting insight views on global competition.
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Key questions resolved through this analytical market research report include:
• What are the latest trends, new patterns, and technological advancements in the fire stopping material market?
• Which factors are influencing the fire stopping material market over the forecast period?
• What are the global challenges, threats, and risks in the fire stopping material market?
• Which factors are propelling and restraining the fire stopping material market?
• What are the demanding global regions of the fire stopping material market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?
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About UnivDatos Market Insights
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