Fire protective materials market will record lucrative growth during the period 2021 to 2027 on account of the rise in the number of fire safety codes. This has led to the increasing need for passive fire protection systems. Continuous investments across the construction sector will further act as a positive driver for industry growth.
Rapid urbanization, growing technological advancements, and the escalating requirement for overall building protection will substantially contribute to the market expansion.
Based on product type, the fire protective materials industry size from sealants is expected to reach significant traction owing to increasing penetration in households. The growing need for sealants across steel infrastructures will upsurge the market growth.
The demand for fire protective coatings in the industry will commendably grow with the booming construction sector. The rising incidences of fire accidents have pushed various governments to come up with severe fire safety norms and regulations. There is also a significant surge in the number of building and construction projects. Increasing industrialization and the higher adoption of cementitious and intumescent coatings will further complement the market outlook.
In terms of application, fire protective materials market is bifurcated into residential, commercial, and industrial. Out of these, the commercial construction segment is slated to record substantial consumption of fire protective materials due to the increasing progressions across the retail vertical. The mount in the number of commercial centers has led to the incessant need for passive fire protection systems. There are growing concerns over the rapid spreading of fire, mainly across hospitals, education centers, institutions, and offices. Besides, the rising capital expenditure and jump in fire safety codes and regulations will foster a significant impact on the industry growth.
Regionally, North America is anticipated to hold a major share of fire protective materials industry share driven by the growing oil and gas drilling activities and expanding construction sector. The rising government restrictions and strong presence of major key fire-stopping market players across the region will add to the segmental growth.
Prominent providers of fire protective materials are constantly turning to inorganic strategies including partnerships, acquisitions, investments, capacity expansions, and new product launches to sustain competition and reinforce their geographical presence.
For instance, in March 2019, AkzoNobel, rolled out its new fire protection system, the fast-drying Sikkens for use in wooden facades. The newly launched product offers exceptional fire resistance and is designed to meet extreme condition challenges.
Similarly, in July 2020, Sherwin-Williams Protective & Marine, introduced FIRETEX M90/03, a novel intumescent coating to offer onshore passive fire protection. The novelty is ideal for use in applications that have variable dry film thicknesses (DFTs).
BASF Coating GmbH, Nippon Paint Co. Ltd (NIPPON PAINT HOLDINGS CO., LTD., NIPSEA Holdings International Limited), Morgan Advanced, 3M Company, Pilkington Group Ltd, Termo Incorporated, Svt Holding GmbH, Contego International Inc, Isolatek International, Rectorseal (CSW Industrials, Capital Southwest Corporation), Rolf Kuhn GmbH, PPG Industries Inc., Hilti Group (Martin-Hilti-Familien-Treuhandgesellschaft), and Hempel A/S (Hempel Holding A/S) are some other major fire protective materials market participants.
Impact of the COVID-19 crisis on fire protective materials market trends
The COVID-19 pandemic drew groundbreaking impacts on the global economy while carving the niche for tremendous setbacks in most industries worldwide. Its effects were also felt on the demand for fire protective materials, mainly across the industrial and commercial arena given the stalled operations and dearth of raw materials. However, the gradual resumption of business activities will aid in the progression of the market in the coming time.