Fireproof Insulation Market worth over $30bn by 2027
Published Date: April 14, 2021 Authors: Kiran Pulidindi, Akshay Prakash
Fireproof Insulation Market size is set to surpass USD 30 billion by 2027, according to a new research report by Global Market Insights, Inc.
Rising population, environmental changes, and urbanization have positively impacted the global construction sector and have significantly fueled the demand for smart & sustainable infrastructure solutions. Effective building construction approaches in order to provide safety planning, designing & integration have been a key growth enabler of the industry. Additionally, government initiatives are further propelling the construction industry growth and therefore playing a crucial role in the fireproof insulation material demand. For instance, in 2014, India adopted Energy Conservation Building Code (ECBC). The initiative encouraged energy-efficient building construction in the nation. The building cost can be minimized by limiting energy usage by 40% to 60%. Economic growth in rapidly evolving countries is bolstering the demand for better infrastructure options. The easy availability of fire insulating materials, government initiatives, and construction sector growth are the major factors driving the market share.
Moreover, the aggressive greenhouse and carbon footprint alleviation targets set by several developing and developed nations are also stimulating the market growth. These aggressive targets are resulting in incorporation of stringent building insulation norms with a high priority on energy savings and fire safety, thus catalyzing the product demand.
Favorable properties of mineral wool to lead the market expansion
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Mineral wool segment in the fireproof insulation market is expected to witness 5% growth rate till 2027 led by its superior characteristics. It is manufactured by using sustainable materials and has a relatively low environmental impact. Mineral wool insulation also contributes to low mineral extraction by using recycled materials. Apart from the environmental benefits, the material is highly adopted for its excellent properties. It is essentially non-combustible and significantly contributes to fire safety in the buildings.
Browse key industry insights spread across 200 pages with 171 market data tables & 27 figures & charts from the report, “Fireproof Insulation Market Size By Material (Fiberglass, Mineral Wool, Cellulose, Polystyrene [Expanded Polystyrene, Extruded Polystyrene], Polyurethane), By Application (Residential, Non-residential), Industry Analysis Report, Regional Outlook, Application Growth Potential, Price Trends, Competitive Landscape & Forecast, 2021 – 2027” in detail along with the table of contents:
Residential application will dominate the product consumption
The fireproof insulation market for residential segment will showcase exponential growth and account for more than half of the fireproof insulation demand in the coming years. The introduction of building construction codes in several nations is positively impacting the demand for fireproof insulation materials. Increasing ownership, especially in regions, such as North America, presents a lucrative scenario for the product and has even become a standard for many residential spaces. The rise in housing construction in conjunction with rapid urbanization in developing countries will augment the product demand.
APAC region to emerge as the fastest-growing market
The Asia Pacific fireproof insulation market will register a CAGR of over 4.5% through 2027. The region has attracted numerous global players, turning it into a manufacturing hub and the fastest growing market. Asia Pacific holds a major portion of the global construction expenditure. Key factors, such as public & private investment, favorable growth initiatives, and resource availability, among others, are flourishing the growth of the construction and other major sectors in the region. Furthermore, cities in the APAC are expanding rapidly to accommodate a massive population migrating from rural to urban locations. Therefore, urbanization along with the booming service sector is supporting the growth of the construction industry, thereby creating growth prospects for the market.
New product launches and acquisitions to strengthen the industry foothold
The major companies operating in the fireproof insulation market are BASF SE, Knauf Insulation, Rockwool International A/S, Saint-Gobain SA, Owens Corning Corporation, Kingspan Group PLC, GAF, Johns Manville, Sipla Solutions, and Beijing New Building Material Co., Ltd.
Key fireproof insulation material manufacturers are concentrating on new product launches, acquisitions, and mergers to reinforce their foothold and gain a competitive advantage over others. For instance, in 2019, Johns Manville (JM) acquired ITW Insulation Systems, a company engaged in the production of low-temperature polyisocyanurate foam insulations and metal jacketing solutions. The strategy will expand the company’s presence in the North American region.