The fireproofing materials market size is expected to advance at a CAGR of 6.9% during 2024–2030, to reach USD 1,899.0 million by 2030. This can be ascribed to the increasing number of construction projects and the surging need to comply with fire safety regulations across the globe.
Fireproofing materials comprise various types of coatings, sprays, sheets, boards, and other materials that aid in making buildings and structures resistant to fire, thus ensuring the safety of both life and property. These materials also aid in providing additional time for firefighters to control the situation as well as maintaining the structural integrity of buildings.
Globally, there has been a considerable increase in the urbanization level, due to employment and better lifestyle opportunities. Hence, the infrastructural development is also increasing. The construction of buildings requires the implementation of various regulations, and subsequent inspections are conducted to check for compliance with laws.
For instance, in India, there is a National Building Code, which entails the fire and life safety requirements for the construction, occupancy, and protection aspects of buildings. Similarly, after some serious fire accidents in the 2000s, China introduced a law that states fire-resistant materials and non-flammable insulation are being utilized in buildings existing in densely populated urban localities.
The U.S. also has certain guidelines and building codes pertaining to the minimum requirements for fire resistance in buildings. The most common standards that are referred to are the ASTM E119 (UL 263) and the ASTM E84 (UL 723) for intumescent coatings and fireproofing building materials. They aid in testing the efficacy levels of the materials used for withstanding fire conditions whilst maintaining the structural integrity of buildings as well as the burning properties of materials used when exposed to flame.
Compliance with the regulations is critical for both old and new buildings to ensure the safety of various groups of people such as workers, employees, customers, and visitors, avoid unnecessary fines and penalties, and prevent damage to buildings and other important assets. Hence, these factors are likely to augment the fireproofing materials market.
During the projection period, the APAC market is expected to continue exhibiting substantial growth and is likely to hold a significant market share as well. This can be because most of the developing economies in the region such as India and China are the most populous countries in the world, wherein urbanization is significantly progressing for employment as well as upgraded lifestyle opportunities.
Urbanization is leading to the construction of various residential, commercial, and industrial structures in the region. According to the 5-year plans of China for the period (2021–2025), an investment of more than about $4 trillion has been planned for infrastructure development focusing on both green buildings as well as energy efficiency. Hence, the existence of a high population and the growing propensity toward urbanization are giving a boost to various infrastructure development activities and subsequently fireproofing materials for ensuring the safety of people as well as structures.
Some of the major companies operating in the fireproofing materials market are 3M Company, Isolatek International, PPG Industries Inc., Iris Coatings S.r.l., RPM International Inc., Hempel A/S, Contego International Inc., Morgan Advanced Materials, No-Burn Inc., and Knauf Insulation.