Global Fireproof Insulation Market
Global Fireproof Insulation Market Size Grows at Steady CAGR to Cross USD 34.6 Billion by 2029
Published | 12 May 2023
Global fireproof insulation market is flourishing because of increasing awareness about the benefits of fireproof insulation, such as fire protection, noise reduction, and growing demand for energy-efficient buildings and infrastructure that use fireproof insulation.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the global fireproof insulation market size at USD 27.28 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the global fireproof insulation market size to grow at a CAGR of 3.58% reaching a value of USD 34.64 billion by 2029. Major growth drivers for the global fireproof insulation market include stringent safety regulations, growing awareness about fire safety, and the thriving construction industry, particularly in emerging economies. The fireproof insulation market is expected to grow further due to the significant increase in energy-efficient building projects driven by stringent government regulations and building codes. The surge in energy-efficient construction initiatives is expected to drive the demand for thermal insulation materials and create promising opportunities for the fireproof insulation market. For instance, the European Union has established a legislative framework consisting of the Energy Efficiency Directive 2012/27/EU and the Energy Performance of Buildings Directive 2010/31/EU. These directives aim to achieve a highly decarbonized and energy-efficient building stock by 2050. By providing businesses and consumers with the necessary information to make informed choices about saving money and energy, these directives are expected to encourage the widespread adoption of fire-resistant insulation materials during the forecast period.
Global Fireproof Insulation Market – Overview
The global fireproof insulation market refers to the market for materials that are used to prevent the spread of fire and provide thermal insulation in buildings and other structures. These materials are designed to be resistant to high temperatures and flame, and they are used in a wide range of applications, including residential, commercial, and industrial construction, as well as in the automotive, aerospace, and marine industries. The market includes various types of fireproof insulation materials, such as mineral wool, glass wool, cellulose, and foam plastics.
Impact of COVID-19 on Global Fireproof Insulation Market
COVID-19 pandemic adversely affected the global fireproof insulation market. It caused significant disruptions in manufacturing and supply chain operations due to government-imposed lockdowns aimed at curbing the spread of the disease. The pandemic also posed numerous challenges to the building and engineering industries, which were already struggling with issues, such as credit shortages, fraud, and regulatory restrictions. With the spread of the pandemic, new construction and repair and maintenance activities were put on hold, resulting in a slowdown in the global expansion of the construction and engineering industry. As the growth of the fireproof insulation market is closely linked to the building industry, a decline in construction activity had a negative impact on the market's growth.
Global Fireproof Insulation Market – By Material
By material, the global fireproof insulation market is divided into Glass Wool, Stone Wool, Plastic Foam, Fiberglass, Cellulose, Mineral Wool, Rock Wool, Slag Wool, Polystyrene, and Polyurethane Foam segments. The fiberglass segment holds the highest share in the global fireproof insulation market, due to its favorable properties, such as thermal resistance, durability, and sound absorption. Additionally, it is a cost-effective and lightweight insulation material that is easy to install, making it a popular choice for residential and commercial buildings. Fiberglass insulation is also non-combustible and has excellent fire resistance properties, making it a preferred option for fireproofing purposes. Its versatility in use in different applications, such as in walls, ceilings, floors, and HVAC systems, further contributes to its high demand and market share.
Major players operating in the global fireproof insulation market include Saint-Gobain S.A., BASF SE, GAF Materials Corporation, Knauf Insulation, Rockwool International A/S, The Dow Chemical Company, L'ISOLANTE K-FLEX S.p.A., Pyrotek Inc., Morgan Advanced Materials, Thermafiber Inc., 3M Company, The Rectorseal Corporation, Rmax Operating, LLC, Zircar Ceramics Inc., and Pittsburgh Corning Corporation. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Global Fireproof Insulation Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Global Fireproof Insulation Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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- Fireproof Insulation Market - Global Size, Share, Trend Analysis, Opportunity and Forecast Report, 2019–2029, Segmented By Material (Glass Wool, Stone Wool, Plastic Foam, Fiberglass, Cellulose, Mineral Wool, Rock Wool, Slag Wool, Polystyrene, Polyurethane Foam); By Application (Walls & Partitions, Cable Lines, Piping, Air Ducts, Storage Tanks, Supporting Structures); By End User (Residential Buildings, Commercial Buildings, Marine & Offshore, Industrial Building, Construction); By Region (North America, Europe, Asia Pacific, Latin America, Middle East and Africa)
Publish Date: May 2023
A growing demand for energy-efficient buildings and infrastructure that use fireproof insulation and increasing awareness about the benefits of fireproof insulation, such as fire protection and noise reduction, are projected to propel the expansion of the global fireproof insulation market size during the forecast period between 2023 and 2029.
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