Pune, India, June 2022, MRFR Press Release/Market Research Future has published a Half- Cooked Research Report on the Global Fire Stopping Material Market.
Market Research Future has published a research report on the Global Fire Stopping Material Market, 2019–2030. The global Fire Stopping Material market is projected to exhibit a CAGR of 11.23% during the forecast period of 2021 to 2030.
Market Research Future has recognized the following companies as the key players in the global Fire Stopping Material market: 3M Company, BASF SE, Etex Group, Hilti Group, Knauf Insulation, Morgan Advanced Materials, RectorSeal Corporation, RPM International, Inc., Sika AG, and Specified Technologies, Inc.
The global Fire Stopping Material market is projected to be valued at more than USD 2 billion by 2030, recording a CAGR of 11.23% during the forecast period.
Fire stopping material is a substance that helps seal any openings to prevent fire, smoke, and heat from passing through multiple building compartments. It comes in many forms- mortars, collars, deck plates, gypsum boards, sealants, putty & putty pads, and many more. Fire-stopping materials are used in a variety of places, including industries, residential buildings, warehouses, and complexes. The material is chosen based on what kind of building it is, the climate at the location, and also personal preference. Fire-stopping materials are a form of structural fire retardant. These materials keep the fire from spreading, by stopping it from passing through the material and getting to the burning material such as furniture, walls, ceilings, or anything flammable. Fire retardants can prevent fires or limit their size in buildings that have been damaged by either natural disasters such as fire, or man-made disasters such as explosions. The use of fire retardants in building construction is gaining momentum across the world due to global concern over the economic and environmental impact of unsafe buildings. The market has been mainly driven by the rising demand for fire-stopping materials, about their applications in electrical, mechanical, and plumbing works. There is also a network of stringent building codes and an increasing number of fire accidents which is further fueling in demand for the market.
The lockdown in various countries across the globe is also affecting the production capacity of the Fire Stopping Material manufacturing companies. Manufacturers in the industry are also facing production problems as they have to either shut down production to ease employee concerns or run production under-staffed. The procurement of raw materials has also become a major concern for the manufacturers. The company’s contract manufacturer that produces the Fire Stopping Material had to close the production facility in response to the ongoing disease outbreak, which has affected both the manufacturing and shipping of the Fire Stopping Materials. This is further hampering the demand-supply of Fire Stopping Materials.
With countries across the world, locking down their borders, there have been minimum export-import movements, which have profoundly impacted the growth of the overall Fire Stopping Material industry. Measures to contain COVID-19 have led to multiple production and transport disruptions in China, where much of the global supply of raw materials originates. All this has severely affected the supply chain of the Fire Stopping Material market at a global level.
Access full report @ https://www.marketresearchfuture.com/reports/fire-stopping-material-market-10846
The global Fire Stopping Material market has been segmented based on type, application, end-users, and region.
By type, the global Fire Stopping Material market has been segmented into Sealants, Mortar, Boards, Putty & Putty Pads, and Others. The Putty &Putty Pads hold the largest market share in the global Fire Stopping Material market for the year 2020. Putty is a material with high plasticity and texture similar to clay or dough. It is typically used to seal gaps in construction and can be shaped by hand for quick installation. Putty provides full protection against the spread of smoke and fire.
Based on application, the global Fire Stopping Material market has been segmented into Electrical, Mechanical, and Plumbing. The Electrical segment holds the largest market share in the global Fire Stopping Material market for the year 2020. The construction industry is the major contributor to the growth of this application. There has been an increase in the development of high-rise apartments, and these structures require sophisticated electrical systems. That includes switchboards, cables, conduits, and outlets.
By end-users, the global Fire Stopping Material market has been segmented as Residential, Commercial, and Industrial. The Commercial segment holds the largest market share in the global Fire Stopping Material market for the year 2020. Commercial construction is the largest application of fire-stopping materials. It comprises healthcare facilities (hospitals and laboratories), banks, hotels, education institutions, and government-owned offices. Commercial construction is rapidly increasing in developed and developing countries.
Geographically, the global Fire Stopping Material market has been categorized as North America, Europe, Asia-Pacific, South America, and Middle East & Africa. As per analysis, North America constituted a dominant share of the Fire Stopping Material market in 2020 and Asia Pacific is expected to grow with the highest CAGR during the forecast period.