ID: MRFR/CnM/2098-HCR | February 2021 | Region: Global | 111 pages
The Fireproof Insulation Market is projected to surpass USD 20.22 billion by 2018 and expected to register a CAGR of over 4.21% during the review period.
Fireproof insulation materials help reduce equipment damage from fire by retarding heat energy. The fire insulation materials include ceramic fibers or minerals that are bonded with high-temperature inorganic binders. The insulation material is manufactured in the form of a blanket. It is used in building, electronics, and industrial machines to protect against fire.
Fireproof insulation material manufacturing companies are expanding their production capacity to meet the growing needs of end-use industries such as oil & gas, energy, construction, and electronics. For instance, in February 2019, Rockwool International A/S, a leading manufacturer of mineral wool products, has expanded its manufacturing facility in South Wales and Bridgend. Mineral wool is the key source of fireproof insulation material. Rockwool fireproof insulation products are majorly used for insulating residential and commercial buildings.
In oil & gas and nuclear industries, fireproof insulation blankets are used to protect machinery, valves, and flanges against fire. An increase in energy demand, particularly in India and China, on account of rapidly expanding industrialization has driven the oil & gas industry, augmenting the demand for insulation materials in oil and gas factories. In addition, rising demand for chemical-based products in paints & coatings, surfactants, lubricants, and adhesives, is a key factor surging the growth of the oil & gas industry. Increasing public sector investment on exploration and production of oil & gas has surged the demand for global fireproof insulation products. Thus, oil and gas production and extraction activities in regions such as Asia-Pacific and the Middle East & Africa are creating lucrative opportunities for players operating in the global fireproof insulation market.
Global Fireproof Insulation Market Share, by Application Industry, 2018 (%) Source: MRFR analysis Regional Analysis
The global fireproof insulation market has been studied across five key regions, namely, Asia-Pacific, North America, Latin America, Europe, and the Middle East & Africa.
In North America, the US is the largest oil and gas producing country. The high risk of fire in oil and gas plants has surged the consumption of fireproof insulation products in the region’s oil & gas industry. In addition, the US manufacturing industry is booming owing to the increase in the number of food manufacturing companies, which is fueling the need for fireproof insulation materials for industrial machinery and equipment.
The building and construction industry in Asia-Pacific is witnessing phenomenal growth owing to increasing public and private sector investments in residential and commercial construction projects. Moreover, the high demand for fuel in India, China, and Indonesia, among other countries is augmenting oil & gas exploration activities, which is propelling the demand for insulation materials in the region.
Europe, the Middle East & Africa, and Latin America are expected to witness healthy growth, owing to the increasing application of fire protection insulation material in building & infrastructures and energy plants during the assessment period.
The global fireproof insulation market has been segmented based on materials, application, and region. Based on material, the global fireproof insulation market is segmented into mineral wool, plastic foam, glass wool, and others. Glass wool is the most preferred material for manufacturing fireproof insulation products owing to a wide range of thermal and mechanical properties. The global fireproof insulation market is segmented, by application, into residential, commercial, and industrial buildings. The residential segment is expected to grow at 4.1% CAGR due to the rapidly increasing global population and urbanization, which is increasing the need for residential buildings.
December 09, 2019 - Installed Building Products, Inc. (the US), an industry-leading installer of insulation and complementary building products, announced the acquisition of a US-based provider of spray foam & fiberglass insulation installation services - Gulf Coast Insulation. The acquisition aligns with the Company’s key growth plans.
Installed Building Products is one of the largest new residential insulation installers in America and offers products & services for fireproofing, fire-stopping, waterproofing, and others. Also, the Company has a robust pipeline of acquisition opportunities across multiple geographies, products, and end markets.
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Materials and Application|
|Geographies Covered||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Key Vendors||BASF SE (Germany), Rockwool International A/S (Denmark), Owens Corning Corporation (US), Saint-Gobain S.A. (France), Paroc Group (Finland), Knauf Insulation (US), GAF (US), Knauf Insulation (Serbia), and Beijing New Building Material Co., Ltd. (China)|
|Key Market Opportunities||oil and gas production and extraction activities in regions|
|Key Market Drivers||rising demand for chemical-based products in paints & coatings, surfactants, lubricants, and adhesives|
Frequently Asked Questions (FAQ) :
The fireproof insulation market was valued at USD 20.22 billion in 2018.
The fireproof insulation market is expected to exhibit a steady 4.21% CAGR over the forecast period from 2019 to 2025.
The major drivers for the fireproof insulation market include the growing demand from the oil and gas industry as well as the growing urban construction in developing economies.
Glass wool is the leading segment by material in the global fireproof insulation market.
Residential construction is likely to be the leading application segment of the fireproof insulation market over the forecast period.