The Fireproof Insulation Market is projected to surpass USD 20.22 billion by 2020 and expected to register a CAGR of over 4.21% during the review period (2022-2030).
Fireproof Insulation Market Overview: 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 insulations are used in battling the wide of flames in the scenario of fire and are an aid to safeguard the buildings and infrastructures or to protect human lives. They help in minimizing the exhaustion of heat and hence maintaining and monitoring the temperature capacity and power consumption. Hence, the international market for fireproof insulation is assured to rise at a profitable rate, due to the raising concerns about power conservation. Some of the factors that are common to processed elements in fireproof insulations are polyurethane foam, fiberglass, cellulose, polystyrene, and mineral wool. These insulations are utilized in industrial, commercial buildings and, residential. Fiberglass product is a cost-effective insulation element as compared to traditional material types. The market for Fireproof insulation is raising due to its demand and which is used in the construction sector and could be further segmented as industrial, residential, and commercial. It is also used to boost the safety and security of naval ships. The market analysis provides a comprehensive summary of the factors influencing the fireproof insulation market and the expansion to which they impact positively throughout the forecast period. This material offers powerful resistance against the crucial accident made with fire. This element secures human lives as well as protects the assets. The other major factor that increases the growth of the fireproof insulation market is a forest fire. It’s a vital concern that gradually raises the market for fireproof insulation.
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.Recent Development
|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|
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 2022-2030.
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.