Fireproofing Materials: Introduction
- Fireproofing provides materials and structures resistance to fire so that during an accidental case of fire the critical structures keep operating until the fire is brought under control. Fireproofing means applying certain products that minimize the escalation of fire.
- Fireproofing materials are used in refineries, petrochemical plants, power plants, process terminals, construction sites, and many other places where the chances of fire are high.
- Fireproofing materials can be of various types such as sealants & fillers, mortar, sheets & boards, sprays, preformed devices, putty, and cast-in devices.
Key Drivers and Restraints of Fireproofing Materials Market
- The global fireproofing materials market is influenced by the stringent governmental fire safety standards that help increase the usage of fireproofing materials in order to avoid any accident or mishap. These regulations are leading to the development of innovative fireproofing materials.
- Fireproofing materials are primarily employed in the construction industry. These are used in construction projects and buildings for commercial and residential purposes. Fireproofing coatings are majorly used to provide fire resistance in buildings. These coatings also provide resistance against weather and corrosion. Thus, rise in population and expansion of the construction industry in developing economies such as China and India are key factors likely to drive the fireproofing materials market in the next few years.
- Increase in stringent government regulations for replacement of harmful chemicals with bio-based chemicals and availability of alternatives for fireproofing materials are expected to hamper the fireproofing materials market in the near future.
Commercial End-use Segment to Dominate Global Fireproofing Materials Market
- Based on end-use, the global fireproofing materials market can be divided into commercial, industrial, and residential.
- Commercial construction is increasing in developed and developing countries. It comprises schools & colleges, hotels & restaurants, hospitals, laboratories, banks, offices, and retail stores.
- Stringent regulations and policies regarding fire safety in organizations such as hospitals, schools, hotels, and offices is expected to drive the commercial segment of the global fireproofing materials market during the forecast period.
- The industrial segment also accounted for vital share of the global fireproofing materials market in 2020. Demand for fireproofing materials in industries such as oil & gas, petrochemical, energy & power, manufacturing, and transportation & logistics has been increasing. This is driving the industrial segment of the global fireproofing materials market.
COVID-19 Impact on Fireproofing Materials Market
- On January 30, 2020, the International Health Regulations Emergency Committee of the World Health Organization (WHO) declared the Coronavirus disease (COVID-19) outbreak a public health emergency of international concern. Originating in China, the virus has spread to at least 214 countries and territories around the world.
- Several governments and private sector businesses are operating at a limited capacity or have ceased operations completely due to recent events surrounding the COVID-19 pandemic.
- Manufacture of various consumer goods and other products across the globe came to a halt due to the unavailability of raw materials, shortage of labor, etc. This is expected to hamper the fireproofing materials market.
North America to Hold Leading Share of Fireproofing Materials Market
- In terms of region, the fireproofing materials market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
- North America is expected to hold major share of the global fireproofing materials market, followed by Europe and Asia Pacific, during the forecast period. Implementation of stringent regulations and codes regarding fire safety is anticipated to create lucrative opportunities for the fireproofing materials market in North America during the forecast period.
- The fireproofing materials market in Asia Pacific is driven by the growth of the construction industry.
- Rise in population and urbanization has led to expansion of the construction industry. Growth of the construction industry is driving the fireproofing materials market in Asia Pacific.
- The fireproofing materials market in Latin America and Middle East & Africa is projected to expand at a moderate pace in the near future. Fireproofing materials are imported into countries such as Brazil, Mexico, and South Africa, due to limited presence of manufacturing companies in these countries.
Key Manufacturers Operating in Fireproofing Materials Market
The fireproofing materials market was consolidated in 2020. Major players have prominent presence in developed and developing countries. Key manufacturers operating in the fireproofing materials market include:
- Akzo Nobel
- Sika AG
- PPG Industries, Inc
- Rpm International Inc.
- Etex Group
- BASF SE
- Knauf Insulation GmbH
- The Sherwin-Williams Company
- Ugam Chemicals
- Iris Coatings S.r.l
- Den Braven
- No-Burn Inc.
- Jotun Group
- W.R. Grace & Co.
Fireproofing Materials Market: Research Scope
Fireproofing Materials Market, by Type
Fireproofing Materials Market, by End-use
Global Fireproofing Materials Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.