The consumer awareness regarding controlled energy consumption and side-effects of greenhouse gas emissions is anticipated to increase the consumption of fireproof insulation.
The market for fireproof insulation is now valued at US$ 27.5 billion in 2022, and it is anticipated to rise at a moderate CAGR of 3.5% over the course of the forecast period to reach US$ 38.79 billion by 2032.
Fireproof insulations are used to combat the spread of flames in case of fire disaster and helps in protecting the load bearing structure of the building, investments and human lives. The different types of material used in fireproof insulation are fiberglass, cellulose, mineral wool, polystyrene (EPS) and polyurethane foam.
Among these, fiberglass material accounts for major share in terms of consumption in global fireproof insulation market. This material is made by weaving fine glass strands and has the capability to minimise heat transfer.
Fiberglass material is a cost effective insulation material as compared to other material types. Fireproof insulation is used in building and construction sector and can be further classified as residential, industrial and commercial. It is also used to enhance the safety of naval ships.
ROCKWOOL International A/S, is a UK based leading manufacturer of insulation products. The company manufactures different fireproof products and systems by brand names FIREPRO, ROCKCLOSE, ROCKWOOL etc.
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Fireproof Insulation Market: Drivers and Restraints
The stringent government regulations for residential and industrial constructions to enhance the safety is the major driver for the growth of global fireproof insulation market. Industrialization and the rising construction activities in APEJ, Latin America and MEA regions is expected propel global fireproof insulation market growth.
Fireproof insulation helps in reducing heat transfer, thus maintains the temperature levels and energy consumption in the built structure. The consumer awareness regarding controlled energy consumption and side-effects of greenhouse gas emissions is anticipated to increase the consumption of fireproof insulation.
However, there is a lack of awareness regarding the importance of fireproof insulation in construction of buildings and no stringent fire safety regulations in the emerging economies, which might hamper the growth of global fireproof insulation market during the forecast period.
Fireproof Insulation Market: Region Wise Outlook
The global fireproof insulation market can be divided into seven regions, namely North America, Latin America, Western Europe, Eastern Europe, Asia Pacific Excluding Japan (APEJ), Japan and Middle East and Africa (MEA). North America and Western Europe hold significant share in global fireproof insulation market. In the developed economies such U.S, UK and Germany, the construction activities are subject to stringent regulations and codes.
The industrial marine and shipbuilding industry is quite mature in these regions, which is anticipated to contribute major share in fireproof insulation market in these regions. The rising construction activities in the emerging clusters of APEJ region is anticipated to increase the share of this region in global fireproof insulation market.
In Japan, fireproof insulation is adopted in schools, hospitals, luxury apartments etc. and the consumption is expected to rise during the forecast period. Latin America fireproof insulation market is at nascent stage and is expected to project moderate CAGR over the forecast period.
Fireproof Insulation Market: Key Players
Some of the key players in the global fireproof insulation market are as follows:
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Fireproof Insulation Market: Segmentation
On the basis of material, the global fireproof insulation market can be segmented as follows:-
On the basis of application, the global fireproof insulation market can be segmented as follows:-
On the basis of end-use sector, the global fireproof insulation market can be segmented as follows:-
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market.
Jan 20, 2023
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