The fire protection material market size is projected to reach USD 4.0 billion by 2024 from USD 2.7 billion in 2019, at a CAGR of 8.5% between 2019 and 2024. Strict building codes & building regulations and increased emphasis on passive fire protection materials along with fire-stop contractors influencing the consumption are driving the market. Higher costs of these materials and lack of awareness among the consumers are restraining the market growth.
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The players in the fire protection materials market are mainly concentrating on new product launches and product listing via UL documents. New product launches help companies strengthen their product portfolio and meet the specific requirements of customers.
The growth of the fire protection materials market has been influenced primarily by the implementation of NFPA building codes and new product launches that took place between 2018 and 2019. Hilti Group (Liechtenstein), 3M (US), Specified Technologies Inc. (US), ETEX (Belgium), Morgan Advanced Materials (UK), Akzo Nobel NV (Netherlands), Jotun (Norway), Sika AG (Switzerland), and Rolf Kuhn GmbH (Germany) adopted new product launches and product listing via UL documents to remain competitive in the markets. These companies are also highly focused on direct selling and regional expansions.
Hilti is the largest player in the fire protection market. The company is developing its business via expansion in countries such as APAC and North America. It mainly focuses on direct selling and expansion to strengthen its position in the market. The company is also focusing on new product developments and product listing via UL documents to strengthen its product portfolio.
ETEX is one of the major manufacturers of fire protection materials. The company is one of the leading innovators in this market. It is expected to have the highest number of UL listed products according to experts. During the forecast period, the company is expected to compete for the leading position in the global market.
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Akzo Nobel has recently launched a new fire protection coating for wooden applications, and it also expanded its fire protection R&D facility in the UK. Jotun (Norway) is focusing on regional expansion. The company is supplying products to the Shenzhen New Exhibition Centre project with a broad range of premium products, including 450,000 liters of Passive Fire Protection (PFP) coatings for fireproofing applications.
North America is expected to account for the largest market share during the forecast period. The growth is mainly due to strict implementation of NFPA codes. The growing emphasis on passive fire protection system influenced by fire-stop contractors and regulatory organizations has a huge impact on this market.
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