Fireproof Insulation Market, Overview, Trends and COVID-19 Analysis, Forecast to 2023
proof Insulation Market
The global fireproof insulation market is witnessing
a spurting rise over the past few years. A large share of the market growth
attributes to the burgeoning construction industry that is experiencing an
increase in the number of commercial & residential projects. Huge
investments are transpired to drive these public & private construction
projects, which, in turn, boost the consumption of fire protection materials.
The rapidly increasing global population,
urbanization, and industrialization drive the demand in the building &
construction sectors. Rising awareness about the destruction that happens due
to the fire is a major driving force behind the growth of the market. Fireproof
insulation materials fine their vast usages in other growing industries also,
such as automotive, aerospace, marine, O&G, and electrical & electronics,
among others.
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Resultantly, fireproof insulation materials perceive
an exponential demand, which allows its market to garner increasing traction on
the global front. According to Market Research Future (MRFR), the global
fireproof insulation market valuation had reached USD 20.22 BN in 2018, which
is further projected to appreciate at 4.21% CAGR during the review period
(2019-2025). Rising government funding is motivating key companies to
manufacture new fireproof insulation materials that are eco-friendly and match
the changing trends.
Additional factors such as the rising numbers of
O&G plants worldwide and a sudden increase in the transport industry
substantiates the growth of the market. Conversely, the lack of awareness about
the benefits of fireproof insulation materials is a major factor expected to impede
market growth during the projected period.
Nevertheless, the increase in the global economy would support the
growth of the market throughout the assessment period, increasing the sales in
end-use industries.
Global Fireproof
Insulation Market – Segmentations
The market is segmented into three key dynamics.
By Material : Glass Fiber, Mineral Wool, Plastic Foam, Glass Wool, and others.
By
Application :
Residential, Commercial,
Industrial, and others.
By Regions :
North America,
Europe, APAC and Rest of the World.
Fireproof
Insulation Market – Geographical Analysis
North America
dominates the global fireproof insulation market. The largest market share
majorly attributes to the augmenting demand from the burgeoning end user
industries. Huge consumption of
fireproof insulation products in the region is due to the presence of a large
number of oil & gas plants that are at high risk of fire. In addition, the
booming manufacturing industry in the region fosters market growth.
Also, the increase
in the number of food manufacturing companies is fueling the need for fireproof
insulation materials for industrial machinery and equipment. US being the
largest O&G producing country significantly contributes to the regional
market growth. Continuing with the same growth trends, the North American
fireproof insulation market is projected to retain its dominating position
throughout the review period.
The Asia Pacific
region stands second in the global fireproof insulation market. The burgeoning
building & construction industry in the region is witnessing huge
investments from the public & private sector in residential &
commercial construction projects. Moreover, the high demand for fuel in India,
China, and Indonesia, among other countries, is augmenting oil & gas
exploration activities.
Major Players:
Players leading
the global fireproof insulation market include Rockwool
International A/S (Denmark), BASF SE (Germany), Owens Corning Corporation (US),
Paroc Group (Finland), Saint-Gobain SA (France), Knauf Insulation (US), Knauf
Insulation (Serbia), GAF (US), and Beijing New Building Material Co., Ltd.
(China), among others.
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NOTE:
Our team of researchers are studying Covid19 and its impact on various industry
verticals and wherever required we will be considering covid19 footprints for a
better analysis of market and industries. Cordially get in touch for more
details.
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