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.

About Market Research Future

At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.

MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.

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