Fireproof insulations are useful in battling with the spread of flames in case of fire and are helpful in protecting human lives or the load bearing structure of buildings. They help in reducing the transfer of heat and thus maintaining the temperature levels and energy consumption. Thus, the global market for fireproof insulation is poised to rise at a noteworthy rate, owing to the increasing concerns regarding energy conservation. Some of the commonly used materials in fireproof insulations are cellulose, fiberglass, polystyrene (EPS), mineral wool, and polyurethane foam. These insulations are used in residential, industrial, and commercial buildings.
The research report is a professional study offering reliable insights into various critical aspects of the global fireproof insulation market. It provides a comprehensive overview of the factors influencing the market and the extent to which they impact the growth. For a clear understanding, the report divides the market on the basis of several criteria including material, applications, and geography. It includes tools such as Porter’s five force analysis and market attractiveness analysis to derive vendor landscape of the global fireproof insulation market. It reviews the market for the period between 2016 and 2024.
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Global Fireproof Insulation Market: Drivers and Restraints
The increasing efforts by governments and several private organizations worldwide to reduce greenhouse gasses emissions are paving way for the robust growth of the global fireproof insulation market. Stringent codes for building safety, particularly in developed countries, are boosting the uptake of fireproof insulation materials. Moreover, the low cost of these insulations along with rebates and tax credits offered by several governments across the world is stoking the growth of the market.
On the flip side, in developing countries, enterprises, particularly small and medium-sized, are less aware of the benefits offered by fireproof insulations. Thus, the lack of awareness is impeding the growth of the market. Furthermore, the sluggish growth of the construction sector in Europe has a negative impact on the overall market. However, developing countries are expected to emerge in the near future, owing to the growing focus towards fire safety.
Global Fireproof Insulation Market: Geographical Segmentation
North America and Europe will account for a large cumulative share in the global fireproof insulation market. The rising disposable income is translating into the greater sales of furniture, bedding household products, and appliances, which in turn is driving the growth of the regions. Enforcement of stringent building safety codes is also playing an important role in the growth of the regions. While North America will be primarily driven by the U.S., countries such as Italy, Germany, the U.K., and France will be at the forefront of the growth of Europe.
Asia Pacific will register a tremendous CAGR during the forecast period, with India, Japan, and China being the major contributors. Rising government initiatives towards building safety along with the increasing environmental concerns pertaining to emissions of greenhouse gasses are stimulating the growth of the region. The expanding workforce in oil & gas, chemicals, and petrochemicals sectors is creating a staggering volume of demand for protective clothing, which in turn is propelling the growth of APAC.
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Global Fireproof Insulation Market: Competitive Landscape
A raft of players in the global fireproof insulation market is putting in efforts to modify and innovate their offering in order to enhance their visibility. The presence of a large number of players boosts the level of competition in the market and also renders it a moderately fragmented arena. Some of the prominent players operating in the market are Knauf Insulation GmbH, Rockwool International A/S, Owens Corning Corporation, Saint-Gobain S.A., BASF SE, Berkshire Hathaway Inc., and Paroc Oy.