Fire resistant apparel may witness significant growth in fireproof insulation market and was valued at USD 4.0 billion in 2015 and may exceed USD 5.5 billion by 2024, with gains at over 5.5%. Rise in product demand for mining, chemicals, construction & manufacturing and oil & gas industries along with supportive government norms regarding work place safety should favor fireproof insulation market growth.
Strict government regulations in construction sector accompanied with rising environmental concerns regarding GHG reduction and low installation cost should drive industry growth. Key properties include cost effectiveness and energy efficiency may boost product demand in various applications.
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Global construction market was valued at over USD 8.5 trillion in 2015 and may surpass USD 10.5 trillion by 2024. Increasing infrastructure spending along with rapid urbanization has led to rise in construction industry growth thereby positively influencing fireproof insulation market size. It is used in commercial, industrial and residential construction & building sectors. Increasing number of hazards leading to loss of property and life may contribute towards product demand.
Residential and commercial building accounted for highest portion of market share in 2015. Rapid industrialization along with rising economic standards has led to increase in infrastructural establishments. Rising awareness regarding building disaster management and recovery measures is a major factor stimulating fireproof insulation market growth.
Global Fireproof Insulation Market size may observe steady growth over the foreseeable timeframe. It is processed from fire redundant material and protect against fire attacks which is prominently used in clothing, and building materials.
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Global fireproof insulation market is moderately fragmented. Major players operating in this industry are Bershire Hathway, Rockwol International, BASF SE, Owens Corning and Saint Gobain. Other prominent companies include Paroc Group, Knauf Insulations GmbH, GAF, and Kingspan Group OY.
BASF has introduced Palusol protection panels which are classified as non-combustible building materials. The product is used to protect glazing, doors, cables, and pipes. The company also provides Elastocool & Elastopor for refrigerators and freezers which are mainly used in insulation applications.
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