Fire Stopping Materials Market to Reach $2.00 Bn, Globally, by 2030 at 4.1% CAGR: Allied Market Research
Drivers, restraints, and opportunities-
Rise in demand for passive fire protection systems, increased emphasis on fire safety codes and regulations, developments in the residential and commercial sectors drive the growth of the global fire stopping materials market. On the other hand, fluctuations in raw material prices impede the growth to some extent. However, advancements in fire stopping materials are expected to create lucrative opportunities in the industry.
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COVID-19 scenario-
The sealants segment to retain the lion's share-
On the basis of type, the sealants segment held the major share in 2020, garnering more than half of the global fire stopping materials market, due to rise in digitization among the public and private sectors and adoption of online tutoring and digital content delivery in several business organizations. The same segment is also expected to register the fastest CAGR of 4.5% throughout the forecast period. The objective of fire sealants is to seal any small gaps or openings in a building or structure to prevent a fire from spreading from one fire area/compartment to another. Fire Sealants, like all passive fire materials, have a fire rating that specifies how long it will keep fire from spreading. These factors drive the growth of the segment.
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The electrical segment to dominate by 2030-
On the basis of application, the electrical segment contributed to the lion's share in 2020, holding more than two-fifths of the global fire stopping materials market. The same segment is also projected to manifest the fastest CAGR of 4.5% from 2021 to 2030. According to Electrical Safety Foundation International, electrical distribution systems are the 3rd leading cause of building fires. Every year, an estimated 51,000 fires occur in homes due to electrical fires, resulting in approximately 500 deaths, over 1,400 injuries, and $1.3 billion in property damage. Also, it has been made compulsory to install smoke detectors and install tamper resistant receptacles to prevent electrical burns. Such factors have increased demand for fire stopping materials for electrical application, thereby boosting the growth of the segment.
North America held the major share in 2020-
By region, the market across North America dominated in 2020, garnering nearly two-fifths of the global fire stopping materials market. This is because the government bodies in the region have implemented stringent fire safety rules and regulations for the installation of fire stopping materials. The Asia-Pacific region, however, is expected to cite the fastest CAGR of 4.8% throughout the forecast period. This is owing to high population and increase in demand for residential and commercial construction activities in the province.
Key players in the industry-
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