In 2023, the market for fireproofing materials was valued at USD 1,195.9 million. Projections indicate a compound annual growth rate (CAGR) of 6.9% from 2024 to 2030, with an anticipated market value of USD 1,899.0 million by the end of 2030. This growth of the market can be credited to the increasing count of fire happenings, the rising acceptance of related safety guidelines and rules, and the quick infrastructure growth activities throughout the globe.
Fire poses a threat not only to properties and assets but also jeopardizes the safety of individuals in such situations. Therefore, everyone must remain vigilant and adopt precautionary measures to reduce the risks associated with these hazards.
Expenditure in the construction industry, and also the real estate industry, are vital to guarantee the financial solidity, structure, and development of a nation. Construction activities in commercial, residential, and industrial places in nations, like India, China, and the U.S., credited to high populace and increasing urbanization, are projected to surge significantly.
Furthermore, exterior walls are protected by utilizing flame-resilient materials like cement and also adding puffy coating for additional protection of a structure. Likewise, roofs can be protected by utilizing fireproofing materials, and also executing other protective measures like avoiding wood roofing shingles and choosing concrete or asphaltic structures in their place. All these reasons are symbolic of the propensity to the rising demand for fireproofing material.
In 2023, the North American market secured the highest revenue share, and projections suggest a growth at a CAGR of 6.5% in the upcoming period. This growth is linked to the increasing occurrences of fires in both residential and non-residential structures, along with a notable surge in construction activities throughout the region.
As indicated by statistics from a government entity, non-residential buildings in the U.S. have witnessed over 110,000 fire incidents. Furthermore, there has been a roughly 20% rise in such occurrences from 2012 to 2021 in the country, according to the same data.