FIRE PROTECTION MATERIALS MARKET ANALYSIS

Regional Analysis

• North American market is the largest market for fire protection materials. Owing to well-established industries and increased safety awareness among the populace, North American market is expected to sustain its leading position during the forecast period. Moreover, stringent laws and regulations specified by the OSHA, ANSI, UL, NFPA, and CCOHS in countries such as America and Canada, specifies the standards that products are required to adhere to and fire codes. This creates an increase in demand for Fire protection products. According to the National Fire Protection Association (NFPA), a decrease of around 21% in fire hazards has been observed over the last 5-10 years, which is mainly due to the adequate use of fire protection materials and the amendments of strict fire codes across the region. In addition to this, growth of the aerospace industry has further augmented the demand for fire protection materials in the region.
• Growing construction industry, improving warehousing facilities, and increasing renovation of existing buildings are the driving factors for growth of the market in Europe. Moreover, increased spending on infrastructure, non- residential constructions, and urban housing projects in Eastern Europe, have led to the increase in demand for fire protection products in the region. The recent Grenfell Tower tragedy in 2017 has increased awareness regarding fire protection measures in the region, thereby attracting more investment from the government in fire protection materials. Europe is considered to be the second largest market for global fire protection materials.
• Owing to the huge investments in end-use industries and high growth in infrastructural development, industrial development, and construction, Asia-Pacific is projected to be the fastest growing market for fire protection materials. The recent growth of the ware housing facilities in emerging economies such as India and China, have further augmented the fire protection materials market in this region.
• The Middle East and Africa are expected to be the second fastest growing market for fire protection materials. The increase in growth of the construction industry, industrialization, and disposal income of the population are the factors driving growth of the market in these regions. The high demand for fire protection materials in the oil and gas industry is also contributing to growth of the fire protection material market. The innovation of epoxy intumescent has further increased growth of the market for fire protection materials. Growth in the construction sector of Qatar, owing to the FIFA world cup 2022, has been a major driving factor fueling demand for fire protection materials in the region. Planned investments are made in Lusail City, Al Jawhara city and in Barwa for fire protection material.