The fire protection materials Market is expected to grow from USD 6.876 billion in 2025 to USD 9.902 billion in 2030, at a CAGR of 7.57%.
Fire protection materials are materials that have fire-resistant properties and are able to withstand higher temperatures. Such materials have high industrial applicability in building & construction, transportation, oil & gas, and electrical & electronics sector as foams, coatings, and sealants among others. The thermal resistance nature of such materials is becoming a major factor that is driving their demand in such industrial sectors. Moreover, the bolstering growth witnessed by these sectors is further pushing the market demand for fire protection materials. For instance, For instance, according to the International Organization of Motor Vehicle Manufacturers data, in 2021, global automotive production stood at 80.1 million units which represented a 3% increase over 2020’s production volume. Moreover, according to the U.S Energy Information Administration, in 2022, the total number of operable refineries stood at 130 units which represented an increase of 1% increase in comparison to 2021. Furthermore, the growing incidence of fire accidents is raising the demand for the usage of efficient fire protection systems and the establishment of fire safety guidelines for protecting human lives is further accelerated the market growth of fire protection materials.
Based on industry vertical, the fire protection material market is segmented into building & construction, transportation, electrical & electronics, oil & gas, and others. The building & construction sector is projected to hold a decent market share during the forecast period. Fire protection materials such as coatings, foams, and sealants are majorly used in the building & construction sector during new construction or remodeling activities. The growing scale of construction projects and increase in construction spending has elevated the construction output in major countries. For instance, according to the US Census Bureau, in January 2022, construction spending saw a 2.7% increase in comparison to a contraction of 0.9% in 2021 for the same month. Furthermore, according to Eurostat’s data, in October 2022, construction output in the EU saw a 2.4% increase in comparison to October 2021. Such an increase in construction output and spending has provided a positive outlook to the demand and usage scope of fire protection materials in coatings, foams, and sealants application in building & construction, thereby augmenting the overall market growth.
Fire protection materials when applied as coatings on the automotive body provide a thermal protective layer that increases its thermal resistance thereby protecting human life when a vehicle catches fire. Moreover, it is highly used during residential construction activities to prevent home fire incidence. Fatalities caused by fire incidence, both in vehicles and residential have increased over the years. For instance, according to the National Fire Protection Association, in 2021, the number of home fire deaths stood at 2,840 which represented a 10% increase from 2,580 deaths recorded in 2020. Furthermore, as per the same source highway vehicle, fire deaths increased by 12% from 2020 to 2021. Moreover, according to the Chinese Fire and Rescue Department of the Ministry of Emergency Management, in Q1 of 2022, 640 electric vehicles caught fire in China which represented a 32% increase. Such growing fire incidence will boost the demand for fire protection materials in the automotive and building & construction sectors, thereby propelling the overall market growth.
Market Segmentation: