New York, United States , Nov. 08, 2023 (GLOBE NEWSWIRE) -- The Global Fire Stopping Materials Market Size is to Grow from USD 1.63 Billion in 2022 to USD 5.87 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 13.7% during the projected period. The rising adoption of fire-resistant materials in various applications such as electrical, mechanical, plumbing, and others in several end-use industries such as residential, commercial, and industrial is expected to boost the demand for the fire stopping materials market throughout the forecast period.
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Fire stopping materials are chemicals that form permanent seals that close any gaps between fire compartments. When services such as plumbing, ductwork, and others pass through the barrier, gaps form. Fire stopping materials include specialist foam, fillers, sleeves, and collars. They are commonly seen in warehouses, office buildings, and industrial and commercial structures. Fire-resistant and intumescent materials, as well as motors, silicone, mineral fibers, and rubber compounds, are used to create fire stopping materials. They work primarily in electrical, plumbing, mechanical, building and construction, and other related industries. The demand for fire protecting products will continue to rise in a variety of industries, including construction, oil and gas, transportation, and general industries such as power generation, chemical, mining, and many more. Furthermore, as the world's population has increased, so has the building industry, particularly for residential and commercial development projects. Furthermore, rising regulatory frameworks and industry standards/regulations, particularly in Europe and North America, are driving up market demand for fire stopping materials.
Browse key industry insights spread across 200 pages with 120 market data tables and figures & charts from the report on the "Global Fire Stopping Materials Market Size, Share, and COVID-19 Impact Analysis, By Type (Putty & Putty Pads, Mortars, Sealants, Cast-in Devices, Boards, Collars, Wraps/Strips, Others), By Applications (Electrical, Mechanical, Plumbing, Others), By End-use Industry (Residential, Commercial, Industrial), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032."
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The putty & putty pads segment is dominating the market with the largest revenue share over the forecast period.
On the basis of type, the global fire stopping materials market is segmented into the putty & putty pads, mortars, sealants, cast-in devices, boards, collars, wraps/strips, and others. Among these, the putty & putty pads segment is dominating the market with the largest revenue share of 38.6% over the forecast period. Putty is a high-plasticity material with properties similar to clay or dough that is commonly used to fill cracks during construction. These materials are lightweight and can be hand-molded for quick installation. It provides complete protection against the spread of flames and smoke after a fire.
The electrical segment is witnessing significant CAGR growth over the forecast period.
On the basis of applications, the global fire stopping materials market is segmented into electrical, mechanical, plumbing, and others. Among these, the electrical segment is witnessing significant CAGR growth over the forecast period. High-rise apartment buildings require complicated electrical systems such as switch boards, wiring, conduits, and outlets. To comply with stringent regulations, these facilities must have fire suppression systems. The most commonly used fire stopping materials for fireproofing electric cables and boxes are mortar, sealants, and putty.
The commercial segment accounted for the largest revenue share of more than 43.2% over the forecast period.
On the basis of end-use industry, the global fire stopping materials market is segmented into residential, commercial, and industrial. Among these, the commercial segment is dominating the market with the largest revenue share of 43.2% over the forecast period. The most prevalent application for fire stopping products is in commercial building. Commercial construction is increasing in both developed and developing countries.
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North America dominates the market with the largest market share over the forecast period.
North America is dominating the market with more than 38.7% market share over the forecast period. The strict government standards and expectations connected with building protection, as well as the huge rise of high residential structures such as skyscrapers, are pushing the North American market for fire stopping materials. On the contrary, Asia Pacific is predicted to grow the fastest during the forecast period. The region's rising population, combined with the introduction of new technology and goods, is predicted to make it an ideal place for the ongoing development of fire stopping materials.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Fire Stopping Materials Market include BASF SE, 3M, Sika AG, Fire Seals Direct, HoldRite, Saint-Gobain Group, Rockwool International AS, Supremex Equipments, Fischerwerke GmbH & Co. KG, RectorSeal Corporation, Den Braven, Tenmat Ltd., Encon Insulation Ltd., Lloyd Insulations, Unique fire stop products Inc., Specified Technologies Inc, Hilti Corporation, Knauf Insulation, and among others.
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Recent Market Developments
On October 2022, with its cutting-edge firestop systems, Hilti, a leading provider of innovative solutions aimed at improving productivity, safety, and sustainability in the global construction industry and beyond, is raising overall safety standards in terms of fire and infection control across the healthcare sector. The Hilti Firestop Speed Sleeve, with its novel air-tightness twist design, was installed to allow the hospital to position ventilators and IV pumps outside of patient rooms, decreasing the risk of COVID-19 exposure to its healthcare personnel. This also allowed the medical team to more efficiently monitor equipment and help prevent viral spread.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the Global Fire Stopping Materials Market based on the below-mentioned segments:
Fire Stopping Materials Market, Type Analysis
- Putty & Putty Pads
- Mortars
- Sealants
- Cast-in Devices
- Boards
- Collars
- Wraps/Strips
- Others
Fire Stopping Materials Market, Applications Analysis
- Electrical
- Mechanical
- Plumbing
- Others
Fire Stopping Materials Market, End-Use Industry Analysis
- Residential
- Commercial
- Industrial
Fire Stopping Materials Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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