New York, Sept. 06, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Europe Fireproof Cladding Market Size, Share & Trends Analysis Report By Material, By Application, By Country And Segment Forecasts, 2021 - 2028" - https://www.reportlinker.com/p06134843/?utm_source=GNW
Europe Fireproof Cladding Market Growth & Trends
The Europe fireproof cladding market size is expected to reach USD 33.98 billion by 2028. It is expected to expand at a CAGR of 11.1% from 2021 to 2028. Increasing awareness regarding the fire safety of residential and commercial buildings across the region is expected to benefit the market growth in Europe.
The market for fireproof cladding in Europe is likely to upscale in the estimated time, supported by initiatives by various countries for the protection of mid and high-rise residential buildings from fire hazards. For instance, the Ministry of Housing, Communities, and Local Government of the U.K. is planning to provide long-term low-interest schemes for cladding replacement projects for four to six stories high buildings.
The governments in the European countries have further strengthened their fire regulatory outlook following the Grenfell tower fire incident in London in June 2017.The failure of aluminum and polyethylene composites-based claddings was considered a primary reason for the spreading of the fire in the buildings.
As a result, governments are emphasizing the usage of fireproof cladding systems, thus fueling the growth of the European market.
The industry is expected to benefit from increased emphasis by companies for the development of fireproof cladding using natural additive-based fiber cement and mineral wool as a substitute for synthetic cladding materials to minimize the VOC emissions during the fabrication process. Moreover, customization options for design and dimensions offered by the players are expected to benefit the market growth.
Europe Fireproof Cladding Market Report Highlights
• The calcium silicate material segment is expected to register the fastest revenue-based CAGR from 2021 to 2028 owing to the products’ superior fire resistance property and lightweight characteristics
• The residential application segment dominated the market with a revenue share of 44.1% in 2020 and is anticipated to witness the highest growth from 2021 to 2028
• The U.K. is estimated to register the fastest revenue-based CAGR of 12.3% from 2021 to 2028 owing to factors such as government initiatives to promote construction safety products and stringent regulations regarding the fire safety of residential and commercial buildings
• The COVID-19 outbreak in Europe impacted the construction industry owing to the restrictions on construction activities and trade suspension, however, the market witnessed positive growth in the first quarter of 2021 owing to the resumption of industrial sectors
• Prominent players operating in Europe are aiming to collaborate with construction companies to increase penetration and market reach in the residential and commercial building segments
Read the full report: https://www.reportlinker.com/p06134843/?utm_source=GNW
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