The changing dynamics in Fire Protection Materials Market with covid-19 impact assessment
June 09, 2020
The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Fire Protection Materials Market.
It was estimated prior to this unanticipated outbreak that the Fire Protection Materials Market was expected to grow at a CAGR of 8.5% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
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Fire Protection Materials are those that are resistant to fire or also can have the properties of flame retardant. They can either resist burning or can burn but much slower.
Fire Protection materials can be of various types such as sealants & fillers, mortar, sheets & boards, sprays, preformed devices, putty, cast-in devices, and others. Commercial, industrial, and residential are some of the application areas where fire protection materials are used.
This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
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Based on the product type, the market is segmented as sealants & fillers, mortar, sheets/boards, sprays, preformed devices, putty, cast-in devices, and others. The sealants & fillers segment dominated the fire protection materials market. However, the fire protection putty segment is estimated to register high growth during the forecast period.
Based on the application type, the market is segmented as commercial, industrial, and residential. The commercial segment is expected to witness high growth during the forecast period owing to the stringent regulations and policies regarding fire safety in organizations, such as schools, hospitals, hotels, and museums.
In terms of regions, North America led the market for fire protection materials and is expected to remain dominant during the forecast period. Europe is the second-largest market after North America. Revival of construction industry in North America and Europe after sub-prime crises and Euro debt crises along with the implementation of stringent regulations and codes regarding fire safety are the major factors driving the demand for fire protection materials in these regions. Asia-Pacific is expected to be fast growing market for fire protection materials during the forecast period. China, India, and South Korea are the growth engines of the region. Significant economic development in the region, rising urbanization, and increasing disposable income of consumers are the major factors driving the growth of the Asia-Pacific region in the global fire protection materials market.
Key Players:
Some of the major players in the fire protection materials market are Hilti Corporation, The 3M Company, Akzo Nobel N.V., Morgan Advanced Materials, Specified Technologies Inc., Tremco Incorporated, BASF SE, Isolatek International, USG Corporation, Hempel Group, PPG Industries Inc., Fire Protection Coatings Limited, and The Sherwin-Williams Company.
Features of the Report
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.
The Fire Protection Materials Market analysis report discusses the following heads in great detail:
- Market structure: Overview, industry life cycle analysis, supply chain analysis
- COVID-19 Impact Assessment
- Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
- Market trend and forecast analysis
- Market segment trend and forecast
- Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
- Attractive market segments and associated growth opportunities
- Emerging trends
- Strategic growth opportunities for the existing and new players
- Key success factors
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