What is the main topic?

The article discusses the growth and trends in the Fire Protection Materials Market, focusing on its projected 8.5% CAGR from 2020 to 2027.

Another relevant question?

What are the key regions driving the market growth? North America and Europe are key regions, with North America leading due to strict regulations.

Third question about the topic?

What are active and passive fire protection materials? Active materials require action, like extinguishers, while passive materials, like fire-resistant walls, do not.

Fire Protection Materials Market: Growth, Trends, and

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Fire Protection Materials Market to See 8.5% CAGR Growth by 2027

Fire Protection Materials Market Is Likely To Witness An Impressive Cagr Of 8.5% During The Forecast Period 2020-2027

Fire protection material are materials that help resist and withstand fire. These materials are used to reduce the effects of destructive fires by minimizing the harm caused to the body. These materials can be classified into active fire protection materials or passive fire protection materials. Active fire protection materials are those that require some kind of motion and action for its protection such as the fire extinguishers used by the fire fighters, whereas passive fire protection materials are those that are installed in a building, which do not require any motion or action such as the fire resistant walls, floors, and fire doors.

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Fire Protection Materials Market Outlook:

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.

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Fire Protection Materials Market: Key Developments

In June 2019, 3M Co announced that it will sell its gas and flame detection business to Teledyne Technologies Incorporated for an amount of USD 230 million. In addition to this, the company has announced that it would retain its Scott Safety brand name. The company has announced that its gas and flame detection business had produced a global sales revenue of USD 120 million.
In Oct 2018, Akzo Nobel N.V. sold the Specialty Chemicals business to The Carlyle Group and GIC for an enterprise value of €10.1 billion. This business segment provided fire protection coatings as one of its major products. The major fire protection materials which were provided as a part of this business segment were the Cellulosic fire protection and the Hydrocarbon fire protection products amongst others.

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Fire Protection Materials Market Is Likely to Witness an Impressive Cagr of 8.5% During the Forecast Period. | Hilti Group, 3M Co, Akzo Nobel N.V.

Quick Summary

Fire Protection Materials Market to See 8.5% CAGR Growth by 2027

Key Takeaways

Frequently Asked Questions about Fire Protection Materials Market Is Likely To Witness An Impressive Cagr Of 8.5% During The Forecast Period. | Hilti Group, 3M Co, Akzo Nobel N.V.