In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
Fireproof insulation is an insulating material used to encounter flames in the case of fire disaster and helps in the protection of load structure of the building, human lives and investments. The different types of material used in the fireproof insulation are cellulose, fiberglass, polystyrene and polyurethane. Fireproof insulation is primarily used in the residential, commercial and industrial sectors. Presently, fireproof insulation is also used in the naval ships in order to save the ships from internal fire. Rockwool insulation is natural fire resistant used as an insulation to prevent the fire in the building.
The global fireproof insulation market is anticipated to expand at a CAGR around 5.0% during 2018-2027. It is projected to reach around USD 30 billion by 2027. The growth in the market size can be attributed to the fact of growing construction industry in the developing countries such as China and India coupled with strict regulation related to construction ensuring the safety of the population.
The global fireproof insulation market can be segmented on the basis of material type, application and end-use. On the basis of material type, it is sub-segmented into polyurethane foam, slag wool, glass wool, fiberglass, cellulose, mineral wool, rock wool and polystyrene. Glass wool sub-segment is anticipated to be the largest sub-segment on the account of increasing demand from construction industry as it provides enhanced safety to the people. The properties of glass wool such as lightweight, flexible, inexpensive and non-combustible material are primary reason for sub-segment to lead in comparison to other segment. On the basis of end-use, it is segmented into industrial, residential, commercial, marine and offshore. The residential sub-segment is the largest application segment of fireproof insulation. The increasing awareness related to the fireproof insulation is primary reason for the growth of the fireproof insulation market.
By region, global fireproof insulation market is segmented into North America, Asia-Pacific, Latin America, Europe, Middle East and Africa. Europe is anticipated to be the largest market for the fireproof insulation on the account of continuous alterations in the building regulations. The favorable government regulation regarding the safety of population is also major reason for the region to lead the global fireproof insulation market. However, Asia-Pacific is anticipated to be the fastest growing market for the fireproof insulation on the account of increasing safety and environmental concern regarding various toxic emissions. Additionally, there is increasing demand for the fireproof insulation in the region on the account of rapid industrialization.
Our in-depth analysis segmented the global fireproof insulation market in the following segments:
Global fireproof insulation market is further classified on the basis of region as follows:
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The strict government regulations in the industrial and residential sector are anticipated to be major growth driver for the market. The rapid industrialization is increasing the construction activities across various developing countries such as China and India which indirectly drives the fireproof insulation market. The rising consumer awareness regarding the energy consumption and side effects regarding the various greenhouse gases is anticipated to boost the demand for the fireproof insulation.
However, lack of awareness about the fireproof insulation hinders the market growth during the forecast period.