The size of the fireproofing materials market was USD 1,195.9 million in 2023, and it will power at a compound annual growth rate of 6.9% by the end of this decade, to touch a total value of USD 1,899 million by 2030. This has a lot to do with the growing count of fire incidents all over the world, the rising acceptance of associated safety guidelines and policies, and the rapid infra expansion activities at a global level.
The commercial end-users will observe considerable growth, with a rate of 6.7%, in the years to come. It led the industry in 2023 and it will retain its position in the future. This is for the reason that it is vital to fireproof commercial spaces to avert loss of life along with damage to buildings, important equipment, materials, and further assets.
Fireproofing materials similarly avert the flame from spreading at a fast pace, therefore letting additional time for individuals to escape and to firefighters for extinguishing it.
Furthermore, exterior walls are protected with the use of flame-resistant materials for example cement and also addition of intumescent coating for more protection of a structure.
Also, the intumescent coating will have a higher share in the future. This can be for the reason that intumescent coatings are made up of more than a few elements for example a polymeric binder, an acid catalyst, pigments, and development agents that swell up and expand more than a few times than their original thickness when exposed to high heat temperatures, therefore defending the structure within.
As it offers extreme resistance against flames and is fairly durable, it is most used in commercial and industrial spaces. Therefore, more than a few advantages of intumescent coatings will propel the growth of the industry.
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It is because of the growing number of fire incidents all over the world, the demand for fireproofing materials is on the rise. This trend will continue in the years to come as well.
