According to a new report published by Allied Market Research, titled, “Fire Stopping Materials Market by Type, Application, and End-User: Global Opportunity Analysis and Industry Forecast, 2021–2030,” the global fire stopping materials market size was valued at $1,352.8 million in 2020, and is projected to reach $2,002.4 million by 2030, registering a CAGR of 4.1% from 2021 to 2030. Fire stopping is a passive fire protection system made up of different components that are used to seal joints and gaps in fire-resistant rated walls and floor assemblies. Sealing these joints is a technique that can be applied at every roof that meets a wall structure. Fire stopping materials have ability to prevent spreading of fire and smoke from one area to another. This means that the building's structure will remain mostly intact during a fire, leaving all escape routes clear, reducing the risk of falling material, and ensuring safe evacuation while giving emergency services access to the building if necessary.
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During the projected period, the fire stopping materials is expected to be propelled by rising demand from construction sector such as residential and commercial as well as industrial sectors to reduce fire hazards. Furthermore, an increase in fire hazards and a rise in fire safety laws and regulations force to install fire stopping materials in residential buildings, industrials, and non-residential premises such as malls, theaters and public places, which is expected to propel the fire stopping materials market growth forward during the forecast period.
Fire stopping materials are of various type such as putty and pads, sealants and mortar. Putty possesses high-plasticity material with a texture similar to clay that is commonly used to fill gaps during construction. Firestop putty is primarily used to strengthen the fire resistance of electric outlet boxes, insulate pipes and cables and construction and ceiling joints. Similarly, sealants and mortar offer complete protection against the spread of smoke and fire in the event of a fire. It also adheres well to gypsum, metal, and plastic as well as other construction substrates and penetrants. During the forecast period, these qualities are projected to increase demand for such fire stopping materials.
Furthermore, various major fire stopping materials companies are adopting various strategies such as business expansion and product launch to strengthen its position in fire stopping materials market. For instance, in October 2019, Knauf Insulation opened its new site Rock Mineral Wool Plant in Illange France. The new plant will manufacture rock mineral wool for residential and commercial sectors. Rock mineral wools are incombustible and prevent fire and flames to propagate and spread and can be used in wide variety of application. Such factor will provide lucrative growth in the fire stopping materials market during he forecast period.
However, due to a lockdown imposed in countries such as China, the U.S., India, and others, due to the coronavirus issue, numerous manufacturers in the global fire stopping materials market had to halt their business production. This disruption has a direct impact on the sales of fire stopping materials. However, it is expected that the reopening of production facilities and the introduction of coronavirus vaccines will lead to the reopening of fire stopping materials firms.
Some of the key players operating in the global market include 3M Company, BASF SE, Etex Group, Hilti Group, Knauf Insulation, Morgan Advanced Materials, RectorSeal Corporation, RPM International, Inc., Sika AG, and Specified Technologies, Inc.
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