The fireproof insulation market is estimated to reach USD 23.79 billion by 2021, at a CAGR of 4.6% from 2016 to 2021. Stringent building codes in the developed economies, reduction of greenhouse gases, and energy efficiency are some of the factors driving the global fireproof insulation market.
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Based on material, the glass wool segment led the market for fireproof insulation. However, the plastic foam segment is projected to grow at the highest CAGR during the forecast period. Plastic foam insulation materials are non-fibrous in nature and therefore personal protection equipment are not required during mounting. These material possess decent fire resistance according to the British Standard 476 and superior R-value. Plastic foams are used in different forms such as rigid board insulation and spray applied insulation.
The Europe region accounted for the largest share of the global fireproof insulation market in 2015 owing to the presence of various fireproof insulation manufacturers in the European region with their sales presence all around the globe. However, Asia-Pacific is expected to be the fastest-growing market in the coming years, in terms of value. This market has the highest growth potential, as emerging economies in this region are expected to be key markets for the construction industry. Presently, the fireproof insulation market in Asia-Pacific is at the early growth stage and is growing at a faster pace than that of other regions. Rapid urbanization and infrastructural development projects in the emerging countries, such as China, India, and Indonesia are expected to increase the demand for new commercial as well as housing projects. This is expected to consequently increase the demand for fireproof insulations in the region. Other potential regions for fireproof insulation include Middle East & Africa and Latin America.
The global fireproof insulation market is fragmented and is highly competitive with the presence of large number of prominent players. BASF SE (Germany), Rockwool International A/S (Denmark), Knauf Insulation GmbH (Germany), Owens Corning Corporation (U.S.), and Saint-Gobain S.A. (France) are some of the key players operating in this market. These companies have adopted various strategies such as expansions, new product launches, and mergers & acquisitions to strengthen their foothold and increase their share in this market. The global fireproof insulation market is expected to have significant potential for growth in the near future.
