The Firestop Sealants Market to Cross $500 Million by 2025, Says Global Market Insights Inc.
The growth of the firestop sealants market will be driven by the rising number of investments in residential and commercial construction, favorable government policies such as the 'housing for all' scheme, and the surging need to incorporate advanced fire-resistant building materials in construction, claims the report.
SELBYVILLE, Del., January 31, 2020 (Newswire.com) - According to the report published by Global Market Insights, Inc., the global firestop sealants market size was valued at $400 million in 2018 and is predicted to hit $500 million by 2025, which is forecast to witness demand above 200 kilotons from 2019 to 2025. The report offers a complete analysis of major investment pockets, market scope and estimations, drivers and opportunities, top winning strategies, fluctuating market trends, and competitive business scenarios.
The rising deployment of passive fireproofing materials, such as fillers, tapes, and sealants in pipes, cables, and wires, will help drive the firestop sealants market. Regulations enforced by the regional governments to mandate the utilization of passive fire protection materials in the construction sector will also increase product demand.
Organizations such as the International Building Code (IBC), EU, Legacy US, National Building Code, and National Electrical Code (NFPA-70), have mandated stringent building codes regarding the usage of advanced sealants, which will support industry growth through 2025.
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Current technological advancements, alongside investments in novel product development, will drive the firestop sealants market growth over the estimated timeframe. The increasing availability of innovative products that have a shorter moisture setting time and provide protection against smoke, water, and gases will augment product demand across marine applications.
Key reasons for firestop sealants market growth:
- Increasing demand for barrier sealants in the construction industry
- Presence of a stringent regulatory landscape pertaining to worker safety
- Rising investments in residential and commercial construction
2025 forecasts depict acrylic firestop sealants segment to grow at a considerable pace:
Based on the product spectrum, the acrylic segment is expected to contribute nearly $300 million to the firestop sealants market by 2025. The growth can be attributed to the rising deployment across high-temperature environments on account of the fact that the product provides high movement and adhesion to a huge array of substrates such as cables, ducts, plastic pipes, cable trays, metal pipes, and static and dynamic joints in wood floor and ceilings.
Silicone product segment emerged dominant in the firestop sealants Industry in 2018, estimates for 40% of the overall demand. These sealants have gained traction, owing to their properties such as low modulus elasticity and elastomeric features, which helps reduce strains from the substrate surface, thereby enabling recovery from pipe and tube expansions.
An industrial segment to gain traction through 2025:
Based on the end-use industry, the industrial segment is likely to grow more than 4.5% through 2025. The growth can be credited to the rising usage of these sealants in the automotive industry, where vehicles are prone to numerous fire risk levels on account of consistent exposure to flammable materials such as solvents, engine oils, and petrol. However, the commercial segment is expected to register a CAGR of 5% from 2019 to 2026.
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Asia-Pacific to register the fastest growth, followed by North America:
In terms of the geographical landscape, Asia-Pacific is anticipated to emerge as a strong contender in the firestop sealants market. Aided by the expanding construction sector, Asia-Pacific is estimated to witness the largest growth rate, with a CAGR of 5.6% through 2025, owing to rising infrastructural development in this region. On the other hand, the market across North America is expected to register a CAGR of 5.0% from 2019 to 2025.
Leading market players:
The leading market players analyzed in the global firestop sealants market report include Sika AG, HILTI Corp., 3M, H.B. Fuller, Tremco Corp., and Bostik (Arkema). These players have incorporated different strategies such as mergers and acquisitions, partnerships, collaborations, new product launches, and others to gain a strong position in the global industry.
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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Source: Global Market Insights, Inc.
