The increasing number of fire accidents is fueling the demand for the Global Fire Stopping Material Market During the Forecast Period, 2021 to 2030.
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Market Research Future announces the publication of its research report—Global Fire Stopping Material Market, 2021–2030.
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Fire-stopping material is a necessary part of a building’s construction. It helps to seal any gaps in construction that could allow fire, smoke, and heat to pass through multiple compartments. There are many different types of fire-stopping material, such as mortar and collars for larger gaps. Fire-stopping materials can be found in a variety of places, including industries, residential buildings, warehouses, and industrial complexes. The material is chosen based on what kind of building it is, the climate, and the location. Fire-stopping is important for any building that could have a fire, such as businesses and apartments. It keeps the fire from spreading to other parts of the building and helps to keep people safe. Finding the right materials depends on who is doing the work and where it will be done. In the past, fire-stopping materials were mainly used for industrial purposes. Recently, there has been an increase in the demand for these materials in the residential construction industry. This is due to the fact that people are now more aware of fire safety and are willing to spend more money on it. There has also been a surge in demand for these materials because an increasing number of building codes and standards are focusing on them.
The outbreak of COVID-19 has affected the Fire Stopping Material Market in many ways. Manufacturers and sellers in the Fire Stopping Material market have been facing numerous production issues, including non-availability of raw materials, factory shutdowns, and shortage of resources. Additionally, the spread of COVID-19 has disrupted the supply chain majorly across ecosystems. Furthermore, With countries from across the world shutting their borders, there has been minimal trade movements, which have severely reduced the opportunity to import and export goods. COVID-19-related measures have led to disruptions in production and transport of raw materials, which has drastically lowered the availability of raw materials. This has disrupted supply chains for the Fire Stopping Material market.
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Based on region, the global Fire Stopping Material market has been segmented into North America, Europe, Asia-Pacific, South America, and the Middle East Africa.
The Asia Pacific region is made up of major developing countries such as China and India. This provides a huge scope for development for most industries in these emerging countries. Growing regulation regarding fire safety in the region also adds to the growth of the market in the region. For instance, the National Building Code of India has a set of criteria established for fire zones, types of fire resistance for structural and non-structural components, and other requirements.
North America has the biggest market share for fire-stopping materials. One of the main factors driving demand for fire protection materials in North America is government regulations for stringent safety requirements. For instance, 1988 saw the General Assembly of the United Nations adopt a resolution to reduce hazardous materials in building construction, followed by the US Environmental Protection Agency (EPA). Moreover, Tall residential buildings in the region are on the rise, as well as increasing numbers of manufacturers, suppliers, and distributors of such fire-related goods.
Europe is one of the leading markets for fire-stopping products in the world. In 2020, it accounted for the second-largest region in the global fire-stopping materials market. Key countries in this region include Germany, France, the UK, and Italy. There are strict regulations and codes for building and construction in the region, which has driven the demand of the market. Various regulatory bodies like CFPA-Europe and EAPFP monitor fire safety guidelines for commercial and residential buildings. Furthermore, awareness about the risk of fire and safety is fuelling the industry. Buildings are constructed with fire-resistant material and buildings to avoid the effect of fires.
The market in the rest of the world includes South America, Africa, and the Middle East. The region is continuing to grow at a steady pace during the forecast period. The Middle East holds the largest market share in the region. Increasing awareness about fire safety products, a growing number of infrastructural development in countries such as the UAE, and innovation in the Fire Stopping Material market are some of the major reasons impacting the growth of the Fire Stopping Material market in the region for the forecast period.
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Key Market Players:
The key players operating in the global Fire Stopping Material market include 3M Company, BASF SE, Etex Group, Hilti Group, Knauf Insulation, Morgan Advanced Materials, RectorSeal Corporation, and RPM International, Inc., Sika AG, and Specified Technologies, Inc.
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