Firestop Blocks Market Forecast and CAGR
As per the study, the demand of Firestop Blocks are anticipated to witness a growth rate of 4.0% to 6.0% over the coming assessment period of 2021 and 2031. The demand is expected to be bolstered owing to the growing precautions regarding fire proofing in residential and commercial buildings, malls, manufacturing industries and other areas.
Further the increasingly stringent standards regarding the fire safety in building codes and regulations is also expected to benefit the consumption in the coming years.
What is Driving Demand for Firestop Blocks?
The growing commercial & residential construction market is expected to increase the consumption of the Fire Barrier blocks. The mandatory requirements for fire protection in the residential and commercial buildings as per new regulations is also estimated to benefit the sales in the coming years. Further, the even industrial facilities also required fire safety to a substantial extent, which is expected to boost the demand.
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Commercial establishments such as malls, full service restaurants, cinema halls, and other areas are focusing on enhanced building fire safety and are installing fire barrier blocks. The growing requirement of fire protecting system in industries associated with products with flammable characteristics are also projected to increase the sales volume for the material.
Growing Buildings and Construction spending expected to drive the consumption of Firestop Blocks
The significantly growing construction of houses, residential buildings, commercial building, skyscrapers, and other building are anticipated to increase the demand of fire barrier blocks, since all the buildings need fire protection.
Further, the growing investment in several infrastructure projects including railway stations, metro stations, airports, and public buildings are also estimated to benefit the growth rate. As these infrastructures has to be constructed with utmost fire safety equipment, the market for firestop blocks in these type of constructions will further augment demand.
The growing investment in research and development for developing non-toxic, more environmental friendly and sustainable materials to provide maximum fire protection are also anticipated to bolster the consumption rate of the substance over the forecast period. Moreover, as Firestop Blocks provides fire protection to cables, pipes, and many other parts of a building, the demand is expected to increase.
U.S. and Canada Firestop Blocks Market Outlook
Strong development in the end use sectors are expected to drive the consumption of Fire Barrier blocks during the coming decade in U.S. and Canada. Substantial growth in the building and construction sector, especially construction of residential and commercial buildings, malls and construction of several infrastructure projects in these countries are anticipated to boost the demand of Firestop Blocks in the coming years.
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Further, the strong presence of key manufacturers along with significant investment in research and innovation are also estimated to increase the sales. Owing to the Covid-19 pandemic impact, the demand of Fire Barrier blocks has decreased to a considerable extent due to delaying of several construction and infrastructure projects, however a steady recovery is expected in the year 2021.
Asia Pacific Demand Outlook for Firestop Blocks
Growth in development of manufacturing infrastructure is anticipated to boost the demand in Asia Pacific region over the forecast period. Further the growing construction of residential and commercial buildings, as well as institutional infrastructure etc. is estimated to drive the consumption rate in the coming years.
Moreover the increasing development of infrastructure such as, increasing construction of airports, railway stations, and other projects are expected to benefit the market in the Asia Pacific region.
The substantially growing construction of malls, cinema halls and skyscrapers and other structures are also projected to increase the sales volume of Firestop Blocks during the forecast period. The demand of Fire Barrier blocks are also anticipated to witness a significant growth in the Asia Pacific region owing to the growing awareness of fire safety among small and medium building developers in light of new urban building regulations.
Who are the Key Manufacturers and Suppliers of Firestop Blocks?
Some of the leading manufacturers and suppliers of Firestop Blocks include
- Hilti Corporation
- Construction Specialties Inc.
- AIM Limited
- PFC COROFIL
- 3M
- Rogers Corporation
- Backer Rod Mfg. Inc.
- Balco
- TENMAT Ltd.
- Others
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