Report : Fireproof Insulation Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Materials (Glass Wool, Mineral Wool, Plastic Foam, Fiberglass, Polyurethane Foam, and Others), End Users (Commercial and Residential), and Geography
Use of Fireproof Insulation for Commercial Projects to Grow at Lucrative Rate
According to our latest market study on “Fireproof Insulation Market to 2027 – COVID-19 Impact and Global Analysis and Forecast – by Material (Glass Wool, Mineral Wool, Plastic Foam, Fiberglass, Polyurethane Foam, and Others), End User (Commercial and Residential), and Geography” the market was valued at US$ 2.02 billion in 2019 and is projected to reach US$ 2.59 billion by 2027; it is expected to grow at a CAGR of 3.2% from 2020 to 2027. The report highlights the key factors driving the market growth, and prominent players and their developments in the market.
The commercial sector consists of complexes, office buildings, and industries. In commercial properties, the insulation is utilized for ducts, storage tanks, fluid lines, and pipes. Increasing urbanization is leading the government to invest in the construction industry, which is propelling the number of construction projects for commercial buildings. Rising number of commercial projects is supporting the development of fireproof insulation market in the region. For instance, Russia has built more than a dozen airports across the country in the last decade. Demand for technologically advanced solutions in airport construction has paved the growth path for thermal insulators, including fireproof insulation solutions. This factor has been positively influencing the fireproof insulation market.
The global commercial segment is expected to reach US$ 946.3 million by 2022, which is expected to create significant global demand for the installation of fireproof insulation.
Leading players operating in the fireproof insulation market include Saint Gobain S.A., BASF SE, Johns Manville, Kingspan Group PLC, Lloyd Insulations (India) Limited, Owens Corning, ROCKWOOL International A/S, U.P. Twiga Fiberglass Limited, Knauf Insulation GmbH, and L'ISOLANTE K-FLEX S.P.A.
COVID-19 Impact on Fireproof Insulation Market
According to the World Health Organization (WHO) report, the US, Brazil, India, and Russia, are some of the worst affected countries due to the COVID-19 outbreak. The coronavirus outbreak has created multiple challenges for the construction and engineering sector. The pandemic came at a time when the construction industry was already dealing with various challenges, such as lack of credit, fraud, and regulatory burdens. The spread of this pandemic has resulted in the halt of new construction and repair and maintenance activities, which has hampered the growth of the construction and engineering industry globally. Since the growth of the fireproof insulation market is directly dependent on the construction sector, a decline in the construction industry might negatively affect the growth of the fireproof insulation market.
The report segments the global fireproof insulation market as follows: