Albany, NY -- (SBWIRE) -- 05/19/2017 -- Barring natural disasters that cannot be completely controlled, fire poses the biggest threat to building structures. In this scenario, it is paramount to install best possible protective measures while the buildings are constructed. Fireproof insulations combat the flames from spreading and hence protects the load bearing structure on which the building stands, saving human lives and significant investments. According to a recent study by Transparency Market Research, owing to rapid urbanization across the world, especially in Asia Pacific, the demand in the global fireproof insulation market is expected to increase at a strong CAGR during the forecast period of 2016 to 2024.
What are the primary factors favoring the fireproof insulation market?
Apart from rapid industrialization and urbanization across the world, the market for fireproof is gaining significant traction from stringent government regulations set for the players in the construction industry. Compliance with proper safety measures against fire disaster is now mandatory in several developed and emerging economy. In addition to that, rising environmental concerns pertaining to GHG reduction, reduced installation cost, and rising awareness for efficient use of energy and side-effects of greenhouse gas emission are some of the other factors augmenting the demand in the global fireproof insulation market. With fireproof insulation, heat is transferred, which helps in maintains the temperature levels and energy consumption in a built structure. On the other hand, lack of awareness regarding the availability of these fireproof insulation in building construction is hindering the expansion of the market to a certain extent.
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Which countries have most lucrative markets for fireproof insulation?
Owing to strict government regulations pertaining to fire safety, the U.S. currently serves the maximum demand for fireproof insulation. Steadily increasing disposable income of the citizens of the U.S. has contributed to an extended demand for appliances, furniture, and bedding household products. This factor has further incremented the demand for polyurethane (PU) foam, which is one the material used for fireproof insulation.
Asia Pacific is expected to turn into a highly profitable region for the stakeholders of the fireproof insulation market, gaining substantial demand from emerging economies such as China, India, and Japan. In these countries, governments are focused on improving building safety. Moreover, technological advancements in protective clothing demand owing to developments in oil and gas and petrochemicals sectors is also expected to expand the demand for fireproof insulation in these emerging economies.
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What is the nature of competition among the leading players?
The global fireproof insulation market is fairly fragments among a large number of players. Some of the leading vendors of fireproof insulation are BASF SE, Rockwol International, Bershire Hathway, Saint Gobain, and Owens Corning. While BASF has recently introduced Palusol protection panels, which are non-combustible building materials and protect pipes, doors, and cables against fire. Elastopor and Elastocool from the same company are used for insulation applications in freezers and refrigerators.
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