DUBLIN--(BUSINESS WIRE)--The "Preformed Firestop Devices Market by Type, Application and End User: Global Opportunity Analysis and Industry Forecast, 2021-2030" report has been added to ResearchAndMarkets.com's offering.
The global preformed firestop devices market was valued at $284.0 million in 2020 and is expected to reach $522.2 million by 2030, registering a CAGR of 6.0% from 2021 to 2030.
A firestop device is used to seal openings or passageways in fireproof walls, ceilings, or floors to slow the spread of flames or smoke. Firestop refers to visible targets that prevent toxic gases, flamers and toxic fumes from gaps created during the construction and installation of communications, plumbing, electricity, ventilation, and oil pipelines. Barriers is used to fill holes in flammable walls and floors. It contains soft materials that close the gaps between pipes, cables, and walls as they run between spaces, such as fire retardant wall. Preformed firestop devices have become a multidisciplinary approach to achieve enhanced safety goals.
The growth of the global preformed firestop devices market is driven by rise in global infrastructure projects, which is further likely to provide significant growth opportunities for players such as Etex, 3M, and Hilti. For instance, India's Finance minister has announced a $1.4 trillion investment in infrastructure development for the period of 2019-2025. In addition, large investments lead to the construction of airports, bridges, highways, and public buildings are expected to benefit the growth rate. As these infrastructure has to be constructed with utmost fire safety equipment in buildings and residential. Furthermore, the implementation of stringent standards regarding the fire safety in building codes and regulations is expected to boost the growth of the global preformed firestop devices market.
Major players such as Rockwool International A/S, STI, Hilti, and Firestop Manufacturing Ltd. are adopting merger & acquisition as the key developmental strategy to improve their market presence and product portfolio. For instance, in March 2020, Firestop Manufacturing Ltd. recently merged with Frelan Hardware for supplying a full complementary range of intumescent ironmongery protection kits to complete their hardware range. The merger aimed to improve the product portfolio of the company.
However, lack of awareness regarding fire safety in developing nations is anticipated to hamper the growth of the global preformed firestop devices market. Conversely, increase in construction of buildings is anticipated to provide lucrative opportunities for the growth of the global preformed firestop devices market.
Competition Analysis
The key players profiled in the market report include 3M Company, BASF SE, Etex Group, Hilti Group, Knauf Insulation, Morgan Advanced Materials, RectorSeal Corporation, RPM International, Inc., Sika AG, and Specified Technologies, Inc.
Major players are adopting acquisition and product launch as key developmental strategies to improve the product portfolio of the global preformed firestop devices market. For instance, in September 2020, Etex acquired FSI Limited, a British company specialized in passive fire protection solutions with a strong focus on fire stopping.
Key Benefits
- The report provides an extensive analysis of the current and emerging global preformed firestop devices market trends and dynamics.
- In-depth market analysis is conducted by global preformed firestop devices market estimations for the global preformed firestop devices market segments between 2020 and 2030.
- Extensive analysis of the global preformed firestop devices market is conducted by following key product positioning and monitoring of the top competitors within the market framework.
- A comprehensive analysis of all the regions is provided to determine the prevailing opportunities.
- The global preformed firestop devices market forecast analysis from 2021 to 2030 is included in the report.
- The key market players within preformed firestop devices market are profiled in this report and their strategies are analyzed thoroughly, which help understand the competitive outlook of the global preformed firestop devices market
Market Dynamics
Drivers
- Stringent government regulations for building safety
- Expansion of the construction sector
- Rise in demand for passive fire protection systems
Restraint
- Lack of awareness regarding fire safety in developing nations
Opportunity
- Innovations in firestop solutions
Market Segments
By Type
- Sleeves & Pathway.
- Fire Brick, Blocks, & Plug.
- Other
By Application
- Plumbing
- Electrical
- Other
By End User
- Residential
- Commercial
- Industrial
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- UK
- Germany
- France
- Spain
- Italy
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key Players
- Rockwool International A/S
- Specified Technologies Inc
- Etex Group
- Hilti Corporation
- Passafe Fire Protection Ltd.
- RPM International, Inc.
- Diamorph Group (Tenmat)
- Emerson Electric Co.
- Knauf Insulation
- 3M
- BASF SE
For more information about this report visit https://www.researchandmarkets.com/r/ak9t5d
