The global preformed firestop device market size 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. Fire safety refers to physical barriers that prevent lethal gases, flames, and toxic smoke from spreading through openings created during renovation and the installation of communications, plumbing, electrical, and ventilation grease duct systems. Barrier can be used to fill holes in the fire-resistant walls and floors.
Rise in construction activities across various regions such as Europe & Asia-Pacific and increase in mandatory laws for the installation of fire protection devices in buildings are expected to fuel the global preformed firestop devices market growth. Preformed firestop devices are presently being used in the residential and commercial projects to limit the spread of fire in building and allow safe egress. In addition, increase in urbanization and rise in industrialization result in rapid development of the economies, which boosts the demand for global preformed firestop devices market. Thus, fast-paced urbanization results in increased government and consumer spending in residential and infrastructure construction, which significantly boosts the growth of the preformed firestop devices market.
Rise in disposable income, increase in housing requirements, and surge in governmental initiatives for the fire prevention and fire protection are likely to boost the construction sector, which drive the adoption of preformed firestop devices, thereby driving the growth of the market. In addition, the residential construction expenditure of China is expected to increase every year till 2030. Besides, disposable income of South African population grew by 1.6% from 2019 to 2020. In addition, growth in construction of commercial buildings & industrial buildings is expected to boost the growth of the market in Asia Pacific. For instance, Governmental programs in India such as “Housing for All 2022” the UDAN (Ude Desh ka Aam Nagrik) scheme and the Aayushman Bharat Program are expected to drive the construction sector. These scenarios are favorable for growth of the market in the region during the forecast period.
The COVID-19 pandemic has forced many companies in the global preformed firestop devices market to halt their business operations for a short term to comply with new government regulations to curb spread of the disease. This halt in operations directly impacts revenue flow of the global preformed firestop devices market. In addition, there is a halt in manufacturing of firestop devices, owing to lack of raw materials and manpower in the lockdown period. Further, no new consignments are being received by companies operating in this sector. Hence, stop in construction activities and lockdowns for several months have affected the global preformed firestop devices market and is anticipated to have a slow recovery is anticipated during the forecast period.
Major players such as Etex and Rockwool International A/S are adopting product launch as their key development strategy to improve the product portfolio of the preformed firestop devices market. For instance, in January 2021, Etex Group launched PLURATECT Marine Light, it is the largest lightweight fire protection board for marine applications. Etex launched a comprehensive range of firestopping products. The product launch aimed to improve the product portfolio of fire stopping solutions and firestop devices products.
However, lack of awareness regarding fire safety in developing nations is anticipated to hamper the growth of the global preformed firestop devices market. On the contrary, increase in construction of buildings is anticipated to provide lucrative opportunities for the growth of the global preformed firestop devices market.
Sleeves & Pathways segment holds dominant position in 2020
The global preformed firestop devices market is segmented on the basis of type, application, end user, and region. Depending on type, the market is segregated into sleeves & pathways, fire brick, blocks & plugs, and others. The sleeves & pathways segment dominated the market in 2020. By application, the market in divided into plumbing, electrical & others. The plumbing segment dominated the market in 2020. On the basis of end user, the market is divided into residential, commercial & industrial. The commercial segment dominated the market in 2021.
Regionally, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, and rest of Europe), Asia-Pacific (China, Japan, India, Australia, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa). North America generated the highest revenue in 2020.
By End User
Commercial segment holds dominant position in 2020
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.
North America holds a dominant position in 2020 and is expected to grow at a significant rate during the forecast period.
Key Benefits For Stakeholders
- The report provides an extensive analysis of the current and emerging global preformed firestop devices market trends and dynamics.
- In-depth preformed firestop devices 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.
Preformed Firestop Devices Market Report Highlights
By End User
By KEY PLAYERS
A firestop device or fire barrier is a form of passive fire protection used to seal openings and between joints in a fire-resistant wall or floor construction, which is designed to prevent the spread of fire and smoke.
The growth in commercial and residential construction building industry and implementation of stringent laws by governments for fire prevention are expected to offer significant growth potential during the forecast period. In addition, rise in spending on building construction activities fuels the demand for firestop devices, thereby driving the growth of the preformed firestop devices market.
The growing construction industry and increasing renovation of existing buildings with firestop systems and commercial construction industry drive the growth of the global preformed firestop devices market. For instance, in 2022, the construction of Ohio State University Wexner Medical center inpatient hospital project started in Columbus, Ohio. The project cost is nearly $1.2 billion and it is expected be open up by 2026. Significant increase in demand for preformed firestop devices is expected to drive the market due to growing safety concerns related to safe industrial operations. In addition, various regulatory bodies Such as Fire Protection Associations and National Fire Protection Association are observing the building codes and mandatory installation of fire protection devices such as cast in devices, collars, plugs, and wraps, which prevent the spread of flames between rooms and levels of buildings.
However, lack of awareness regarding fire safety in developing nations is one of the restraint affecting the growth of the market. On the other hand, increase in fire accidents is anticipated to provide lucrative opportunities for the growth of the global preformed firestop devices market.