North America Fireproof Insulation Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Materials ; End Users

North America Fireproof Insulation Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Materials ; End Users

  • October 2020 •
  • 134 pages •
  • Report ID: 5989576 •
  • Format: PDF
The North America fireproof insulation market accounted to US$ 557.41 million in 2019, and is expected to grow at a CAGR of 2.4% during 2019–2027, to account to US$ 667.66 million by 2027.

Fireproof insulation material assists in reducing the damage caused by fire.The fireproof insulation materials are available in five forms—foam; chopped fibers; board or block insulation; fibrous mats; and textiles, films, and foils.

The resistance of each form depends on the material from which it is made.The growing demand for energy-efficient insulation materials to reduce the greenhouse emissions and stringent government mandates regarding insulation measures at properties are the major factors that are expected to support the growth of the fireproof insulation market.

The primary function of insulation is to check and regulate heat flow inside and outside of the house.Energy efficient solutions help increase energy efficiency in businesses and homes while saving money.

Various types of energy efficient solutions are being used widely in residential and industrial sectors, in turn contributing toward reducing greenhouse emissions. Installation of insulation results in massive reduction of energy waste and bill amount. Insulation materials, such as foam, play a significant role in providing insulation to buildings. It fills the gaps that can potentially leak air and create an energy-efficient surrounding in a building. Owing to its effective and powerful insulation properties, spray foam attracts investments from customers to protect their properties in case of fire outbreaks. The performance of insulation heavily relies on installation. In this, assistance of professionals is required to ensure installation of high quality and certified insulation material. Several government authorities across the world are supporting the installation of different types of insulation materials for floor, roof, ceiling, and other areas to protect residents and workers during the case of fire or any other mishaps. For instance, the insulation which are certified by the Environment Protection Agency (EPA)’s third-party certification bodies are checked separately to ensure safety standards are getting fulfilled.

Based on material, the North America fireproof insulation market has been segmented into glass wool, mineral wool, plastic foam, fiberglass, polyurethane foam and others.In 2019, the glass wool segment dominated the market, and the market for the fiberglass is projected to grow at the highest CAGR during the forecast period.

Glass wool is made from recycled glass and fused sand, such as soda ash, limestone, and sand, which helps in trapping air and blocking heat, noise, and cold.This property of this material is embraced of lightweight, pest-proof, and flexible, due to which it is widely used in electrical and thermal insulation purpose in buildings.

Glass is spun into fibers and then combined with plastic polymers to make fiberglass, which is a non-combustible material.Fiberglass insulation is commonly used in home insulation, as this material is affordable, lightweight, easy to install, and readily available in a variety of sizes.

This type of insulation consists of 20–30% recycled content. The loose-fill fiberglass insulation offers an easy, rapid, and economical method to insulate wall cavities and attic floors of the residential properties. On the contrary, when compared with mineral wool, fiberglass insulation is not resistant to water. It gets soggy when exposed to water, thereby losing insulation properties. This aspect might hinder the installation of fiberglass in commercial properties.

North America includes developed economies such as the US, Canada and Mexico.The upsurge in the demand for air conditioning, heating and ventilation systems in commercial infrastructure in North America region supports the market for fireproof insulation market.

The rise in the construction activities in some of countries of North America is expected to bolster well the market for fireproof insulation in North America.Fiber-based insulation products are among the most attractive fireproof insulation products in the North American construction industry due to their extremely lower environmental impacts.

This benefit is a key driving factor for the fireproof insulation market in the region.The US is constantly witnessing an increase in the number of businesses with greater investments that allow them to build high-end office infrastructures, which is catalyzing the demand for advanced fireproofing solutions.

In addition to new constructions, a rise in the number of office remodeling or renovation projects is also driving the fireproofing insulation market in the country. . Canadian construction companies are experiencing substantial growth in contracts for building residential as well as commercial infrastructures. The increasing urban population is leading to a noteworthy rise in demand for residential infrastructure, which requires fireproof insulation products. The construction industry in Mexico has experienced moderate growth over the years with the rise in the construction of residential and industrial infrastructures. The decent growth in this industry has been supporting the demand for fireproof insulation products. North America is a base for the leading players who deal with the production and consumption of fireproof insulation such as Saint Gobain S.A., BASF SE, Johns Manville and Kingspan Group PLC. amongst others. The increasing competition among the producers, processors, and importers has, further, driven the growth of the fireproof insulation market. Supportive and favorable government regulations are stimulating the growth of the market.

Saint Gobain S.A., BASF SE, Johns Manville, Kingspan Group PLC, Owens Corning, Rockwool International A/S, Knauf Insulation GmbH and L’ISOLANTE K-FLEX S.P.A are among the major players operating in the North America fireproof insulation market.

The COVID-19 pandemic first began in Wuhan (China) in December 2019, and since then, it has spread at a fast pace across the globe.As of September 2020, US, India, Brazil, Russia, Mexico, South Africa, Spain, Argentina and UK are among the worst-affected countries in terms confirmed cases and reported deaths.

The pandemic has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns.Shutdowns of chemicals and materials industry and disruptions in supply chains due to lockdown of countries has created a strain on the supplies of the various products offered by this industry.

US has the highest number of confirmed cases of COVID-19 infection among all North America countries.The government of North America is taking possible steps to reduce its effects by announcing lockdown, and thus, impact the revenue generated by the market.

The continuous growth of infected individuals has forced the government to impose lockdown across the nation’s borders. The majority of the manufacturing plants were shut down during the lockdown, and the construction industry was at a halt, which has negatively impacted the fireproof insulation market. In Canada, construction projects deemed nonessential were shut down, and the essential projects are subject to public health guidelines. Additionally, North America is responsible for a major portion of sales of fireproof insulation, and declining sales of fireproof insulation products in North America might affect the overall growth of the fireproof insulation market. The coronavirus outbreak will have a limited short-term impact on the fireproof insulation market.

The overall North America fireproof insulation market size has been derived in accordance to both primary and secondary source.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.

Also, multiple primary interviews have been conducted with industry participants and commentators to validate data, as well as to gain more analytical insights into the topic. The participants who typically involved in the process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the North America Fireproof Insulation market.

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