Fireproof cladding helps provide protection against fire hazards and improve safety and durability of buildings. It is used in the construction of commercial buildings, healthcare facilities, hospitals and households. The global Fireproof Cladding Market is estimated to be valued at US$ 17.62 Bn in 2023 and is expected to exhibit a CAGR of 6.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The construction of high-rise buildings has increased significantly over the years owing to rapid urbanization and growth of megacities. Fireproof cladding play a critical role in high-rise constructions as they help these tall structures meet fire safety standards and prevent fire from spreading across multiple floors. Regulations in many countries mandate the use of fire-resistant materials in buildings over a certain height. Therefore, the rising number of infrastructure projects involving construction of multistory commercial and residential complexes is expected to drive the demand for fireproof cladding materials during the forecast period.
SWOT Analysis
Strength: Fireproof cladding materials provide effective protection against fire thus ensuring safety of life and property. Their fire resistant properties make them ideal for applications in high risk areas.
Weakness: Fireproof cladding materials are generally more expensive than conventional cladding. Their installation requires specialized skills and techniques making the construction process longer.
Opportunity: Growing construction of tall buildings and commercial spaces in urban cities across the world is driving the demand for fire retardant and fireproof building materials. Strict fire safety norms are also pushing adoption.
Threats: Availability of cheaper substitutes can affect sales especially in cost sensitive locations. Economic slowdowns may negatively impact the construction sector and hence demand for fireproof claddings.
Key Takeaways
The global fireproof cladding market is expected to witness high growth over the forecast period.
Regional Analysis: Asia Pacific currently dominates the market attributable to rapid infrastructure development and real estate boom in China, India. Increasing spending on commercial construction projects across major economies like China, India is fueling sales of fireproof cladding materials in the region.
Key players operating in the fireproof cladding market are Tata Steel, Alcoa Inc., Etex Group, James Hardie Industries PLC, CSR Limited, Nichiha Corporation, Boral Limited, Axiall Corporation, Cembrit Holding A/S, Compagnie de Saint Gobain SA. Tata Steel holds a significant share of the global market owing to its wide product portfolio and geographical footprint across Asia and Europe. James Hardie Industries and CSR Limited too have a sizable presence backed by robust distribution networks and focus on code compliant, sustainable offerings.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
