July 21, 2024
Ict

Non-Metallic Mineral Products is fastest growing segment fueling the growth of Fireproof Cladding Market

Fireproof cladding is external non-load bearing wall cladding material used as an outer covering on buildings for aesthetical looks and safety during fire accidents. Fireproof cladding provides insulation, durability, resistance to corrosion and fire, and prevents external walls from damages.

The globalFireproof 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:
Increasing construction of commercial buildings such as hospitals, hotels and offices that require fire safety cladding materials is a major trend fueling the growth of the market. stringent guidelines regarding usage of fireproof materials in buildings and infrastructure projects have boosted the demand over the years. Rapid urbanization and growing real estate sector in emerging economies increased the adoption of cost-effective and sustainability focused fireproof cladding solutions.

Segment Analysis
The global fireproof cladding market is segmented by material, end use industry, and geography. By material, non-metal fireproof cladding segment dominated the market in 2022 owing to its lightweight and low-cost nature. Non-metal cladding materials such as wood, concrete, and fiber cement are highly preferred for exterior wall claddings in residential and commercial buildings.

Key players
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 and James Hardie Industries captured over 30% of the global market share in 2022 owing to their wide product portfolio and global presence.

Regional analysis
Asia Pacific dominated the global market in 2022 and is expected to remain the fastest growing region during the forecast period. Rapid urbanization and infrastructural developments in China, India, Indonesia, and other developing economies are driving the growth of fireproof cladding market in Asia Pacific.

Key Takeaways
The globalFireproof Cladding Market is expected to witness high growth, exhibiting CAGR of 6.8% over the forecast period, due to increasing stringent fire safety regulations worldwide.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it