February 22, 2024

Fireproof Cladding Market Driven by Increasing Building and Construction Activities

 

Fireproof cladding materials are extensively used in the construction of residential, commercial and industrial buildings for providing protection from fire. Cladding made from materials like cement panels, metal, bricks and tiles provide effective fire resistance for buildings. The demand for these materials is rising significantly owing to rapid urbanization and growing construction of buildings around the world. Fireproof cladding helps meet building codes and ensures safety of occupants in case of fire accidents. Some commonly used fireproof cladding includes fiber cement slates and panels, brick slips, calcium silicate units and metal composite material panels. The properties of barrier against fire spread, moisture resistance, durability and design flexibility make them suitable for exterior and interior use in walls and facades. The global Fireproof Cladding Market is estimated to be valued at US$ 17.62 Bn in 2024 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:

One of the key trends witnessed in the fireproof cladding market is the increasing use of composite metal panels. These panels combine two or more materials, usually a fire resistant core bonded between two metal skins. The core material could be made of fireproof materials like mineral wool or calcium silicate. The exterior metal skin protects the core from weathering while enhancing aesthetics. Composite metal panels offer high fire resistance for up to 4 hours along with durability, impact and weather resistance. They are increasingly replacing traditional heavy and bulky materials like concrete or brick in commercial buildings. Lightweight and easy installation nature is driving their adoption in high rise constructions.

Porter’s Analysis
Threat of new entrants: The threat of new entrants in fireproof cladding market is moderate due to requirement of large capital investments and technological expertise. However, growing demand offers potential opportunities for new players.
Bargaining power of buyers: The bargaining power of buyers is high due to availability of various product alternatives. Buyers can negotiate on price and quality aspects.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as raw materials used are commodity products and switching cost for buyers is low.
Threat of new substitutes: Threat from new substitutes is low as fireproof cladding products made from materials like cement, fiber cement and metals have few alternatives in terms of fire resistance.
Competitive rivalry: The competitive rivalry in the market is high owing to presence of numerous international and regional players offering similar product ranges.

Key Takeaways
The global fireproof cladding market is expected to witness high growth. Rapid urbanization, growing construction activities and stringent fire safety regulations are driving the demand of fireproof cladding globally.

Regional analysis: Asia Pacific dominates the global fireproof cladding market and is expected to maintain its dominance during the forecast period. Abundant availability of raw materials along with rapid infrastructure development in countries like China and India supports the regional market growth.

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 leads the global steel production and offers technologically advanced cladding products with fire resistance up to 4 hours. James Hardie Industries PLC provides fiber cement based cladding products LightWeigh with moisture and fire resistance.

*Note:

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