The rapid growth of the construction industry is expected to cause growth in the Fire Protection Material market going forward due to the latter’s wide use at construction sites to protect users from fire.

Fire Protection Material Market size was valued at USD 2.8 billion in 2021 and is expected to reach USD 5.98 billion by 2029. It is projected to grow at a compound annual growth rate of 8.8% from 2022 to 2029.

Fire protection materials are those used in applications that help ensure safety of buildings from hazards associated with fire including fire detection, coupled with fire suppression through manual or automatic means which aid in curbing fire and damages resulting therefrom. 

The Fire Protection Material market is anticipated to grow with the implementation of fire safety regulations and strict building codes.

There is also a demand for automotive power and utilities, mining, petroleum, chemicals, and oil and gas exploration. These factors have the potential to shape the market path from 2022 to 2029. 

North America is expected to account for the largest market share in the fire protection materials market during the forecast period. 

According to the US Census Bureau, construction spending during February 2022 was estimated at USD $1,704.4 billion compared to USD $1,533.3 billion in February 2021. Around 1,859,000 building permits and 1,769,000 housing permits were authorized in February 2022 as per the latest data provided by the US Census Bureau and US Department of Housing and Urban Development.