According to the research report titled ‘Global Fire Stopping Materials Market Size study, By Type (Mortars, Sealants, Cast-in devices, Boards, Putty and Putty Pads, Collars, Wraps/strips, Others), By Application (Electrical, Mechanical, Plumbing, Others), By End-use (Commercial, Industrial, Residential), and Regional Forecasts 2022-2028’, available with MarketStudyReport, global fire stopping materials market was worth USD 1.25 billion in 2021 and is anticipated to expand at 11.6% CAGR over the stipulated timeframe to amass USD 2.70 billion by the year 2028.

Rising number of fire accidents, increasing incentives for construction activities, and newer & stricter laws regarding fire safety are the major growth determinants for global fire stopping materials market.

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For those unaware, fire stopping materials are substances that block the openings to prevent heat, smoke, and fire from entering various areas of the buildings. They are typically used for warehouses, office buildings, and other structures. These systems prevent fire from spreading, create a strong smoke barrier, and postpone heat transmission for a certain period of time.

Furthermore, creation of more potent synergist compounds, and the growing cognizance of fire safety measures among the population are expected to bolster industry outlook in the coming years.

However, non-compliance with fire safety regulations in emerging economies, as well as growing environmental and health issues related to the usage of conventional fire stopping materials may stifle worldwide fire stopping materials market expansion during the forecast period.

Regionally, North America industry holds a major revenue share at present, owing to growing emphasis on building safety, and the implementation of strict construction laws and codes by various government agencies in the region.

Whereas Asia Pacific market is poised to grow at a healthy CAGR over the stipulated timeframe, on the back of rising expenditure on commercial construction in developing nations like India, China, and Indonesia as well as rapid rate of industrialization in the region.

W. R. Grace & Co., Rolf Kuhn GmbH, Sika AG, Jotun Group, Akzo Nobel N.V., Morgan Advanced Materials, Etex N.V., Specified Technologies Inc., 3M Company, and Hilti Corporation are the leading players in global fire stopping materials market.