New York, USA, Aug. 01, 2024 (GLOBE NEWSWIRE) -- Market Overview:
The fire resistant tapes market was estimated at USD 808.47 million in 2023. The market valuation is expected to be USD 1,339.44 million by 2032, registering a staggering CAGR of 5.8% during the forecast period of 2024-2032.
What is Fire Resistant Tapes?
Fire-resistant tapes operate as a barricade to encounter more taxing fire transmission and fire viable needs in public and encompassed or buried places. They are also perfect for exigency conditions as no detrimental material are utilized in their making or are discharged into the environment. They are utilized for a broad gamut of security construction, wrapping, bonding, and fastening applications, providing important safeguarding when and where it is required the most. It has outstanding elevated temperature performance and can sustain adequate chemical and physical attributes in an escalated temperature ambiance. It has adequate chemical resistance and can combat the corrosion and abrasion of several chemical materials. It has outstanding robustness, toughness, and wear aversion and can combat exterior forces and influence.
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Key Market Stats:
- Fire resistant tapes market size was valued at USD 808.47 million in 2023.
- The market is anticipated to grow from USD 854.47 million in 2024 to USD 1,339.44 million by 2032.
- The market is expected to exhibit a CAGR of 5.8% during the forecast period.
Major Findings from the Report:
- The market for fire resistant tapes is expected to increase significantly due to the growth of construction and infrastructure estimates by which industries concentrate more on lessening probabilities.
- The fire resistant tapes market segmentation is mainly based on coating, type, application, end use and region.
- In 2023, Asia Pacific registered as the largest market share.
Fire Resistant Tapes Market Drivers and Trends:
- The Rise in Ongoing Construction Projects: The continuing construction globally are pushing the demand for fire resistant tapes in structuring insulation, electric wiring, and several applications. Automotive and aerospace industries are encountering a profound significance on vehicle security and weightless substances generating additional possibilities for fire-resistant tapes in areas such as vehicle interiors, wiring traps, and constituent shielding.
- Progression in Material Science: Critical areas of invention involve the advancement of tapes with higher fire resistant attributes, escalated longevity, improved fastening to manifold surfaces and similarity with a broad gamut of applications. Progressions in material science and engineering are pushing the generation of ecological and justifiable fire resistant tapes to correspond to escalating environmental worries.
- Eliminating the Danger of Short Circuits: In commercial buildings, where the extensive aggregate of people assemble every day for work, shopping, or leisure ventures, security is supreme. Fire resistant tapes are used in these buildings for manifold grounds, involving sealing joints, and breaches in fire rated walls and ceilings, encasing electric wiring to prohibit short circuits, and electric fires and safeguarding crucial structural constituents from fire destruction enhancing the fire resistant tapes market demand.
- Growing usage in residential establishments: In residential establishments such as apartment buildings and condominiums, fire resistant tapes are used to improve fire security measures. These tapes are administered in areas such as fire rated doors and windows, HVAC ductwork, and electrical conduits to sustain the rectitude of barricades to prohibit fire and smoke from smearing amidst units.
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Market Challenges:
Growing requirement of specialized materials: The demand for fire resistant tapes market growth is anticipated to be constrained by the need of specific substances and manufacturing procedures to encounter strict security quality which can cause escalated production prices as juxtaposed to traditional tapes.
Industry’s Prominent Players:
- 3M
- Americover Inc.
- Boyd Corporation
- Avery Dennison Corporation
- Nichiban Co. Ltd.
- Nitto Denko Corporation
- Rogers Corporation
- Saint Gobain
- Scapa Group Ltd.
Geographical Landscape:
Asia Pacific region accounted for the most fire resistant tapes market share. This is due to the region encountering speedy industrialization and urbanization causing escalated construction ventures, framework advancements, and industrial augmentation. Thus, there is an increasing demand for fire resistant tapes in several sectors such as automotive, construction, electronics and manufacturing to sanction the security conformity and safeguard benefits from fire menace.
Moreover, due to technological progressions and inventions in fire protection industry, makers and suppliers are continuously funding in research and development to invent and enhance fire resistant tape expressions, substances, and manufacturing procedures.
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Market Segmentation:
By Coating Outlook:
- Single coated
- Double coated
By Type Outlook:
- Acetate
- Glass cloth
- Normex
- Polyimide
- PPS
- PVC
By Application Outlook:
- Automotive Applications
- Bonding
- Cable
- Insulation
- Mounting
- Protection
- Sealing
- Splicing
- Surface Protection
By End Use Outlook:
- Aerospace and defense
- Building and construction
- Electrical and Electronics
- Others
By Region Outlook:
- North America (U.S., Canada)
- Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
- Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea, Australia)
- Latin America (Brazil, Mexico, Argentina)
- Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
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