The implementation of stringent building regulations is significantly boosting fire collars market revenue by mandating the use of fire retardant materials in construction.
WILMINGTON, Del., July 23, 2024 -- The global fire collars market stood at US$ 331.9 million in 2023, and the global market is projected to reach US$ 571.9 million in 2034. The fire collars market is anticipated to expand at a CAGR of 5.2% between 2024 and 2034.
The global fire collars market is experiencing significant growth due to several factors, including stringent building regulations, an increase in fire incidents, and advancements in fire protection technologies. Fire collars, essential components in fire safety systems, are used to seal openings around pipes and cables that penetrate fire-rated walls and floors, preventing the spread of fire and smoke.
Stringent building regulations are a major driver of the fire collars market. Governments worldwide are enacting and enforcing stricter fire safety codes to enhance building protection. These regulations often mandate the use of fire-resistant materials, including fire collars, to ensure that penetrations in fire-rated barriers do not compromise the integrity of the structure. Compliance with these regulations is crucial for construction projects, driving the demand for high-quality fire collars.
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The increasing number of fire incidents globally is another significant factor contributing to the market's growth. As fire safety becomes a higher priority in both residential and commercial buildings, the need for effective fire containment solutions, such as fire collars, has risen. These collars help contain fires within designated areas, minimizing damage and enhancing overall safety.
Technological advancements in fire collar design are also shaping the market. Manufacturers are developing innovative products that offer improved fire resistance, ease of installation, and versatility. These advancements make fire collars more effective and user-friendly, further driving their adoption.
Geographically, the Asia-Pacific region is emerging as a significant market, driven by rapid urbanization, infrastructure development, and evolving safety regulations. The global fire collars market is expanding due to the implementation of strict building regulations, a rise in fire incidents, and technological advancements in fire protection. As safety standards continue to evolve and infrastructure projects increase, the demand for effective fire collars is expected to grow, shaping the future of the market.
Fire Collars Market Report Scope:
Report Coverage | Details |
Forecast Period | 2024-2034 |
Base Year | 2020-2022 |
Size in 2023 | US$ 331.9 Mn |
Forecast (Value) in 2034 | US$ 571.9 Mn |
Growth Rate (CAGR) | 5.2 % |
No. of Pages | 241 Pages |
Segments covered | By Battery Type, By Application, By Voltage Type, By Component, By End-user |
Key Takeaways of Market Report
- Global fire collars market to generate absolute dollar opportunity worth US$ 571.9 million until 2034.
- Global fire collars market is valued at US$ 331.9 million in 2023.
- Asia Pacific is forecasted to hold the largest share in 2023.
Fire Collars Market: Growth Drivers
- Stringent fire safety regulations have been enacted globally for residential, commercial, and industrial sectors to protect health and safety. These regulations often require the installation of fire collars around pipe penetrations in fire-resistant barriers.
- Fires pose severe risks, leading to significant loss of life and property damage. In 2022, the National Fire Protection Association (NFPA) reported that U.S. fire departments responded to approximately 1.5 million fires, resulting in 3,790 civilian deaths and 13,250 injuries. The estimated property damage from these incidents amounted to US$ 18 billion.
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Fire Collars Market: Regional Landscape
- In 2023, Asia Pacific held the largest share of the fire collars market and is expected to maintain its dominance throughout the forecast period. The region's strong market presence is driven by an increased focus on passive fire protection measures, which enhance building safety and comply with evolving fire safety standards.
- The fire collars market in the Middle East & Africa is being propelled by stringent building regulations. For instance, in June 2024, the Kuwaiti government announced plans to introduce a new law aimed at preventing building violations, which is expected to boost the demand for fire collars as part of enhanced fire safety and compliance measures.
Fire Collars Market: Key Players
- In 2023, Walraven introduced a new range of fire collars featuring enhanced fire resistance and improved installation ease. These advanced fire collars are designed to provide superior protection by maintaining the integrity of fire-rated walls and floors, even in extreme conditions. The innovation emphasizes quicker installation and greater adaptability to various pipe materials, meeting stringent safety standards.
- In 2023, KBS Corporate Sales Ltd. launched a smart fire collar system integrated with real-time monitoring capabilities. This system offers enhanced safety by providing alerts and diagnostics on fire collar performance and potential breaches. The technology aims to improve fire safety management by allowing for proactive maintenance and immediate response in case of fire-related issues.
Fire Collars Market: Segmentation
By Type
- Stainless Steel Cases
- Steel Cases
- Others
By Application
- Office Buildings
- Hospitals
- Shopping Centers
- Others
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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