Strong Growth Forecast For Fireproof Insulation

The market valuation of fireproof insulation will cross US$30 billion by 2027, says a report by Global Market Insights Inc. The rising adoption of thermal insulative materials in energy-efficient buildings, stringent building regulations, and the expanding construction sector will propel the market growth. The polystyrene material segment will account for more than 30 per cent of market share by 2027. It is a widely used material for heat insulation as it has small air bubbles trapped inside the material, restricting the heat flow through the material. Polystyrene foam is combustible like other organic materials, however, when it is installed with additional flame retardant material does not present any fire hazard. The material is also governed by the Canadian Materials Construction Centre (CMCC) and the International Code Council (ICC) to ensure that consumers adhere to proper safety practices. The non-residential sector contributed major revenue to the fireproof insulation market in 2020.