Market Dynamics:
Increasing urbanization and industrialization have propelled construction activities globally. Rapid infrastructure development for transportation, utilities, manufacturing and commercial sectors is driving the fireproof cladding market. According to the Global Construction 2030 report, the global construction market is expected to grow by 85% to $15.5 trillion worldwide by 2030. Additionally, stringent building safety codes and regulations regarding use of fire resistant materials in external walls of high rise buildings and critical infrastructure is boosting the demand for fireproof cladding. Further, growing awareness about benefits of fireproof cladding such as protection against fire, moisture, termites and extreme weather is a key factor.

The other drivers include rising disposable incomes, improving living standards and growing preference for visually appealing and durable cladding materials among architects, building developers and homeowners globally. Ongoing research & development activities in materials science is aiding new product development and innovation. However, rising raw material costs remain a key challenge.

Key Takeaways:

The Global Fireproof Cladding Market Size is expected to witness high growth, exhibiting CAGR of 6.8% over the forecast period, due to increasing strictness of building fire codes and regulations across countries. Rapid infrastructural growth and industrialization fuel the demand for fireproof cladding in construction industry.

Read More: https://www.feedsfloor.com/industrial/fireproof-cladding-market-estimated-witness-high-growth-owing-increasing-construction