GLOBAL FIRE BLANKET MARKET SEEN SOARING 6.1% GROWTH TO REACH USD 430.38 MILLION BY 2030, PROJECTS UNIVDATOS MARKET INSIGHTS

Key Highlights of the Report:

• The rapid development in commercial construction and growing smart city projects will boost the demand for fire detection equipment during the forecast period.
• The increasing government intervention and imposition of stringent policies are some other salient factors attributed to the expansion of the fire safety equipment market.
• In 2021, the national fire death rate in the United States was 13.0 and the fire injury rate was 44.3 per million population. In 2021, there were 1,353,500 fires which was an increase of 3.0% from 2012.
• Cooking was the leading cause of home fires in 2021, accounting for 48.1% of incidents.
• The total loss due to fires was USD 16.0 billion in 2021, a significant increase of 50.7% from 2012.

According to a new report by Univdatos Market Insights, the Fire Blanket Market is expected to reach USD 430.38 Million in 2030 by growing at a CAGR of 6.1%. Furthermore, the booming housing market, coupled with the expansion of commercial public spaces such as offices, malls, hospitals, and recreational centers, has increased the importance of fire safety. Governments and regulatory bodies worldwide are implementing stringent fire safety laws and building codes to ensure the protection of lives and property. These regulations necessitate the inclusion of fire safety equipment, including the use of fire blankets. Moreover, over the years, the growing number of fire incidents has raised concerns about fire hazards and safety. Media coverage of such incidents has increased public awareness, making people more conscious of fire risks. Individuals are now more proactive in taking precautions and investing in fire safety products to safeguard their homes and workplaces. Fire blankets, with their ability to effectively smother flames quickly, are gaining popularity as an essential fire safety measure.

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The report suggests that the rising electric vehicle volumes on the road globally are one of the major factors driving the Fire Blanket Market during the forthcoming years. Furthermore, EVs present unique fire safety challenges due to the advanced battery technologies they employ. For instance,on January 2023, An electric car in the Numaish parking lot in Hyderabad India caught fire, resulting in three cars being completely burnt to ashes and three others being partially burned. While EVs have safety features built into their designs, the demand for fire blankets is increasing as an additional precautionary measure in case of battery-related fires. EV manufacturers and users are recognizing the importance of fire blankets as a preventive measure, further propelling their market potential.

The expanding use of Fire Blankets in the Industrial Setup is Generating Maximum Traction for Fire Blankets in the Market.

The industries generate the maximum demand for fire safety blankets. Industries often involve flammable materials, processes, and machinery, increasing the risk of fire incidents. Fire blankets are used very often in the industrial setup for quickly extinguishing small fires or preventing flames from spreading. Furthermore, industries are subject to strict safety regulations that require the presence of fire safety equipment, including fire blankets, to mitigate risks and protect employees and assets. Moreover, fire blankets are essential in industrial settings to control fires before they escalate, reducing the potential for injuries, property damage, and production delays.

Conclusion

Rapid urbanization, accelerated economic development, growing general population income, and increased government spending on infrastructure have collectively fueled the demand for fire safety equipment in emerging economies. As these economies continue to evolve, the demand for fire safety equipment such as fire blankets is expected to grow further, driven by growing urbanization, stringent government safety regulations regarding fire safety, and rising fire-related accidents. Factors like these are generating traction in huge amounts for products like fire blankets in the market.

Key Offerings of the Report

Market Size, Trends, & Forecast by Revenue | 2023−2030

Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities

Market Segmentation – A detailed analysis by Material, by Coating Type, and by End-User

Competitive Landscape – Top Key Vendors and Other Prominent Vendors