Published Date : 13 Sep 19 | Views: 110 | Industry : Consumer Goods
Increasing Number of Applications to Propel the UCFA Segment
The global fire retardant plywood market is segmented based on the product as UCFA and UCFB. The UCFA product type is expected to grab a major market share owing to its widespread application in roof trusses, partition walls, floor joists, platforms, beams, architectural millwork, and rafters. On the other hand, UCFB is anticipated to foresee steady growth during the forecast period. This growth is attributed to surging use of the product in the construction of balconies, roof covering, fences, and paneling.
As far as application is concerned, the global market is segregated as paneling, architectural millwork, roof trusses, and beam. Roof trusses may emerge as a frontrunner in the market as constructors across the globe are making extensive usage of fire retardant plywood in the building roof trusses as stated by the building codes. These type of structures are mainly observed in public places such as railway stations, arenas, airports, cinema halls, and theatres.
North America to Take a Lead in the Coming Years
Presence of majority of the leading players in North America is giving the region an upper hand over other regions, thereby boosting the market growth. Furthermore, increasing focus of the regional government on reducing the property damage and losses and raising the human safety level is acting as a key driver in the market. Other regions such as Europe and Asia Pacific are anticipated to emerge as lucrative regional markets in the forthcoming years. Demand for fire retardant plywood is estimated witness a surge in the developing economies, thereby driving the Asia Pacific market in the coming years.
Market Participants to Have a Strong Grip on the Global Fire Retardant Plywood Market
Some of the key players operating in the global fire retardant plywood market are Hoover Treated Wood Products, Chicago Flameproof, Viance, Bayou City Lumber, Mets Woo, Arch Wood Protection, and Capital City Lumber. The key players in the market are taking up extensive research and development in order to manufacture novel products with improved features. They are expanding their reach geographically in order to increase the number of customers. Additionally, manufacturers are making use of less toxic chemicals to manufacture this type of wood, which is expected to drive the fire retardant plywood market in the near future.
Implementation of Fire Safety Standards to Have a Major Impact on the Market Growth
Fire safety standards and regulations for the commercial as well as residential buildings have been implemented by the government, which is further expected to drive the global fire retardant plywood market in the forecast period. Increased awareness pertaining to the accessibility of fire resistance wood products is also another factor fuelling the fire retardant plywood market growth. In addition, associated benefits of fire retardant plywood including low tendency of spark and ignite, less burning, and decreased tendency of the fire to spread over the plywood surface are increasing the demand for fire retardant plywood.
Besides that, features such as low flammability, lesser smoke emission, and higher flame penetration time make the product high in demand. Booming construction sector and rising usage of wood in the construction of buildings are also contributing significantly to the fire retardant plywood market growth.