Newark, NJ, May 26, 2022 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, The global passive fire protection materials market is expected to grow from USD 18.1 billion in 2019 to USD 34.51 billion by 2027, at a CAGR of 8.4% during the forecast period 2020-2027. North America is expected to dominate the market during the forecast period. The prevalence of high safety standards for fire safety across all applications, including building and construction, and oil and gas is expected to drive the market growth. High disposable incomes of people is giving rise to the demand for passive fire protection in houses. The increasing extraction of shale gas in the US will also contribute to the market growth. Asia-Pacific region is expected to witness the highest growth rate during the forecast period. The significant growth in the industrial and construction sectors of the developing economies of China and India are expected to drive the market growth. The rising awareness and need for the building of safe infrastructures will fuel the market growth.
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Some of the leading players of the market include 3M, Sherwin-Williams, Hempel, Lloyd Insulations Ltd., PPG Industries, Nullifire, HILTI, Kansai Paint, Teknos Group, Akzo Nobel, Rudolf Hensel GmbH, Carboline, Jotun, Promat International, and Sharpfibre. The market is characterised by high fragmentation and low product differentiation. The players are focusing on research and development activities for technological advancements and product innovation. Other strategies include strategic partnerships and integration across the value chain.
This study delivers a comprehensive analysis of type, application, industry, and regions. On the basis of type, the market can be divided into sealants, foams and boards, and intumescent materials. Intumescent materials are expected to witness the highest growth rate during the forecast period. The growth can be attributed to its widespread use in the industrial sector for the protection of structural steel applications. Its ability to withstand extreme weather conditions has increased its use in the oil and gas industry. On the basis of application, the market can be divided into compartmentation, structural, opening protection, and fire stopping materials. The structural application is expected to dominate the market during the forecast period. Structural fire protection is used for the prevention of fire in the building structures in the construction industry. A rise in the number of infrastructural development projects and increasing demand for residential and commercial buildings in the urban centres is expected to drive the market growth. Also, the governmental regulatory requirements need to be complied. On the basis of industry, the market can be divided into oil & gas, building & construction, and transportation. Building and construction industry is expected to dominate the market during the forecast period.
A rise in strict regulatory requirements for fire safety is expected to drive the market growth. An increase in the growth of construction and buildings sector along with mandatory installation and use of passive fire protection materials is expected to fuel the market growth. The rise in large-scale infrastructural projects and an increase in the oil exploration activities will further contribute to the market growth. A slowdown in the global economy and fluctuating prices of raw materials may hinder the market growth.
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About the report:
The global passive fire protection materials market is analysed on the basis of value (USD Billion). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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