Selbyville, Delaware, Aug. 31, 2021 (GLOBE NEWSWIRE) -- According to the report published by Global Market Insights Inc., the global Passive Fire Protection Materials Market was estimated at $5.9 billion in 2020 and is slated to exceed $9 billion by 2027, registering a CAGR of 6.6% from 2021 to 2027. The report provides an in-depth analysis of the global market size & estimations, major pockets of investment, key opportunities & drivers, wavering market trends, competitive outlook, and the best winning strategies.
Passive fire protection materials are largely used to avert the threat of fire or smoke in case of accidents. The rising trend of installing fire protective boards as roofing, siding, or wall panels to secure life and property from any kind of fire-induced damages will further drive the industry size. The volatility of raw materials price may hamper the market growth. Moreover, the COVID-19 pandemic has negatively impacted the global market.
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The global passive fire protection market for mortars, Cementitious sprays, & putties has valued at over USD 2 billion in 2020 and will showcase considerable growth in the coming years. Cementitious sprays are easy to apply and viable solutions for steel and concrete structures in risk environments. These are widely applicable for high-risk zones in industrial sites including the chemical, petrochemical, and oil & gas industry.
Opening protection will hold over 11% market share in 2027. Passive fire protection materials are used in openings above ceilings, in riser cupboards, or below raised access floors. In addition, smoke and fire dampers are installed to complete the fire barrier, which can restrict the rapid spread of fire and smoke throughout the building.
The transportation industry will register significant growth at a CAGR of 6.3% by 2027 owing to the benefits offered by the materials in automotive, aerospace, and marine, among other applications. These materials provide toughness and stability at high operating temperatures. Furthermore, rising automotive demand in the Asia Pacific and Europe will positively stimulate the passive fire protection materials market revenue in the near future.
Some of the major key findings:
- Rising building & construction activities in the Asia Pacific will propel product demand.
- The rapid adoption of intumescent coatings across the end-user industries to protect structural and compartmental walls will stimulate the market share.
- Rising government emphasis on the installation of advanced fireproof materials in developed regions will fuel the market growth.
- Rising awareness of fire safety along with technological advancements is likely to contribute to the overall industry size.
- Robust growth in smaller facilities and single-story buildings will facilitate the need for fire compartmentation.
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Europe is the second-largest regional segment in the passive fire protection materials market. And will have a revenue generation of over USD 2.4 billion in 2027. Europe registered steady growth in the end-user industries over the years, which will complement product demand. In Germany, the construction industry is growing at a significant rate and is expected to grow in the next few years. Additionally, countries including the U.K., France, and Italy are automotive production hubs in the region along with significant aerospace production.
Numerous players operate in the global passive fire protection materials industry including Lloyd, 3M, Sherwin-Williams Company, Hempel, Nullifire, Etex SA, Saint-Gobain, Siniat International, and Promat International. Key industry players are continuously involved in research & innovations, Merger & Acquisition (M&A), and capacity expansion to strengthen their business performance.
About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting, and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
