Pune, India, July 28, 2022 (GLOBE NEWSWIRE) -- The global passive fire protection market size is expected to gain momentum by reaching USD 5.4 billion by 2028 from USD 4.0 billion in 2021, while exhibiting a CAGR of 4.5% between 2021 to 2028. In its report titled, “Passive Fire Protection Market, 2021-2028,” Fortune Business Insights™ mentions that the market stood at USD 3.8 billion in 2020.
The increasing demand and popularization of electric vehicles primarily due to environmental concerns have increased the demand for lithium-ion batteries. This LIB requires a safe and durable solution to reduce the risk of fire. This has increased the use of passive fire protection systems. For instance, the 3M Company provides Sikagard fire protective coating in electric compartments of the electric car. The Sikagard treatment provides the greatest degree of fire protection, giving a solution for the automobile sector to provide efficient and safe batteries.
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Passive Fire Protection Market Report Scope & Segmentation:
| Report Attribute | Details |
| Market size value in 2021 | USD 4.0 Billion |
| Revenue forecast in 2028 | USD 5.4 Billion |
| Growth Rate | CAGR of almost 4.5% 2021-2028 |
| Base Year | 2020 |
| Historic Years | 2017 - 2019 |
| Forecast Years | 2021 - 2028 |
| Segments Covered | By Type, By Material Type, By Application, By Distribution Channel, and Regional Forecast |
| Forecast Units | Value (USD Billion), and Volume (Units) |
| Quantitative Units | Revenue in USD million/billion and CAGR from 2019 to 2026 |
| Regions Covered | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World |
| Countries Covered | U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
| Number of Companies Covered | Akzo Nobel N.V. (Amsterdam, Netherlands), Bostik (Colombes, France), Sika AG (Baar, Switzerland), Jotun (Sandefjord, Norway), 3M (Minnesota, U.S.), Hempel A/S (Lyngby, Denmark), The Sherwin-Williams Company (Ohio, U.S.), PPG Industries, Inc. (Pennsylvania, U.S.), TÄBY BRANDSKYDDSTEKNIK AB (Taby, Sweden), CPG EUROPE (Wigan, England), Advanced Insulation Limited (Gloucester, U.K.), and Polyseam Ltd (Huddersfield, U.K.) |
| Report Coverage | Market growth drivers, restraints, opportunities, Porter's five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis. |
| Customization Scope | Avail customized purchase options to meet your exact research needs. |
COVID-19 Impact
The pandemic crippled the global economy due to strict lockdown worldwide. This hampered construction and development, caused labor shortages, lower customer spending, depressed consumer mood, manufacturing halts or reductions, and supply chain disruptions. This negatively impacted the market, and thus the market witnessed a decline of 1.91% in 2020 as compared to average year-on-year growth during 2017-2019.
List of Key Players Profiled in Passive Fire Protection Industry Report
- Akzo Nobel N.V. (Amsterdam, Netherlands)
- Bostik (Colombes, France)
- Sika AG (Baar, Switzerland)
- Jotun (Sandefjord, Norway)
- 3M (Minnesota, U.S.)
- Hempel A/S (Lyngby, Denmark)
- The Sherwin-Williams Company (Ohio, U.S.)
- PPG Industries, Inc. (Pennsylvania, U.S.)
- TÄBY BRANDSKYDDSTEKNIK AB (Taby, Sweden)
- CPG EUROPE (Wigan, England)
- Advanced Insulation Limited (Gloucester, U.K.)
- Polyseam Ltd (Huddersfield, U.K.)
- Muehlhan AG (Hamburg, Germany)
- ALTRAD (Montpellier, France)
- Nullifire (Wigan, U.K.)
- ROCKWOOL International A/S (Hedehusene, Denmark)
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Market Segmentation:
By product type, the market is divided into cementitious materials, intumescent coatings, fireproofing cladding, and others. By end-use industry, the market is segmented into oil & gas, infrastructure & construction, industrial, transportation, and others. Finally, based on region, this market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
What does the Report Provide?
The market report for passive fire protection provides a detailed analysis of several factors, such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies to introduce new products, announce partnerships, and collaborate to contribute to the growth of the market.
Driving Factor
Increasing Demand for Fire-safe Data Storage Facilities to Drive Market Growth
Growing Information Technology (IT) industry and telecom industries worldwide are all over the expected to grow rapidly in upcoming years. Since these industries require safe infrastructure to protect their data, the office complexes are built fireproof as the recovery cost of fire hazards in these companies can be enormous, not only in terms of human deaths but also the irreversible damage to the infrastructure which is utilized to store massive amounts of data and information. Therefore, major IT companies such as Google, Amazon, and Facebook are also likely to invest hugely in creating fire-resistant infrastructure for their data storage operations.
For example, In March 2021, Google declared to invest USD 7 billion in office space and data centers in the U.S. this year. Such investments by major companies are expected to drive the passive fire protection market growth during the foreseeable years.
Regional Insights
North America to Remain at Forefront Due to Increased Fire Accidents in the Region
North America is expected to remain at the forefront and hold the highest position in the market for PFP during the forecast period due to increased fire accidents in the region. For instance, according to a report by the National Fire Protection Association, around 1.3 million fire accidents occur in the U.S. each year, causing an annual loss of close to USD 15 billion. Thus, the government in the region has become strict on fire regulations, and this is likely to promote the regional market. The region’s market stood at USD 2.13 billion in 2020.
Asia Pacific is expected to showcase significant passive fire protection market share in upcoming years owing to increased infrastructure development in developing economies, mainly India and China.
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Competitive Landscape
Key Players to Focus on Different Sales Strategies to Strengthen Their Positions
The market is consolidated by major companies striving to maintain their position by focusing on different sales strategies to enhance and strengthen their market portfolio. For instance, 3M sells its goods through different distribution channels, such as directly to end-users, sometimes to wholesalers, retailers, distributors, and dealers in a variety of trades. Therefore, such strategies are expected to intensify the market competition.
Detailed Table of Contents:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Emerging Trends
- Key Insights
- Key Emerging Trends – For Major Countries
- Industry SWOT Analysis
- Regulatory Analysis
- Recent Industry Developments - Policies, Partnerships, New Product Launches, and Mergers & Acquisitions
- Qualitative Insights – Impact of COVID-19 on Global Passive Fire Protection Market
- Supply Chain Challenges
- Steps taken by Government/Companies to overcome this impact
- Potential opportunities due to COVID-19 outbreak
- Global Passive Fire Protection Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Product (Value)
- Cementitious Materials
- Intumescent Coatings
- Fireproofing Cladding
- Others
- By End-use Industry (Value)
- Oil & Gas
- Infrastructure & Construction
- Industrial
- Transportation
- Others
- By Region (Value)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- By Product (Value)
TOC Continued…!
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