As per the report by Global Market Insights, Inc. “Passive Fire Protection Materials Market size is likely to exceed USD 9 billion by 2027, driven by the increasing demand for passive fire safety materials to enhance safety features in the residential and commercial construction sectors.”
The global passive fire protection materials market will register significant growth from 2021 to 2027. Passive fire protection materials are largely used to avert the threat of fire or smoke in case of accidents, which will positively boost the industry size in the coming years. 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 industry size.
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 solution for steel and concrete structure in risk environment. These are widely applicable for high-risk zones in industrial sites including chemical, petrochemical, and oil & gas industry.
Opening protection will hold over 11% of the passive fire protection materials 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 Asia Pacific and Europe will positively stimulate the passive fire protection materials industry size in the near future.
Europe is the second-largest regional segment in the passive fire protection materials market. The region 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, which will positively impact the market share. Additionally, countries including the U.K., France, and Italy are automotive production hubs in the region along with significant aerospace production, which will further augment the industry growth.
Numerous players operate in the global passive fire protection materials market including Lloyd, 3M, Sherwin-Williams Company, Hempel, Nullifire, Etex SA, Saint-Gobain, Siniat International, and Promat International.
Some of the major findings in the Global Passive Fire Protection Materials Industry report include:
- Rising building & construction activities in Asia Pacific will propel product demand.
- 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.
- Key industry players are continuously involved in research & innovations, Merger & Acquisition (M&A), and capacity expansion to strengthen their business performance.
Source: https://www.gminsights.com
