LOS ANGELES, April 16, 2021 (GLOBE NEWSWIRE) – The Global Passive Fire Protection Market is expected to grow at a CAGR of approximately 6.8% from 2020 to 2027 and reach a market value of over US $ 5,263.7 million by 2027.
The Asia-Pacific market is expected to grow at the fastest CAGR during the study period. The growing middle class population and rising standard of living are expected to drive demand for passive fire protection in various sectors including transportation and building and construction. India is one of the major countries in APAC region which will experience rapid growth in the passive fire protection market during the forecast period. Indian government initiatives such as Make in India are propelling the country’s construction and infrastructure sectors.
Europe is expected to grow at a moderate pace due to the steady growth of end user industries such as building and construction, automotive, aerospace, oil and gas, etc. The European construction industry will grow in the coming years as the demand for housing increases significantly. The European passive fire protection market is expected to grow at a rapid rate during the forecast period. This is likely due to an increase in the stringent laws and regulations imposed for fire safety and structural protection.
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Government and regulators are stepping up free safety regulations that are boosting the global passive fire protection market. For example, the Chinese Ministry of Public Security strengthened the fire safety of high-rise buildings and published a draft in the same year. As a result, the industry is benefiting from increased awareness of passive fire protection in the building and construction industry. In addition, the growing importance of flame retardant materials, along with the growing number of fire safety regulations, will primarily drive the passive fire protection market. For example, the UK banned combustible materials from the facades of all new high-rise buildings in October 2018.
On the other hand, fluctuations in commodity prices and slowing global economy may restrain the growth of passive fire protection market globally. However, a significant increase in construction and construction activities, combined with strict enforcement of fire safety laws and regulations, will create lucrative opportunities for the global passive fire protection market.
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Government agencies in developed and developing regions work with law enforcement agencies, including EAPFP, NFPA, and USFA, to ensure industry compliance with safety standards and regulations. Thus, the rapid growth of the construction industry in developing economies along with large-scale infrastructure developments especially in India and Indonesia are expected to support a favorable scenario for the global passive protection market. against fire during the forecast period.
Some of the main competitors are 3M, PPG Industries, Inc., Etex Group, The Sherwin-Williams Company, The ROTAREX Group, Specified Technologies Inc., CARRIER, Consilium, Contego International Inc., Tecresa Protección Pasiva, SL, and among others.
Some of the major observations regarding the passive fire protection market include:
- In September 2020, Etex Group announced the acquisition of FSi Limited, a UK company specializing in passive fire protection solutions with a strong focus on fire suppression. FSi’s solution and technical expertise will enable Etex to strengthen its offering in passive fire protection and dry coating systems. FSi’s solutions and customers complement the Etex portfolio very well.
- In March 2017, Jotun announced the opening of a new artistic research and development center at its site in Flixborough, UK. The £ 4.5million facility will focus on innovation in passive fire protection and insulating coatings, further strengthening Jotun’s position at the forefront of this demanding industrial niche.
- In November 2019, Hempel announced the launch of a new product, Hempafire Optima 500. The new product is specifically designed to improve the productivity of passive fire protection coating applications. The newly launched product reduces the number of coats required and the processing time required for the application.
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The passive fire protection market is segmented on the basis of product and application. By product, the market is segmented into cementitious materials, intumescent coatings, fire retardant cladding and others. Based on the application, the market is segmented into oil and gas, construction, industrial, warehousing, and others.
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