The new report by Expert Market Research titled, ‘Global Passive Fire Protection Market Share, Report and Forecast 2023-2028’, gives an in-depth analysis of the global passive fire protection market, assessing the market based on its segments like product, application, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Forecast CAGR (2023-2028): 4.65%
The increased usage of a number of products across a broad range of end-user sectors, such as construction, oil and gas, transportation, and general industries, such as power generating, chemical, and mining is likely to fuel passive fire prevention market growth. The sector is predicted to increase as a result of the rising trend of employing fire protection boards as roofing, siding, or wall panels to protect persons and property from fire-related harm. Furthermore, new technologies such as smart buildings, BIM (building information modelling), IoT, improved sensors, and alarms are predicted to enhance the fire sprinkler market, which would help the passive fire prevention business grow.
Industry Definition and Major Segments
A passive fire prevention system is a fire safety system that may be incorporated or installed into buildings. These systems, unlike active fire protection systems, do not require motion to work efficiently. The passive fire prevention system’s fire-retardant solutions or materials help to reduce the damage caused by a sudden fire outbreak.
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By products, the market is divided into:
- Cementitious Materials
- Intumescent Coatings
- Fireproofing Cladding
- Others
Based on applications, the industry can be categorised into:
- Oil and Gas
- Construction
- Industrial
- Warehousing
- Others
The global regions for passive fire protection market include:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Market Trends
The market for passive fire protection is expected to develop due to consistent government and regulatory activities, as well as public safety awareness. To confine and prevent fires, passive fire prevention is widely used in the building and construction industries. Steel and wood membranes, for example, are protected by these materials. Because these structures are crucial load-bearing components, fire protection is required. In combination with the growth and extension of the building and construction industries, the government’s strict laws specifying fire and safety criteria are vital aspects sustaining the industry’s upward growth rate. Furthermore, as people become more aware of the need for fireproof materials, demand for passive fire protection is projected to increase.
Key Market Players
The major players in the market are RPM International Inc, Sharpfibre Limited, 3M Company, Sherwin-Williams Company, Lloyd Insulations (India) Limited, and others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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