The global Passive Fire Protection Market is projected to witness a higher CAGR during the forecast period. Fire protection solution for any building irrespective of its design and purpose, has been of a unified nature. However, the combinations may vary, but it still plays an essential role in stability and integrity of the building in any course of incident such as fire.
The drivers for passive fire protection market include increase in investment for automation and digitization combined with rising use of passive fire protection for warehousing applications. Subsequently, increase in use of product innovation in shipbuilding and automotive is anticipated to drive the demand in western countries. In addition, rising investment for oil & gas firms in oil exploration technologies comprising hydraulic fracturing and horizontal drilling is anticipated to drive the market demand.
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Product segmentation for passive fire protection market includes intumescent coating, fireproof cladding and cementitious material. Application segment includes construction, warehousing, industrial and oil & gas.
Geographical segmentation for passive fire protection industry includes North America, South America, Europe, Asia-Pacific, Middle East and Africa. North America market is anticipated to witness a higher CAGR during the forecast period due to rise in investment to enhance downstream capacities and upstream operations. Aerospace industry is likely to witness a higher traction during the forecast period due to instant funding available at lower interest rates and funding options.
Asia-Pacific regions are likely to grow at a significant CAGR during the forecast period due to rise in cases of fire incidences and presence of manufacturing plants for fighting equipment. Presence of multiple players and lowered oil imports leading to high competition is likely to result in a moderate growth for the forecast period. The key players in the passive fire protection market include Lloyd Insulations Ltd, Hempel, Sherwin-Williams, HILTI, Carboline and Nullfire.
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Global Passive Fire Protection Product Outlook (Revenue, USD Million, 2012 – 2022)
• Cementitious Material
• Intumescent Coating
• Fireproofing Cladding
Global Passive Fire Protection Application Outlook (Revenue, USD Million, 2012 – 2022)
• Oil & Gas
Global Passive Fire Protection Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2012 – 2022)
• North America
• Asia Pacific
• Latin America
• Middle East & Africa
Related Reports of this Category available at Million Insights: https://www.millioninsights.com/industry/building-materials
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