According to a report by Grand View Research, Inc.; the worldwide passive fire protection market is predicted to value USD 7.13 billion by 2022. Growing necessity for advanced fire safety standards in commercial and residential buildings is anticipated to propel demand for passive fire protection systems. Stringent government regulations to implement necessary fire safety measures in buildings can further induce demand.
Growing necessity for advanced fire safety standards for commercial and residential buildings is anticipated to propel market growth. Supportive government initiatives to promote availability of passive fire protection devices inside the buildings can impel growth of the market. Growing adoption of fire protection devices in oil and gas industry to prevent unexpected accidents is likely to stimulate market growth in the next few years. High demand for fancy intumescent coatings in interiors coupled with growing constructional activities can spur growth of the passive fire protection market during the forecast period (2012 to 2022).
Full Research Report On Passive Fire Protection Market Analysis: https://www.grandviewresearch.com/industry-analysis/passive-fire-protection-market
U.S. passive fire protection market revenue, by application, 2012 – 2022 (USD Million)
Flourishing requirement for various fire protection materials in end-user industries such as oil & gas, construction, manufacturing, and warehousing can influence demand. Considering this, most manufacturing companies are focusing on R&D investments to develop advanced passive fire protection systems offering enhanced safety.
For instance, scientists at Callaghan Innovation, New Zealand recently developed an intumescent paint powder in collaboration with researchers from a paint company. The paint can be used as passive fire protection coatings on structural beams and pillars in buildings. This coating is likely to act as an insulator under extreme temperature conditions such as fire. The intumescent coating can undergo multiple chemical reactions to char, expand, and blow up into massive foam to provide thermal insulation to building materials.
Availability of reasonable alternatives such as sprays, boards, and putty is likely to hinder growth of the market. In addition, frequent fluctuation in prices for raw materials used in making passive fire protection systems can obstruct the growth of the passive fire protection market in near future.
Growing end-users industries such as construction, oil & gas, and aerospace along with their necessity for advanced fire protection systems can create lucrative opportunities for market in the coming years. The global passive fire protection market can be classified on the basis of product, application, and region. Based on product, the market can be segmented into intumescent coating, cementitious material, and fireproofing cladding. Based on application, the market can be divided into construction, oil & gas, industrial, and warehousing.
View more reports of this category by Grand View Research at:
Regional segmentation includes Europe, North America, Asia Pacific, Latin America, and Middle East and Africa. In North America, the market is expected to propel in the coming years owing to abundance of shale oil/gas reserves in the region. In addition, increasing use of intumescent coatings in aircraft to prevent asset loss during fire incidences can compel market growth. In 2014, North America accounted for 20% of total revenue generated in that year.
In Asia Pacific, the market is presumed to witness highest growth during next few years owing to favorable government policies and developing construction industry in the region. In addition, rising domestic demand coupled with availability of cheap labor and raw materials can spur market growth.
In Europe, the market is predicted to expand at a substantial rate during next few years owing to rising demand for green buildings in the region. In addition, increasing use of attractive intumescent coatings in construction activities to obtain aesthetic looks is likely to drive growth of the market for passive fire protection.
In Middle East Asia and Africa, the market is expected to grow in the next few years owing to rising fire accidents and strict government mandates in the region. In Latin America, the market is presumed to witness immense growth over the forecast period owing to rising urbanization rate and implementation of tough safety regulations in the region. In addition, high demand to protect assets, people, and environment from unpredictable fire accidents can boost demand.
Some of the prominent companies operating in the passive fire protection market are Nullifier, Lloyd Insulations (India) Ltd., Sherwin-Williams, Hempel, and HILTI.
Access Full Press Release of this Report: https://www.grandviewresearch.com/press-release/global-passive-fire-protection-market
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
For more information: https://www.grandviewresearch.com
Company Name: Grand View Research, Inc.
Contact Person: Sherry James, Corporate Sales Specialist – U.S.A.
Email: Send Email
Phone: 1-415-349-0058, Toll Free: 1-888-202-9519
Address:28 2nd Street, Suite 3036
City: San Francisco
Country: United States