The
global passive
fire protection market size is expected to gain
momentum by reaching USD 5.4 billion
by 2028 from USD
4.0 billion in 2021, while exhibiting a CAGR of 4.5% between 2021 to 2028. In its
report titled, “Passive Fire Protection Market, 2021-2028,” Fortune
Business Insights™ mentions that the market stood at USD 3.8 billion in 2020.
The demand for fire protection systems is expected to increase with its increased demand in the oil & gas sector, where it helps in equipment protection and other offshore and onshore applications. Moreover, technological advancements and incessant exploration is expected to drive the market growth during the forecast period. Moreover, the rapid urbanization, construction activities, and technological & economic advancements would contribute significantly to the growth of the fire protection system sector.
List of Key Players Profiled in the Passive Fire
Protection Industry Report
- Akzo Nobel N.V. (Amsterdam, Netherlands)
- Bostik (Colombes, France)
- Sika AG (Baar, Switzerland)
- Jotun (Sandefjord, Norway)
- 3M (Minnesota, U.S.)
- Hempel A/S (Lyngby, Denmark)
- The Sherwin-Williams Company (Ohio, U.S.)
- PPG Industries, Inc. (Pennsylvania, U.S.)
- TĂ„BY BRANDSKYDDSTEKNIK AB (Taby, Sweden)
- CPG EUROPE (Wigan, England)
- Advanced Insulation Limited (Gloucester, U.K.)
- Polyseam Ltd (Huddersfield, U.K.)
- Muehlhan AG (Hamburg, Germany)
- ALTRAD (Montpellier, France)
- Nullifire (Wigan, U.K.)
- ROCKWOOL International A/S (Hedehusene, Denmark)
What does the Report Provide?
The report of the market for
passive fire protection provides a
detailed analysis of several factors, such as the key drivers and restraints that
will impact growth. Additionally, the report provides insights into the
regional analysis that covers different regions, contributing to the growth of
the market. It includes the competitive landscape that involves the leading
companies and the adoption of strategies to introduce new products, announce
partnerships, and collaborate to contribute to the growth of the market.
Driving Factors
Rising
Demand to Develop Fire-safe Infrastructure to Drive Market Growth
The demand for fire
safety equipment has increased worldwide. For instance, the catastrophic event
that occurred in August 2020 at the harbor of Beirut, Lebanon's capital, was
heart-wrenching. The aftermath of this accident revealed that the explosion was
caused due to nearby fire. The fire triggered 2750 tons of ammonium nitrate,
which was one of the greatest non-nuclear explosions in human history. This
catastrophe made people more aware of investing in fire safety systems. This is
likely to boost the passive fire protection market growth in upcoming
years.
Read a Detailed Summary of This Report: https://www.fortunebusinessinsights.com/passive-fire-protection-market-105806
COVID-19
Impact
The pandemic caused all
the activities worldwide, as governments around the world put a lockdown
measure to mitigate the spread of the virus. However, in many parts of the
world, the lockdown has been lifted, the market output hasn’t been so good yet.
Since there has been less availability of raw materials due to disrupted
logistic supply, this escalated the raw material price and decreased demand
from end-use industries. However, we expected the market to revive during the
forecast period.
Furthermore, the market for passive fire protection is
hampered by movement restrictions, construction and development halts, labor
shortages, lower customer spending, depressed consumer mood, manufacturing
halts or reductions, and supply chain disruptions.
Regional
Insights
Asia Pacific to Dominate Backed by Increasing Consumption of
Gold in Region
North
America is expected to remain at the forefront and hold the highest position in
the market for passive fire protection during the forecast period owing to
the rising awareness about fire safety and stringent rules by the government to
have fire protection units in commercial as well as residential buildings.
The region’s market stood at USD
2.13 billion in 2020.
Europe is expected to
showcase significant passive fire protection market share in upcoming years,
owing to the increased penalty by the government on people who do not comply
with fire regulations. Furthermore, increased standardization and
incessant inspection of industries are expected to promote the regional market.
Competitive Landscape
Key Players to Focus on New Launches to Strengthen Their
Positions
The
market is consolidated by major companies striving to maintain their positions
by focusing on acquisitions and new launches. For instance, in March
2021, ROCKWOOL announced the launch of new fire protection equipment. This will
help specifiers and installers of fire-stopping and fire-resistant products.
The all-new FIREPRO Resource Hub gathers all resources that stakeholders may
require in one location, ensuring that they have access to the most up-to-date
information and guidance at all times.
Industry Development
· October 2020 – CharCoat Passive Fire Protection Inc., which makes electrical fire protection and insulation coatings, declared the completion of another successful test for its CharCoat CC Electrical Cable Coating.
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