LOS ANGELES, April 16, 2021 (GLOBE NEWSWIRE) -- The Global Passive Fire Protection Market is expected to grow at a CAGR of around 6.8% from 2020 to 2027 and reach the market value of over US$ 5,263.7 Mn by 2027.
The market in Asia Pacific is expected to grow at the fastest CAGR during the study period. The growing middle-class population and rising living standards are expected to drive demand for passive fire protection in a variety of industries, including transportation and building and construction. India is one of the prominent countries in APAC that will experience rapid growth in the passive fire protection market during the forecast period. The Indian government's initiatives such as Make in India are propelling the country's construction and infrastructure sectors.
Europe is expected to grow at a moderate rate due to steady growth in end-user industries such as building and construction, automotive, aerospace, oil and gas, and so on. The European construction industry will expand in the coming years as housing demand rises significantly. The Europe passive fire protection market is expected to grow at a rapid pace during the forecast period. This is most likely due to an increase in stringent laws and regulations imposed for fire safety and structure protection.
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Market Dynamics
Government and regulatory bodies are tightening free safety regulations that are driving the global passive fire protection market. For example, China's Ministry of Public Security strengthened fire safety for high-rise buildings and issued a draught the same year. As a result, the industry is benefiting from increased awareness of passive fire protection in the building and construction industry. Furthermore, the increased importance of fireproof materials, as well as the growing number of fire safety regulations, will primarily drive the passive fire protection market. For example, the United Kingdom banned combustible materials from the facades of all new high-rise buildings in October 2018.
On the other hand, fluctuations in raw material prices and a slowing global economy may stymie market growth for global passive fire protection. However, a significant increase in building and construction activity, 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 both developed and developing regions are collaborating with law enforcement agencies, including the EAPFP, NFPA, and USFA, to ensure industry compliance with safety standards and regulations. Thus, rapid growth in the construction industry in developing economies, as well as large-scale infrastructure developments, particularly in India and Indonesia, are expected to support a favorable scenario for the global passive fire protection market during the forecast period.
Some of the leading 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, S.L., and among others.
Some of the key observations regarding the passive fire protection market include:
- In September 2020, Etex Group announced the acquisition of FSi Limited, a British company specialized in passive fire protection solutions with a strong focus on fire stopping. The solution and technical expertise of FSi will allow Etex to strengthen its offering in passive fire protection and dry lining systems. The solutions and customer base of FSi complement very nicely the Etex portfolio.
- In March 2017, Jotun announced the opening of new art research and development center at its site in Flixborough, United Kingdom. The GBP 4.5 million facilities will focus on passive fire protection and insulation coatings innovation, cementing Jotun’s position at the vanguard of this demanding industry niche.
- In November 2019, Hempel, announced the launching of a new product namely, Hempafire Optima 500. The newly launched 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 process time required to apply.
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Segmental Analysis
Passive fire protection market is segmented based on product and application. By product, the market is segmented as cementitious materials, intumescent coatings, fireproofing cladding, and others. Based on application, the market is segmented as oil & gas, construction, industrial, warehousing, and others
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