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What are the drivers of Passive Fire Protection Materials Market growth?
Passive Fire Protection Materials Market
Allegedly, the agreement grants AkzoNobel the authority to combine its wet-applied fire protection solutions with Benarx’s innovative dry based Passive fire protection materials products specially dedicated for oil and gas sector. Experts have been already raving about the collaboration, claiming it to bring a disruptive trend in the entire passive fire protection materials market with a diversified platter of innovative solutions for various complex projects.
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Persistently being channelized by the continuous improvisation of building standardization, the competitive landscape of passive fire protection materials industry is strongly characterized by product innovations via R&D activities. In this regard, recently, passive fire protection materials market has witnessed the inception of an absolutely innovative fire-resistant coating named Firoshield. Collaboratively being launched by researchers of Nanyang Technological University and engineers from JTC Corporation, the latest coating is claimed to cost half than that of conventional coatings.
Add to it, sources claim that these coatings can be applied to structural materials in half the time than that of its traditional counterparts. Allegedly, this state of the art version of fire protective coating would be sent to U.K for industry certification purposes, which is reported to be completed by April, this year.
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Some of the other leading names contending a strong portfolio in passive fire protection materials market include Rudolf Hensel, Teknos, Promat International, 3M, Lloyd Insulations, Hempel, and Sherwin-Williams. Most of these giants are bending over backwards on R&D investments to spurt their product portfolio in the strategic landscape. To cite an instance of the same, recently, Jotun, the Norwegian chemical giant has declared its plan of establishing a completely new R&D center at Flixborough, United Kingdom.
Reportedly, the project led with an initial investment of GBP 4.5 million would exclusively focus on fire insulation and protection coatings, in a bid to reinforce Jotun’s position at the vanguard of the burgeoning passive fire protection materials industry. Considering the aforementioned initiations, it is quite coherent to mention that the passive fire protection materials market is overt to witness a plethora of opportunities over the ensuing years.
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Obviously, the market’s fullest potential can only be achieved through joint contribution from both private as well as government entities. However, with the globe treading on the path of sustainability trends along with profound research activities addressing the same, it is undeniable that passive fire protection materials market would also record a tremendous stature in terms of product innovations and revenue. In terms of commercialization, worldwide passive fire protection materials industry size is claimed to exceed a valuation of USD 27 billion by 2024.
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