Press release
Passive Fire Protection Materials Market Forecast By 2026 | Top Key Players - 3M, Hempel, Sherwin-Williams, Lloyd Insulations Ltd., Nullifire, PPG Industries, HILTI, Teknos Group, Kansai Paint, Akzo Nobel
Passive Fire Protection Materials Market
Passive fire protection materials are used for preventing, slowing down and stopping fires. These materials do not need any trigger to work effectively, unlike their active counterparts. Strict regulations pertaining to fire safety coupled with growing constructions and building activities will certainly drive the demand for passive fire protection materials.
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Rapid urbanization and a soaring population have increased the requirement for accommodation, thereby boosting the demand for construction activities. This trend is mainly observed in the Asia Pacific region, where India is predicted to exceed China’s population, making it the world’s most populous nation.
Furthermore, as per the data provided by the World Bank, the Asia Pacific region is witnessing significant growth in the urban population, which has increased the construction of commercial and residential buildings. Additionally, the consumers are increasingly aware of the importance of fire safety which shall possibly encourage the use of fire safety materials in the future.
However, with the ongoing COVID-19 pandemic, the economies around the world had slowed down. This has affected the prices of raw materials required for construction activities. This will delay the construction of new buildings, thereby affecting the demand for fire protection materials.
But, the strict fire safety regulations across residential and commercial spaces have improved the chances of manufacturers producing fire protection materials in gaining some revenue over the coming years.
Stringent fire safety regulations
Considering fire safety as a priority, government organizations have reinforced fire safety regulations, thereby benefitting the production of passive fire safety materials. To support this statement with an instance, China’s Ministry of Public Security published a draft in 2018 which mentions the tightened fire safety regulations for skyscrapers and other buildings.
Speaking of which, the demand for passive fire protection materials like sealants which are used for firestopping applications will witness traction. The sealants can effectively stop the fire spread which is why it is used by industries like oil & gas whose sites are one of the most fire sensitive ones.
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The oil & gas industry requires superior fire stopping solutions which makes passive fire protection materials very important to this sector. Nowadays, the petrochemical and energy sectors are using coatings for protecting important equipment and structures from hazardous explosions, spills and hydrocarbon fires. Such a critical utilization of these materials will benefit the manufacturers producing these materials.
The oil production in Latin America shall possibly exhibit a rise post 2019. On the other hand, oil production in South America has been consistently improving throughout the years. These forecasts can prove beneficial in increasing the demand for passive fire protection materials.
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