Press release
Passive Fire Protection Global Market Report 2024 - By Size, Report, Share, Industry Growth, Forecast To 2033
Passive Fire Protection Market
Passive Fire Protection Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $6.93 billion In 2028 At A CAGR Of 7.8% :
The passive fire protection market size has grown strongly in recent years. It will grow from $4.77 billion in 2023 to $5.14 billion in 2024 at a compound annual growth rate (CAGR) of 7.7%. The growth in the historic period can be attributed to focus on energy efficiency, rise in construction activities, increased awareness of fire safety, high-rise construction, supply chain visibility.
The passive fire protection market size is expected to see strong growth in the next few years. It will grow to $6.93 billion in 2028 at a compound annual growth rate (CAGR) of 7.8%. The growth in the forecast period can be attributed to continued stringent regulations, growth in construction projects, rising awareness of fire safety, innovations in material science, expansion of urban spaces. Major trends in the forecast period include post-fire investigation awareness, globalization and market expansion, energy efficiency and sustainability, insurance industry influence, urbanization and high-rise buildings.
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Passive Fire Protection Market Major Segments
The passive fire protection market covered in this report is segmented -
1) By Product: Cementitious Materials, Intumescent Coating, Fireproofing Cladding, Other Products
2) By Application: Structural, Compartmentation, Opening Protection, Firestopping Material
3) By End-User: Oil And Gas, Construction, Industrial, Warehousing, Other End-Users
Key Driver - Construction Sector Expansion Fueling The Passive Fire Protection Market
The growing construction sector is driving the growth of the passive fire protection market. Construction is a sector that deals with the building, maintenance, and repair of structures and buildings, as well as the construction of roadways and service facilities. Fireproof materials are used in the construction sector for fire safety in the building as they are non-combustible with low thermal conductivity and take a long time for the fire to affect the structures, and protects the spread of fire. For instance, according to Global Construction Perspectives and Oxford report, the worldwide construction sector is projected to reach $8 trillion by 2030. Therefore, the growing construction sector is expected to propel the growth of the passive fire protection market in the coming years.
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Prominent Trend - Innovative Solutions In The Passive Fire Protection Market
Major companies operating in the passive fire protection market are developing innovative products, such as passive fire protection (PFP) coatings, to meet larger customer bases, increase sales, and increase revenue. Passive fire protection (PFP) coating refers to a specialized type of coating or treatment applied to surfaces, structures, or materials within buildings or industrial facilities to enhance their fire resistance. For instance, in June 2022, Hempel A/S, a Denmark-based coating manufacturer, launched the Hempafire XTR 100. Distinguished by its UL 1709 certification and formulated as a lightweight coating with minimal dry film thickness, Hempafire XTR 100 provides exceptional hydrocarbon passive fire protection, delivering noteworthy safety advantages and project efficiencies for clients. As an epoxy intumescent coating, Hempafire XTR 100 effectively insulates steel structures during hydrocarbon pool fires, prolonging the steel's load-bearing capacity for up to four hours. This extension in fire resistance allows for an extended timeframe for the safe evacuation of personnel and the safeguarding of valuable assets and equipment, facilitating firefighting efforts. Specifically tailored for the oil and gas sector, including applications in downstream refining and petrochemical plants, Hempafire XTR 100 stands out as a specialized solution designed for optimal performance in demanding environments.
Passive Fire Protection Market Players
Major companies operating in the passive fire protection market report are Tata Projects Limited, BASF SE, 3M Company, Larsen & Toubro Limited, PPG Industries Inc., Akzo Nobel N.V., Sika AG, Webuild S.p.A., RPM International Inc., StanChem Inc., Etex Building Performance Ltd., Salini Impregilo S.p.A., Jotun AS, Tremco Incorporated, GMR Infrastructure Ltd., Rotarex S.A., Mercor SA, Lloyd Insulations Limited, Specified Technologies Inc., Safety Technology International Inc., Scaletron Industries Ltd., Envirograf Products Limited, Clean Air Company, Daussan SAS, No-Burn Inc., Master Fire Prevention Systems Inc., Floyd Bell Inc., SC Fastening Systems LLC, Contego International Inc., Acoustical Surfaces Pvt Ltd.
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Largest And Fastest Growing Region In The Market
North America was the largest region in the passive fire protection market in 2023. Asia-Pacific is expected to be the fastest-growing region in the market. The regions covered in the passive fire protection market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Passive Fire Protection Market Report Structure
3. Passive Fire Protection Market Trends And Strategies
4. Passive Fire Protection Market - Macro Economic Scenario
5. Passive Fire Protection Market Size And Growth
…..
27. Passive Fire Protection Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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