Passive Fire Protection Material Market to Record Study Growth by 2023
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As per the findings compiled in this 66-page report, the Saudi Arabia market for passive fire protection materials had a valuation of US$89.7 mn in 2014. Exhibiting a modest yet a positive CAGR of 4.40%, the market will reach US$131 mn by 2023. Passive fire protection materials provide safety against fire or spread of smoke. These materials have attained commercial prospects since they are essential in mapping a route to escape during such unforeseen occurrences. These materials are used in accordance with fire codes and building codes that local governing bodies mandate.
The economy of Saudi Arabia has risen incredibly in the last couple of years. Among the economic sectors leveraging the booming economic prospects in the region, the construction industry is exhibiting exponential growth. Rapidly increasing construction activities have augmented the demand for passive fire protection materials in the region. Furthermore, the increasing number of rig counts in the Middle East is also touted as a significant factor fuelling the demand from the passive fire protection materials market in Saudi Arabia. A lead analyst from TMR says, “While the market witnesses impressive growth prospects in the region, rigorous government regulations and emission control norms on volatile carbon compounds emission may hamper the overall demand for passive fire protection materials across the region.”
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For the purpose of the study, the report segments the passive fire protection materials market in Saudi Arabia based on parameters including product type and application. Based on product types, the foams and boards segment led the passive fire protection materials market in 2014, accounting for a whopping 90% share. Foams and boards are primarily used in building interiors, apart from which they also provide protection to steel structures. These passive fire protection materials are relatively economical and also add aesthetic value to the overall structure. Intumescent coatings, according to the report, will register the fastest growth among the several product segments during the forecast period. This type of material is primarily used to fireproof steel structures. Other passive fire protection materials, which will exhibit steady growth, include fire blocks, mortar plugs, and cementitious sprays.
The report states that structural steel fireproofing is the largest application segment of the regional passive fire protection materials market. The segment, as per the report, occupies over 25% of the market. Structural steel protection is integral to fire protection in buildings. The civil application of passive fire protection materials in Saudi Arabia, therefore, is poised to grow exponentially over the report’s forecast period. The cable and wire tray fireproofing segment also held a substantial market share in 2014. Other application segments of the market include glasses, windows, and doors.
The market for passive fire protection materials in Saudi Arabia is moderately fragmented and characterized by the presence of a large number of vendors. Some of the leading players profiled in the report are Jotun, Carboline Company, Fire Protection Ltd., Electropar Performed Line Products, Promat International, the Fireseal Group, Hilti Group, NAFFCO, and 3M Company.
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Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of Analysts, Researchers, and Consultants, use proprietary data sources and various tools and techniques to gather and analyze information.
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