Passive Fire Protection Materials Market Size

Passive Fire Protection Materials Market Size

Global Passive Fire Protection Materials Market size was valued close to USD 6 billion in 2020 and will showcase significant growth at a rate of 6.6% from 2021 to 2027 driven by rising awareness of fire safety along with technological advancements, which is credited to rising R&D investments across industries. The rapid adoption of advanced fireproof materials across industries coupled with favorable government policies is likely to boost the product demand over the projected timeframe.

The growing application of different products across a wide range of end-user industries, such as construction, oil & gas, transportation, and general industries including power generation, chemical, mining, etc., will boost the passive fire protection materials market growth. In recent years, there has been a significant rise in the construction sector, specifically in residential and commercial infrastructure projects, owing to the increasing global population.

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The demand for passive fire protection materials will surge in the near future owing to its exceptional capability to slow down heat spread & smoke and subsequently result in delaying the damage and improving the fire escape duration. The product demand will rise gradually as governments are imposing safety standards and countries across the globe are building state-of-the-art infrastructure over the assessment period. For instance, the National Building Code of India (NBC) has determined many specifications including fire zones, type of fire resistance for structural & non-structural components, requirements, etc.

Passive fire protection materials provide better toughness and stability at elevated temperatures, meeting the complete requirements for use in automotive & aerospace applications. The automotive industry is focusing on the installation of passive fire protection measurements in passenger and heavy-duty vehicles for ensuring safe evacuation time for passengers. For instance, in February 2021, Sika Automotive launched a fire protection coating technology for electric vehicle battery systems, which offers a high level of fire security.

Moreover, compartmentation and structural passive fire protection in mines along with protective requirements in mining vehicles may suppress the fire by exhibiting firefighting operation effectively. In addition, these products have diverse applications in oil & gas exploration and production activities due to strict safety practices. These materials play a significant role in safeguarding people and limiting damage in specific industrial applications where superior mechanical & thermal properties are required.

The ongoing coronavirus pandemic has adversely affected the industry growth owing to a halt in production and delay in major construction projects across the globe. Nationwide lockdowns and limited transport activities have further downturned the industry size. Moreover, the declining demand from many end-user industries and volatile raw material costs may hinder market growth in near future. Rapid vaccination policies and rising residential projects will largely contribute to the passive fire protection materials market share across the globe.