Passive Fire Proofing System Market size is expected to exceed USD 25 billion by 2027, according to a new research study published by Global Market Insights Inc.
The increasing consumer awareness about fire safety and the demand for fire-safe buildings are resulting in increased investments in passive fire prevention systems. Owing to the increasing number of fire accidents and losses of life and property, majority of the economies are focusing on enhancing the passive fire safety features of the existing & future infrastructure. A rising number of large-scale infrastructure investment projects are being built in both developed & developing economies, boosting the construction industry growth and inducing the passive fire proofing demand.
Fire doors to generate a significant demand
In 2020, the fire doors segment accounted for over 15% of the overall passive fire proofing system market share and is expected to be the fastest growing segment through 2027. The high demand for these doors is due to their ability to provide a well-rounded fire safety strategy to any building or structure. They are highly used at entry & exit points to prevent the spread of fire. They aid in the containment of damage by restraining the spread of fire & smoke in the buildings.
Browse key industry insights spread across 180 pages with 125 market data tables & 35 figures & charts from the report, “Passive Fire Proofing System Market Size By Product (Fire Resistant Walls & Floors, Fire Dampers, Fire Doors, Fire Stops, Fire Resistant Glasses, Structural Steel Protection), By Application (Structural Fire Protection, Compartmentation, Fire Stopping Materials, Opening Protection), By End-user (Residential, Commercial, Institutional), COVID-19 Impact Analysis, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2021 - 2027” in detail along with the table of contents:
Residential sector generated around USD 2 billion revenue in 2020 and is poised to open potential opportunities over the near future. Among the end-users, this segment captured the least revenue led by the low adoption of passive fireproofing systems in residential construction, especially in low & middle-income regions. Moreover, the rising investments in residential construction and growing popularity of fire protection measures in the Asia Pacific region can present lucrative opportunities for market growth.
COVID-19 significantly hampered the productivity of majority of sectors globally. However, construction was one of the most affected industries during the pandemic. The global construction industry that significantly drives the installation of passive fireproofing systems sustained serious damages. The pandemic jeopardized the construction sector in various ways and resulted in the shutdown of many projects. As a result, the volume of global construction output declined by around 2.3% in 2020.
Some of the major manufacturers in passive fire proofing system market are ASSA ABLOY AB, Hörmann KG Verkaufsgesellschaft, Rapp Bomek AS, Chase Industries, Inc., Mesker Openings Group, UK Performance Doorsets Ltd., Asahi India Glass Limited, Promat, Isolatek International Corporation, Halton Group, Ruskin Company, Stonhard, Inc., 3M, Saint-Gobain S.A., Tremco, Inc., and Pyroplex Ltd.