Global Passive Fire Protection Materials Market size worth over USD 9 billion by 2027
Published Date: August 31, 2021 Authors: Kiran Pulidindi, Sayan Mukherjee
According to a new research report by Global Market Insights Inc., the Passive Fire Protection Materials Market is estimated to surpass USD 9 billion by 2027. The rapid adoption of passive fire protection materials in the oil & gas sector owing to their extensive applications to meet fire protection requirements will positively influence the market share.
The progressing oil & gas industry in North America and Asia Pacific will significantly stimulate the passive fire protection materials market over the forecast period. The development of shale reserves in China and the U.S. is likely to drive oil & gas exploration activities and gradually boosting end-users to apply fire protective coatings, sealants, etc., to avoid fatal accidents. The installation of fireproofing and insulative materials, such as calcium silicate boards, will enable excellent thermal stability to the existing system.
Additionally, rising stringent laws to adhere to the fire safety protection standards such as NFPA in various end-user industries including building & construction, oil & gas, transportation, chemical, pharmaceutical, etc., for workplace safety will trigger product demand. For instance, NFPA-290 provides proper installation of passive fire protection materials to the outer surface of LPG containers. On the other hand, volatile raw material prices might hinder the product consumption in coming years.
Browse key industry insights spread across 280 pages with 416 market data tables & 29 figures & charts from the report, “Passive Fire Protection Materials Market By Product (Sealants; Intumescent Materials; Foams & Boards; Mortars, Cementitious Sprays, Putties), By Application (Structural, Compartmentation, Opening Protection, Firestopping Materials), By Industry (Building & Construction, Oil & Gas, Transportation), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trend, Competitive Market Share & Forecast, 2021-2027” in detail along with the table of contents:
Foams & boards will drive the market share by 2027
Foams & boards held a significant market share in 2020 and are anticipated to grow at a considerable CAGR of 6.2% up to 2027. These materials find wide-ranging applications in the building & construction, transportation, and oil & gas industries due to their exceptional fire suppression capabilities. Fire protection foams can form a layer or film above the fuel surface and seal the vapor to prevent fire expansion.
For instance, in the transportation industry, they are used in automotive fuel tanks and around the battery packs in electric vehicles. In addition, these materials are also used to protect structures, such as floors, ceilings, windows, concrete, drywall, cables, and metal pipes, owing to their excellent water and vapor resistance. These factors will gradually boost the fire protection foams & boards demand in the near future.
Rising need for structural protection will significantly boost the product demand
Structural protection registered around 33% market share in 2020 and will showcase considerable growth in the coming years due to increasing demand for insulative materials, coatings & systems, which can effectively suppress or slow down the fire in the structural joints of the buildings. Structural protection also includes various other non-building structures, such as petrochemical refineries, power generation facilities, propane tanks, rails, tunnels (transportation), and airport & aviation control towers.
The oil & gas industry is likely to boost product demand
The oil & gas industry has showcased considerable growth in recent years and is projected to grow at a CAGR of 6.5% by the end of 2027 due to their lucrative nature. Increasing applications of fire protection materials in the oil & gas industry due to stringent government regulations, industrial norms, and safety standards by insurance companies will drive the product demand. Installation of firewalls in process and storage areas to protect the system & equipment from thermal damage will propel the market share.
Companies such as Promat have introduced lightweight boards, sprays, blast walls & barriers, etc., for passive fire protection in high-risk zones such as refineries and LNG plants. Furthermore, the rapid expansion of offshore oil & gas exploration projects across the globe is likely to gear up the industry size over the projected timeframe.
North America to dominate the overall market share by 2027
North America will exceed USD 3 billion by 2027 and will grow at a significant pace over the forecast period. The building & construction and transportation sectors have been growing in the U.S. over the years. Rising construction spending across the region is likely to boost the industry size in the near future. The high usage of sealants, intumescent coatings, and foams & boards in the building & construction, transportation, and oil & gas sectors will positively affect the passive fire protection materials market share in the coming years.
The global passive fire protection materials industry is extremely competitive due to the presence of domestic and international players. There is a moderate level of integration among the manufacturers and raw material suppliers, which offers competitive advantages in different regions. Some of the major market players are Lloyd, 3M, Sherwin-Williams Company, Hempel, Nullifire, Etex SA, Saint-Gobain, Siniat International, and Promat International.
Explore More on Related Topics: