Passive Fire Protection Materials Market will exceed $31 billion by 2026
Published Date: February 13, 2020 Authors: Kiran Pulidindi, Hemant Pandey
According to a new research report by Global Market Insights, Inc. the passive fire protection materials (PFP) Market size will exceed $31 billion by 2026.
Growing population and urbanization shall increase the market revenue
Rising population along with strong urbanization has increased the number of building and construction activities in residential sector lately. In Asia Pacific, the construction sector is witnessing a huge growth from the past few years. This high growth is due to rapid urbanization, industrialization, and the ever-increasing population.
For instance, India’s population is rising by 1.1% annually and expected to surpass that of China’s, becoming a most populous country in the world. This increase in population is expected to surge the demand for residential buildings and housings.
According to the World Bank Data, the urban population in the Asia Pacific region is growing at a high rate. The growing urban population in this region is triggering the new commercial construction projects such as commercial complexes, and shopping malls. Growing consumer awareness regarding fire safety and fireproof materials is likely to increase the passive fire protection materials market share in coming years.
Passive fire protection materials are heavily used in oil & gas industry for fire proofing of equipment, structures and machineries. The industry is witnessing strong growth on account of technological advancements and exploration of new oil basins. These materials are expected to witness increased demand from oil & gas sector due to rising production and stringent regulations.
Browse key industry insights spread across 304 pages with 360 market data tables & 30 figures & charts from the report, “Passive Fire Protection Materials Market By Product (Sealants, Intumescent Materials, Foams & Boards), By Application (Structural, Compartmentation, Opening Protection, Firestopping Materials), By Industry (Building & Construction, Oil & Gas, Transportation), Industry Analysis Report, Regional Outlook, Application Potential, Price Trend, Competitive Market Share & Forecast, 2019-2026” in detail along with the table of contents:
Sealants to exhibit promising gains
Sealants passive fire protection materials market volume shall grow with CAGR of over 7% through 2026. These materials are widely consumed by various end user industries for firestop applications. Fire protection solutions are getting importance around the world due to rapid industrialization, urbanization and rising stringent regulations. Fire protective sealants are very effective for stopping the spread of fire and hence are being used by many end use industries including oil & gas.
Compartmentation shall witness significant growth over forecast period
Fire protection materials for compartmentation in buildings are very effective in containing and stopping the fire in the compartment of origin. Fireproof compartmentation includes fireproof walls, floors and ventilation systems. Increasing demand of passive fire protection materials in commercial buildings, manufacturing facilities, and residential spaces shall drive the passive fire protection materials market during forecast period.
Increased global construction output will enhance market growth avenues
Building & construction segment is the biggest consumer for passive fire protection materials market and accounted for close to 55% of the global demand in 2018. According to Global Construction Perspectives and Oxford Economics report, global construction business will reach $8 trillion by 2030.
This growth is likely to come from rapidly growing economies such as India, China and ASEAN countries. The expansion can be attributed to strong regional economic growth accompanied by the upsurge in population.
Latin America oil & gas production shall witness rise in coming years
Latin America’s oil production may witness a rise in 2020 after years of decline. Oil production in Central & South America is at high level with production more than 7.5 million barrels per day. This production may provide an impetus to passive fire protection materials market growth in coming years owing to rise of unconventional recovery methods.
Passive fire protection materials are widely used in oil & gas industry. The O&G sector is likely to witness increased consumption owing to rise in production. Latin America held around 10% market share in 2018.
Strategic mergers and partners are prevalent in the industry
Strategic partnerships and mergers are key growth strategies for passive fire protection materials market expansion. For instance, in 2017, AkzoNobel finalized a deal with Benarx Solutions AS, a Norwegian-based manufacturer of advanced insulation materials to expand fire protection in oil & gas industry.
Major players involved in the passive fire protection materials industry are Promat International, PPG Industries, Saint-Gobain, 3M, Rudolf Hensel, Sharpfibre, Akzo Nobel, Sherwin-Williams, Kansai Paint, Lloyd Insulations, Nullifire, Teknos, and Hempel.