According to a report by Grand View Research, Inc.; the
worldwide passive
fire protection market is predicted to value USD 7.13 billion by 2022.
Growing necessity for advanced fire safety standards in commercial and
residential buildings is anticipated to propel demand for passive fire
protection systems. Stringent government regulations to implement necessary
fire safety measures in buildings can further induce demand.
Growing necessity for advanced fire safety standards
for commercial and residential buildings is anticipated to propel market
growth. Supportive government initiatives to promote availability of passive
fire protection devices inside the buildings can impel growth of the market.
Growing adoption of fire protection devices in oil and gas industry to prevent
unexpected accidents is likely to stimulate market growth in the next few
years. High demand for fancy intumescent coatings in interiors coupled with growing
constructional activities can spur growth of the passive fire protection market
during the forecast period (2012 to 2022).
Flourishing requirement for various fire protection
materials in end-user industries such as oil & gas, construction, manufacturing,
and warehousing can influence demand. Considering this, most manufacturing
companies are focusing on R&D investments to develop advanced passive fire
protection systems offering enhanced safety.
For instance, scientists at Callaghan Innovation, New
Zealand recently developed an intumescent paint powder in collaboration with
researchers from a paint company. The paint can be used as passive fire
protection coatings on structural beams and pillars in buildings. This coating
is likely to act as an insulator under extreme temperature conditions such as
fire. The intumescent coating can undergo multiple chemical reactions to char, expand,
and blow up into massive foam to provide thermal insulation to building
materials.
Browse full research report on Passive Fire Protection Market: https://www.grandviewresearch.com/industry-analysis/passive-fire-protection-market
Availability of reasonable alternatives such as
sprays, boards, and putty is likely to hinder growth of the market. In
addition, frequent fluctuation in prices for raw materials used in making
passive fire protection systems can obstruct the growth of the passive fire
protection market in near future.
Growing end-users industries such as construction, oil
& gas, and aerospace along with their necessity for advanced fire
protection systems can create lucrative opportunities for market in the coming
years. The global passive fire protection market can be classified on the basis
of product, application, and region. Based on product, the market can be
segmented into intumescent coating, cementitious material, and fireproofing
cladding. Based on application, the market can be divided into construction,
oil & gas, industrial, and warehousing.
Regional segmentation includes Europe, North America,
Asia Pacific, Latin America, and Middle East and Africa. In North America, the
market is expected to propel in the coming years owing to abundance of shale
oil/gas reserves in the region. In addition, increasing use of intumescent
coatings in aircraft to prevent asset loss during fire incidences can compel
market growth. In 2014, North America accounted for 20% of total revenue generated
in that year.
In Asia Pacific, the market is presumed to witness
highest growth during next few years owing to favorable government policies and
developing construction industry in the region. In addition, rising domestic
demand coupled with availability of cheap labor and raw materials can spur
market growth.
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In Europe, the market is predicted to expand at a
substantial rate during next few years owing to rising demand for green
buildings in the region. In addition, increasing use of attractive intumescent
coatings in construction activities to obtain aesthetic looks is likely to
drive growth of the market for passive fire protection.
In Middle East Asia and Africa, the market is expected
to grow in the next few years owing to rising fire accidents and strict
government mandates in the region. In Latin America, the market is presumed to
witness immense growth over the forecast period owing to rising urbanization
rate and implementation of tough safety regulations in the region. In addition,
high demand to protect assets, people, and environment from unpredictable fire
accidents can boost demand.
Some of the prominent companies operating in the passive
fire protection market are Nullifier, Lloyd Insulations (India) Ltd., Sherwin-Williams,
Hempel, and HILTI.
About Grand View
Research
Grand View Research, Inc. is a U.S. based market
research and consulting company, registered in the State of California and
headquartered in San Francisco. The company provides syndicated research
reports, customized research reports, and consulting services. To help clients
make informed business decisions, we offer market intelligence studies ensuring
relevant and fact-based research across a range of industries, from technology
to chemicals, materials and healthcare.
For more information: www.grandviewresearch.com
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