The global passive fire protection market share is expected to gain momentum by reaching USD 5.4 billion by 2028 from USD 4.0 billion in 2021, while exhibiting a CAGR of 4.5% between 2021 to 2028. In its report titled, “Passive Fire Protection Market, 2021-2028,” Fortune Business Insights™ mentions that the market stood at USD 3.8 billion in 2020.
The demand for fire protection systems is expected to increase with its increased demand in the oil & gas sector, where it helps in equipment protection and other offshore and onshore applications. Moreover, technological advancements and incessant exploration is expected to drive the market growth during the forecast period. Moreover, the rapid urbanization, construction activities, and technological & economic advancements would contribute significantly to the growth of the fire protection system sector.
Market Segmentation:
By product type, the market is divided into cementitious materials, intumescent coatings, fireproofing cladding, and others. By end-use industry, the market is segmented into oil & gas, infrastructure & construction, industrial, transportation, and others. The oil and gas segment held 34.1% and 32.5% in terms of share globally and in the U.S.
What does the Report Provide?
The market report provides a detailed analysis of several factors, such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies to introduce new products, announce partnerships, and collaborate to contribute to the growth of the market.
Driving Factors
Rising Demand to Develop Fire-safe Infrastructure to Drive Market Growth
The demand for fire safety equipment has increased worldwide. For instance, the catastrophic event that occurred in August 2020 at the harbor of Beirut, Lebanon's capital, was heart-wrenching. The aftermath of this accident revealed that the explosion was caused due to nearby fire. The fire triggered 2750 tons of ammonium nitrate, which was one of the greatest non-nuclear explosions in human history. This catastrophe made people more aware of investing in fire safety systems. This is likely to boost the passive fire protection market growth in upcoming years.
Regional Insights
Asia Pacific to Dominate Backed by Increasing Consumption of Gold in the Region
North America is expected to remain at the forefront and hold the highest position in the market for passive fire protection during the forecast period owing to the rising awareness about fire safety and stringent rules by the government to have fire protection units in commercial as well as residential buildings. The region’s market stood at USD 2.13 billion in 2020.
Information Source:
https://www.fortunebusinessinsights.com/passive-fire-protection-market-105806