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).
Full
Research Report On Passive Fire Protection Analysis: https://www.grandviewresearch.com/industry-analysis/passive-fire-protection-market
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.
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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.
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.
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Full Press Release of this Report:
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https://www.grandviewresearch.com/press-release/global-passive-fire-protection-market
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: https://www.grandviewresearch.com/
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