Passive Fire Protection Market
Growth Factors of Passive Fire Protection Market
The passive fire protection market size was valued at USD 4.41 billion in 2023, and the market is now projected to grow from USD 4.62 billion in 2024 to USD 6.68 billion by 2032, exhibiting a CAGR of 4.7% during the forecast period of 2023-2030.
The limited delivery of raw material due to the transportation restriction had hampered market expansion. The various building projects were on standstill. There were no additional updates provided from the clients due to the lockdown. The shortage of staff and the manufacturing units have halted work. Thus, the COVID-19 pandemic has hindered the passive fire protection market growth.
The passive fire protection market share globally is impelling due to the rising demand for development of fire safe infrastructure. The requirement for better fire safety is increasing as people become more aware of the problems caused by poor fire safety standards. Many governments and industrial organizations recognize the problems and are imposing strict policies. Hence, they are implementing these rules to prevent and alleviate losses from such disasters
The lithium-ion batteries are being utilized in electric vehicles is one of the major trends. It is mainly because of air quality and environmental restrictions. The customer demand and less expensive rechargeable energy storage devices are increasing demand for the market. Besides, major advancements have made many storage devices, particularly those in the lithium-ion family, suitable for vehicle use.
Comprehensive Analysis of Passive Fire Protection Market
The passive fire protection market and chemicals & advanced materials industry is rising at an exponential rate due to its market segmentation. This market expansion effectively provides a detailed regional assessment considering the dominant supply and demand forces that impact the advanced materials industry. These segmentations are methodically segregated by types of products and end-use industry. The products are cementitious materials, intumescent coatings, fireproofing cladding, and others. However, the end-use industries include oil & gas, infrastructure & construction, industrial, transportation, and others.
The North American region is conducive to the global passive fire protection market, leading to a recall of USD 2.49 billion because of the increasing requirement for multifamily housing activities and rising consumer awareness about fire safety.
The top players in the market play a crucial role in the chemicals & advanced materials industry assuring industrial prospectus growth and setting market standards. These players include Akzo Nobel N.V. (Netherlands), Bostik (France), Jotun (Norway), 3M (U.S.), Sika AG (Switzerland), Hempel A/S (Denmark), The Sherwin-Williams Company (U.S.), PPG Industries, Inc. (U.S.), TÄBY BRANDSKYDDSTEKNIK AB (Sweden), CPG EUROPE (England), Advanced Insulation Limited (U.K.), Polyseam Ltd (U.K.), Muehlhan AG (Germany), ALTRAD (France), Nullifire (U.K.), and ROCKWOOL International A/S (Denmark), these market players provide a level-playing competitive landscape.
In December 2023, Hempel A/S announced the launch of HEET Dynamic, which is innovative new coating software. The software has been designed to make intumescent coating estimations on steel selections and assists engineers and estimators in quick and easy calculations of volume and thickness accurately.
Segmentation Table
Global Passive Fire Protection Market Scope
ATTRIBUTE DETAILS
Study Period 2019-2032
Base Year 2023
Estimated Year 2024
Forecast Period 2024-2032
Historical Period 2019-2022
Unit Value (USD Billion)
Growth Rate CAGR of 4.7% during 2024-2032
Segmentation By Product
- Cementitious Materials
- Intumescent Coatings
- Fireproofing Cladding
- Others
By End-use Industry
- Oil & Gas
- Infrastructure & Construction
- Industrial
- Transportation
- Others
By Region
- North America (By Product, By End-use Industry, By Country)
- U.S. (By End-use Industry)
- Canada (By End-use Industry)
- Europe (By Product, By End-use Industry, By Country)
- Germany (By End-use Industry)
- U.K. (By End-use Industry)
- France (By End-use Industry)
- Italy (By End-use Industry)
- Spain (By End-use Industry)
- Russia & CIS (By End-use Industry)
- Rest of Europe (By End-use Industry)
- Asia Pacific (By Product, By End-use Industry, By Country)
- China (By End-use Industry)
- Japan (By End-use Industry)
- India (By End-use Industry)
- South Korea (By End-use Industry)
- Rest of Asia Pacific (By End-use Industry)
- Latin America (By Product, By End-use Industry, By Country)
- Brazil (By End-use Industry)
- Mexico (By End-use Industry)
- Rest of Latin America (By End-use Industry)
- Middle East & Africa (By Product, By End-use Industry, By Country)
- GCC (By End-use Industry)
- South Africa (By End-use Industry)
- Rest of the Middle East & Africa (By End-use Industry)
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