May 25, 2020
As per the report titled ‘Passive Fire Protection Materials Market Size By Product, By Application, By Industry, Industry Analysis Report, Regional Outlook, Application Potential, Price Trend, Competitive Market Share & Forecast, 2019-2026’, available with Market Study Report LLC, global passive fire protection materials market is expected to register a healthy growth rate through 2026.
Stringent regulations & mandates regarding fire safety and surging demand for fire protection materials from the oil & gas sector which is at higher risk of facing fire accidents are among the key growth drivers of global passive fire protection materials market.
Passive fire protection is an essential part of any fire safety strategy and consists of various materials including fire floors/walls, smoke/fire dampers, and fire doors. Dampers stop the spread of smoke/fire across the building and fire doors aid in compartmentalizing a building. The primary objective of passive fire protection is to maximize the time available for people to evacuate a property in case of a fire accident.
Based on the product terrain, passive fire protection materials market is categorized into sealants, foams & boards, intumescent material, and others. Among these, foams and boards segment held 20% volume share in 2018 and is projected to expand at 8% CAGR throughout the assessment period. The growth can be attributed to extensive use of foam against liquid fires. It is used as an effective fire extinguishing media for low flash point substances. Moreover, foam can be delivered as per low, medium, or high expansion capability depending upon the requirement, further encouraging the product use.
Request sample copy of this Report: https://www.marketstudyreport.com/request-a-sample/758005/
Speaking of the application scope, firestopping materials segment is experiencing an appealing growth trend, owing to rising awareness regarding various firestopping materials available across building and construction industry.
Elaborating on the industry vertical, passive fire protection materials market from others segment accounted for 5.5% revenue share in 2018. Rapid expansion of the industrial sector across emerging economies is expected to boost the segment growth in the coming years.
Considering the geographical landscape, North America passive fire protection materials industry is projected to register a CAGR of 7.9% in terms of volume over the forecast timeline. Robust growth of oil & gas sector owing to increasing number of shale gas exploration activities in the region, along with a recovering building and construction sector are supporting North America market growth.
Major players operating in global passive fire protection materials market are Nullifire, Lloyd Insulations (India) Ltd., Saint-Gobain, 3M, Sharpfibre, Hempel, Rudolf Hensel GmbH, Sherwin-Williams, Hilti, Carboline, Teknos Group, AkzoNobel, Kansai Paint, PPG Industries, Promat International, and Jotun.