The Passive Fire Protection Materials Market Is Expected To Significant Growth Of $34.51 Billion By 2027: Financial Markets

Passive Fire Protection Materials Market by Type (Sealants, Foam & Sheets, Bulging Materials), Application (Segmentation, Structural, Open Protection, Fire Extinguishing Materials), Industry, Region, Global Industry Analysis, Market Size, Share, Growth, Trends, And forecasting until 2027

NEWARK, NJ, May 26, 2022 (GLOBE NEWSWIRE) – According to the report published by Fior Markets, the global market for passive fire protection materials is expected to grow from $18.1 billion in 2019 to $34.51 billion by 2027, at an annual growth rate. Composite 8.4% over the forecast period 2020-2027. North America is expected to dominate the market during the forecast period. The prevalence of high safety standards for fire safety in all applications, including building and construction, and oil and gas is expected to drive market growth. The higher disposable income of people increases the demand for passive fire protection in homes. The increased extraction of shale gas in the United States will also contribute to the growth of the market. The Asia Pacific region is expected to witness the highest growth rate during the forecast period. Significant growth in the industrial and construction sectors in the developing economies of China and India is expected to drive market growth. The growing awareness and the need to build secure infrastructures will enhance the growth of the market.

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Some of the major players in the market are 3M, Sherwin-Williams, Hempel and Lloyd Insulations Ltd. and PPG Industries, Nullifire, HILTI, Kansai Paint, Teknos Group, Akzo Nobel, Rudolf Hensel GmbH, Carboline, Jotun, Promat International and Sharpfiber. The market is characterized by high segmentation and low product differentiation. Players focus on research and development activities for technological advancement and product innovation. Other strategies include strategic partnerships and integration across the value chain.

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This study provides a comprehensive analysis of type, application, industry and regions. On the basis of type, the market can be segmented into sealants, foams, plates and inflated materials. Bulging materials are expected to experience the highest growth rate during the forecast period. The growth can be attributed to its extensive use in the industrial sector to protect structural steel applications. Its ability to withstand extreme weather conditions has led to its increased use in the oil and gas industry. On the basis of application, the market can be divided into sections, Structural, Opening Protection, and Fire Stopping Materials. Structural application is expected to dominate the market during the forecast period. Structural fire protection is used to prevent fire in building structures in the construction industry. The rising number of infrastructure development projects and the increasing demand for residential and commercial buildings in urban centers are expected to drive market growth. Also, government regulatory requirements must be complied with. On the basis of industry, the market can be segmented into oil and gas, building and construction, and transportation. The construction industry is expected to dominate the market during the forecast period.

The rise in stringent fire safety regulatory requirements is expected to drive the growth of the market. The increase in the growth of the construction and building segment along with the mandatory installation and use of passive fire protection materials is expected to boost the growth of the market. The rise in large-scale infrastructure projects and the increase in oil exploration activities will contribute to the growth of the market. A slowdown in the global economy and volatile raw material prices may hamper market growth.

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About the report:

The global Passive Fire Protection Materials market is analyzed on the basis of value (US$ billion). All sectors were analyzed on a global, regional and country basis. The study includes an analysis of more than 30 countries for each sector. The report provides an in-depth analysis of the driving factors, opportunities, restraints, and challenges to gain key insight into the market. The study includes Porter’s Five Forces Model, gravity analysis, raw materials analysis, supply, demand analysis, competitor website network analysis, distribution and marketing channels analysis.

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About Aswaq Fiore

Fior Markets is a futuristic market intelligence company, helping clients thrive on their business strategies and make better decisions using actionable intelligence. With a transparent set of information, we meet clients’ goals and obligations at a high level and target potential prospects with SWOT analysis and market research reports. Fior Markets publishes a wide range of regional and global market intelligence research reports including industries such as technology, pharmaceuticals, consumer goods, food and beverages, chemicals, media and materials, and many more.

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