Passive Fire Protection Market Size, Share, Growth, Trends and Industry Analysis Report
by Susan Hill Business ConsultantThe
global passive fire protection market size is expected to
reach USD 5.17 billion by 2025, according to a new report by Grand View
Research, Inc. The market is projected to expand at a CAGR of 5.1% over the
forecast period. Increasing exploration activities in the global oil & gas
industry is likely to boost the market growth. Prevalence of high-risk
environment owing to the presence of explosive and highly flammable compound in
oil & gas production makes the use of a passive fire protection system
extremely important, thereby augmenting the product demand.
In addition,
rising shale gas exploration activities in U.S. is expected to drive the demand
over the forecast period. Rising consumer awareness regarding safety has led to
the increased investments in the installation of protection systems in
commercial as well as residential buildings. Furthermore, growing incidents of
fire accidents have led the governments across the globe to emphasize on
improving the safety aspects of the existing and upcoming infrastructures,
thereby driving the passive fire protection market growth. Rapidly expanding
global construction sector coupled with increasing urbanization in emerging
economies is expected to propel market growth further.
Further
key findings from the study suggest:
- Cementitious materials accounted
for a market share of 42.3% in 2018 and is projected to be the largest
segment on account of the condensation control property of these materials
- Product demand in the
construction industry was valued at USD 1.35 billion in 2018 owing to
increased construction activities along with the need for energy-efficient
and safer infrastructures
- Asia Pacific was the largest
regional market and is estimated to maintain its dominance in future due
to high product demand from construction, industrial, and warehousing
sectors of China and India
- The market in U.S. is expected
to witness a significant growth over the forecast period on account of
stringent government regulations regarding fire safety
- Integration across the value
chain, development of new manufacturing technologies, and introduction of
innovative products are the key success factors for the manufacturers of
protection products
Access
full research report on global passive fire protection market:
www.grandviewresearch.com/industry-analysis/passive-fire-protection-market
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Created on Nov 21st 2019 05:14. Viewed 325 times.