Passive Fire Protection Market Size, Share, Growth, Trends and Industry Analysis Reportby Susan Hill Business Consultant
The 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
full research report on global passive fire protection market:
Created on Nov 21st 2019 05:14. Viewed 205 times.