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 protectionmarket growth. Rapidly expanding global construction sector coupled with increasing urbanization in emerging economies is expected to propel market growth further.
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Further key findings from the report 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 press release of this research report by Grand View Research: www.grandviewresearch.com/press-release/global-passive-fire-protection-market
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
For More Information: www.grandviewresearch.com
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