The global passive fire protection market is expected to reach USD
7.13 billion by 2022, according to a new report by Grand View Research, Inc. Growing
demand for upscale residential projects is expected to drive the passive fire
protection market.
Rising investment in automation
and digitization of the industries coupled with growing use of passive fire
protection in warehousing application is expected to drive growth over the
forecast period. In addition, rising use of the product in automotive and
shipbuilding is expected to drive the demand in Europe and North America.
Growing need of minimizing the asset loss is also expected to fuel product demand
over the next seven years.
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Further key findings
from the report suggest:
·
Intumescent
coating segment is expected to grow at a CAGR of over 4.0% from 2015 to 2022.
Rising investment by the oil & gas firms in improved exploration technologies
including hydraulic fracturing and horizontal drilling is expected to drive the
market demand. Intumescent coatings are being widely used in manufacturing and
power industry.
·
Industrial sector
accounted for over 20.0% share of the passive fire protection market owing to
capacity expansion and technology upgradation. In addition, government policies
including the grant of incentives and subsidies to promote the development of
new manufacturing facilities in emerging economies including India, Brazil and
Africa is expected to augment demand.
·
North America
market is expected to grow at a CAGR of 4.5% from 2015 to 2022. Rising
investment to improve their downstream capability and upstream operations
prospect is expected to drive growth. The aerospace industry is expected to
witness significant growth in the region owing to lower interest rates and
availability of financing options.
·
Europe demand for
passive fire protection was valued at over USD 1.30 billion in 2014. Europe is
expected to witness a steady growth in consumption from warehousing industry
owing to rising investment to improve logistics infrastructure coupled with
rising government initiatives to improve freight transportation services in the
region. However, reducing oil imports coupled with stiff competition from new
refining facilities in Asia Pacific and the Middle East is expected to affect
the global share of Europe in oil & gas industry over the forecast period.
This, in turn, is expected to pose a challenge to market growth over next seven
years.
·
Nullifire is a
key market player which manufactures intumescent coatings, foams, fire
curtains, seal bags, sealants and putty pads. In July 2011, Nullifire launched
new service which helps public sector clients to ensure maximum fire resistance.
Key companies include Lloyd Insulations (India) Ltd., Nullifire, Hempel,
Sherwin-Williams, HILTI, and Carboline.
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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, the company offers market intelligence studies ensuring
relevant and fact-based research across a range of industries including
technology, chemicals, materials, healthcare and energy.
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