Passive Fire Protection (PFP) Market To Reach 6.67 Billion USD in 2029, With a CAGR of 7.2%. | Valuates Reports
BANGALORE, India, May 17, 2023 /PRNewswire/ -- Passive Fire Protection (PFP) Market is segmented by type (Cementitious Materials, Intumescent Coatings, Fireproofing Cladding, Others), by application (Oil & Gas, Infrastructure & Construction, Industrial, Transportation, Others) : Global Opportunity Analysis and Industry Forecast, 2021-2031. It is published in Valuates Reports under the Construction & Maintenance Category.
The global Passive Fire Protection (PFP) Market size was 4.1 Billion USD in 2022 and it is expected to reach about 6.67 billion USD in 2029, with a CAGR (2022-2029) of 7.2%.
Major factors driving the Growth of the Passive Fire Protection (PFP) Market
This Passive Fire Protection (PFP) Market is anticipated to be driven by rising oil & gas industry spending in exploration and production as well as technical advancements over the forecast period. The need for passive fire prevention coatings in equipment protection and other offshore and onshore applications is driven by the oil and gas industry.
Additionally, the Passive Fire Protection (PFP) Market is expected to be driven by a rise in demand from end-use industries like building & construction, and transportation.
TRENDS INFLUENCING THE GROWTH OF THE PASSIVE FIRE PROTECTION (PEP) MARKET
In the construction business, implementing a safety and health management system is far more difficult. The safety of building inhabitants and the protection of property during a fire event will be guaranteed by a balanced fire and life safety design strategy including passive and active systems. Generally speaking, passive fire protection elements consist of a fire-resistant design that compartmentalizes the structure and confines the fire to a particular floor or region. There can be redundant levels of protection to protect building inhabitants and property during a fire if all passive (and active) fire protection systems are designed, installed, and maintained correctly over the course of the structure's life. This factor is expected to drive the growth of the Passive Fire Protection (PFP) Market
Coating, cladding, or free-standing system that offers thermal protection against fire and doesn't require human, mechanical, or other forms of igniting, replenishing, or maintaining. Coatings that provide passive fire protection are becoming more significant in the oil and gas sector. When exposed to high temperatures, coatings used in industrial oil and gas facilities expand to create an insulating layer of carbon char. Due to this, steel may continue to support loads during a fire for up to four hours longer, providing crucial time for occupants to flee the structure and for firefighters to put out the fire. Gas stations and oil rigs are only two of the places where activities in the oil and gas sector take place. This factor is expected to drive the growth of the Passive Fire Protection Market.
Transportation vehicle fires pose a serious risk to people's lives and property. Every year, hundreds of thousands of automobile fires take place all over the world, claiming thousands of lives and causing billions of dollars worth of physical damage. One of the biggest risks to the security of transport and haulage trucks, the cargo they carry, and the places they deliver to is fire. The dangers are increased by long working hours, challenging working environments, hot engine and exhaust components, and other factors. A fire on board must be found and put out as soon as possible in order to safeguard your possessions. A passive fire prevention system's potential to reduce danger in LPG (liquefied petroleum gas) vehicle transport was looked at. This factor is expected to drive the growth of the Passive Fire Protection Market.
PASSIVE FIRE PROTECTION (PEP) MARKET SHARE ANALYSIS:
The sector of cementitious materials formerly occupied the majority of the market for passive fire protection, and it is anticipated that it will continue to dominate over the projection period. Still one of the most economical solutions for fireproofing structures is cementitious material.
The most lucrative region is anticipated to be North America. This is due to both expanding consumer knowledge of fire safety and increasing and driving demand for multifamily housing activities. Consumers' increasing purchasing power and the government's and regulatory bodies' greater focus on raising fire safety standards. During the projected period, it is anticipated that this aspect would increase market demand.
Key Companies:
- Akzo Nobel N.V.
- Bostik
- Sika AG
- Jotun
- 3M
- Hempel A/S
- The Sherwin-Williams Company
- PPG Industries, Inc.
- TÄBY BRANDSKYDDSTEKNIK AB
- CPG EUROPE
- Advanced Insulation Limited
- Polyseam Ltd
- Muehlhan AG
- ALTRAD
- Nullifire
- ROCKWOOL International A/S
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