Passive fire protection is an integral element of one of the three constituents of fire safety and fire protection infrastructure in a building. It makes use of fire-resistant floors, doors, and walls to curb the spread of fire thereby diminishing asset loss.
The world market for passive fire protection materials is predicted to be a highly fragmented one marked with the presence of many international and regional vendors. The eminent market leaders are relentlessly making efforts and jostling with each other to bring in more and more creativity and variety to capture larger share of the world market. They are constantly focusing on expanding their reach and consumer base with much improved services and product.
Some topnotch companies that are operating in the global passive fire protection materials market are Sherwin-Williams, Rudolf Hensel GmbH, Lloyd Insulations (India) Ltd., Leighs Paints, Sharpfibre, Nullifire, HILTI, Hempel, and Carboline. Apart from these prominent companies, there are many other players that operate at regional and international level.
Government Emphasis on Deployment of Passive Fire Protection Materials to Lead the Market
There has been a surge in the demand for improved fire safety standard and technologies in both commercial and residential premises. Various regional governments are also focusing on the deployment of passive fire protection materials and as such the market for passive fire protection materials is likely to gain momentum from these factors.
Furthermore, apart from residential premises, oil and gas industry is also increasingly deploying passive fire protection materials in a bid to prevent structural destruction arising out of fire related accidents. Such explosive accidents cause maximum damage to building structures. As such, the market for passive fire protection materials are to derive benefits from such causes.
In addition to that, soaring demand for fire protection materials that are durable and can last for a longer period of time is likely to propel the market for passive fire protection material towards growth. Various materials such as fireproofing cladding, intumescent coatings, and cementitious materials are all expected to gain momentum owing to the soaring awareness about the benefits of such passive fire protection materials. As such, increased usage of the above-mentioned materials are likely to drive the market.
Passive fire protection materials are also being used in the aerospace industry in a bid to avert spread of fire, damage of the structure of the aeroplanes and to minimize loss that is being caused to assets under such circumstances. However, there is a flipside of the market as well. Price of the raw materials remain volatile and as such it is likely to restrain growth of the market to a large extent.
North America to Emerge as a World Market Leader
North America is likely to emerge as a clear market leader due to the presence of well-established industrial zone, increasing demand for improved fire safety materials and services, increasing expenditure by the government on improved infrastructural security and all are expected to contribute towards the growth of the market.
On the other hand, Asia Pacific is projected to witness rapid growth of the said market. Augmented demand of the passive fire protection material across various industries such as construction, warehousing, manufacturing and automotive to minimize loss are also predicted to bolster growth of then market in the region. Increasing disposable income and growing awareness about the benefits of such products are anticipated to drive the market. Consumers are also willing to pay extra bucks for the same. As such, the market is poised for a growth in the Asia Pacific region.
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