Passive Fire Protection Materials Market trend
Passive Fire Protection Materials Market Showing 8.7% CAGR Growth to 2024: Company Profiles & Growth Analysis
MarketStudyReport.com offers 2017 report on global Passive Fire Protection Materials market that evaluates industry growth trends through historical data and estimates future prospects based on comprehensive research. The report extensively provides the market share, growth, trends and forecasts for the period 2017-2024.
Passive Fire Protection Materials Market is poised to surpass USD 27 billion by 2024; according to a new research report.
Strong demand for hydrocarbon based intumescent coatings from oil & gas industry will propel passive fire protection materials market during the forecast timespan. These materials are extensively preferred across various end-user industries including construction, oil & gas, warehousing, manufacturing, etc. owing to its exceptional properties to tackle situations in case of fire emergency. For instance, intumescent coatings are highly preferred in oil & gas sector due to high risk environment which is mainly due to presence of highly flammable compounds which will help in making significant gains to passive fire protection materials market by 2024.
Rapidly rising exploration activities in North America which is due to abundance of shale oil/gas reserves is probable to be a major factor which will help augment passive fire protection materials market by 2024. For instance, as per the Energy Information Administration (EIA), the U.S. has approximately 200 trillion cubic feet (tcf) of proved shale gas resources.
Unstable prices for raw materials which are widely used in making passive fire proofing materials is probable to hinder the passive fire protection materials market by 2024. Furthermore, persistent need to enhance safety standards across various industries such as manufacturing, oil & gas, warehousing, automotive, aerospace, etc. will drive the overall passive fire protection materials market by 2024.
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Based on the end-users, building & construction segment for passive fire protection materials market is projected to grow with CAGR of about 8.5% by 2024. This is attributed to strong persistence by regional regulatory bodies primarily in emerging economies to enhance safety standards in residential & commercial buildings. For instance, Association of Specialist Fire Protection (ASFP) have been encouraging to improve the quality of installed fire protection in all forms to improve the safety standards and reduce damage across high-risk environments which in turn will make significant contribution to passive fire protection materials market by 2024.
North America passive fire protection materials market is likely to grow at a CAGR with 8% by 2024. This is primarily due to rising product end-users across various end-user industries including construction, transportation, oil & gas, manufacturing, warehousing, etc. which will propel the business by 2024. Intumescent coatings are widely used in oil & gas industry mainly in the U.S. during exploration activities to reduce damage in the high-risk environment. Additionally, increasing R&D investment for the development of advanced coatings used in fireproofing is mainly attributed to stringent legislations formulated by regional regulatory bodies which propels the passive fire protection materials market in the region.
Major passive fire protection materials market share contributors are Sharpfibre, Kansai Paint, Lloyd Insulations, 3M, Rudolf Hensel, Nullifire, Teknos, Akzo Nobel, Promat International, PPG Industries, Sherwin-Williams and Hempel. Most of the companies are making significant investment in their R&D facilities to develop advanced materials and attain competitive advantage in the market. For instance, Jotun has initiated to set up a new R&D center which will cost over USD 6 million at its site in Flixborough, United Kingdom. It is intended to focus on passive fire protection and insulation coatings innovation which will help accomplish higher gains than competitors in the region.
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Table of Content:
Chapter 1. Methodology and Scope
1.1.1. Initial data exploration
1.1.2. Statistical model and forecast
1.1.3. Industry insights and validation
1.1.4. Definitions & forecast parameters
188.8.131.52. Forecast parameters
1.2. Data sources
Chapter 2. Executive Summary
2.1. Passive fire protection materials industry 360° synopsis, 2013 – 2024
2.1.1. Business trends
2.1.2. Product trends
2.1.3. End-user trends
2.1.4. Regional trends
Chapter 3. Passive Fire Protection Materials Industry Insights
3.1. Industry segmentation
3.2. Industry size and forecast, 2013 – 2024
3.3. Industry ecosystem analysis
3.3.1. Profit margin
3.3.2. Value addition
3.3.3. Distributor channel analysis
3.3.4. Vendor matrix
184.108.40.206. List of key manufacturers/suppliers
220.127.116.11. List of key/potential customers
3.4. Raw material trends
3.5. Technology landscape
3.6. Industry impact forces
3.6.1. Growth drivers
18.104.22.168. Global drivers
22.214.171.124.1. Strong growth in automotive & aerospace industry
126.96.36.199.2. Rising fire safety standards due to stringent regulations
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