SELBYVILLE, Delaware, Feb. 17, 2020 /PRNewswire/ -- According to the report published by Global Market insights Inc., the overall passive fire protection materials market size was estimated at $16.7 billion in 2018 and is expected to hit $31 billion by 2026, registering a CAGR of 8.2% from 2020 to 2026. The report offers a detailed analysis of overall market estimations and size, top winning strategies, major investment pockets, competitive scenario, drivers & opportunities, and wavering industry trends.
Increasing consumption of fire protection materials throughout the building and construction industry is one of the major factors that is pegged to impel the passive fire protection materials market expansion over the forthcoming time period. Additionally, these materials are also used across end-user application avenues like transportation, oil & gas, general manufacturing, HVAC, and electric among others.
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Firestopping materials available throughout the industry landscape include fire barrier & curtains, firestop compound, and sealants among others. Increasing occurrences of fire accidents globally in recent years coupled with the subsequent rise of stringent government regulations pertaining to fire safety is expected to push the demand for firestopping systems over the forecast timeframe.
Key reasons for Passive fire protection materials market growth:
- Increasing building & construction activities across the world.
- Growing number of R&D initiatives towards the discovery of novel and innovative passive fire protection products.
- Rise of stringent government regulations pertaining to fire safety.
2026 forecasts show the 'Transportation' industry emerging as a prominent revenue source:
The transportation segment includes implementation of passive fire protection materials in aerospace, automotive, railways, and marine. Products like foams & boards, intumescent coatings, and sealants, are used in all these industry verticals. Meanwhile, increasing penetration of electric vehicles coupled with ongoing electrification of rails and the expansion of high-speed rail networks shall further boost the passive fire protection materials market demand from the transportation sector.
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Asia Pacific to retain its mantle of major passive fire protection product consumer:
The Asia Pacific is pegged to retain its position as a major passive fire protection product consumer and is slated to record substantial growth in the projected timeframe. Rising number of commercial as well as residential projects coupled with increasing awareness pertaining to fire safety regulations throughout the region may positively impact regional demand by 2026.
Leading market players:
Prominent companies that have been analyzed in the global passive fire protection materials industry includes PPG Industries, 3M, Lloyd Insulations Ltd., HILTI, Nullifire, Saint-Gobain, Akzo Nobel, Teknos Group, Carboline, Kansai Paint, Hempel, Rudolf Hensel GmbH, and Sherwin-Williams among others.
About Global Market Insights, Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
GMIPulse, our business analytics platform offers an online, interactive option of exploring our proprietary industry research data in an easy-to-use and dynamic manner. Clients get to explore market intelligence across 11 top level categories and hundreds of industry segments within them, covering regional, company level and cross-sectional statistics that make our offering a stand-out for decision makers.
SOURCE Global Market Insights, Inc.