The global passive fire protection market size is expected to gain momentum by reaching USD 5.4 billion by 2028 from USD 4.0 billion in 2021, while exhibiting a CAGR of 4.5% between 2021 to 2028. In its report titled, “Passive Fire Protection Market, 2021-2028,” Fortune Business Insights™ mentions that the market stood at USD 3.8 billion in 2020.

The demand for fire protection systems is expected to increase with its increased demand in the oil & gas sector, where it helps in equipment protection and other offshore and onshore applications. Moreover, technological advancements and incessant exploration is expected to drive the market growth during the forecast period. Moreover, the rapid urbanization, construction activities, and technological & economic advancements would contribute significantly to the growth of the fire protection system sector.

What does the Report Provide?

The market report provides a detailed analysis of several factors, such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies to introduce new products, announce partnerships, and collaborate to contribute to the growth of the market.

Driving Factors

Rising Demand to Develop Fire-safe Infrastructure to Drive Market Growth

 The demand for fire safety equipment has increased worldwide. For instance, the catastrophic event that occurred in August 2020 at the harbor of Beirut, Lebanon's capital, was heart-wrenching. The aftermath of this accident revealed that the explosion was caused due to nearby fire. The fire triggered 2750 tons of ammonium nitrate, which was one of the greatest non-nuclear explosions in human history. This catastrophe made people more aware of investing in fire safety systems. This is likely to boost the passive fire protection market growth in upcoming years.  

Regional Insights

Asia Pacific to Dominate Backed by Increasing Consumption of Gold in the Region

Europe is expected to showcase significant passive fire protection market share in upcoming years, owing to the increased penalty by the government on people who do not comply with fire regulations.  Furthermore, increased standardization and incessant inspection of industries are expected to promote the regional market.

Competitive Landscape

Key Players to Focus on New Launches to Strengthen Their Positions

The market is consolidated by major companies striving to maintain their positions by focusing on acquisitions and new launches. For instance, in March 2021, ROCKWOOL announced the launch of new fire protection equipment. This will help specifiers and installers of fire-stopping and fire-resistant products. The all-new FIREPRO Resource Hub gathers all resources that stakeholders may require in one location, ensuring that they have access to the most up-to-date information and guidance at all times. 

Information Source:

https://www.fortunebusinessinsights.com/passive-fire-protection-market-105806