The global market for passive fire protection is projected to witness substantial growth, reaching a value of USD 5.4 billion by 2028, surging from USD 4.0 billion recorded in 2021, with a notable compound annual growth rate (CAGR) of 4.5% from 2021 to 2028. According to Fortune Business Insights™' report titled "Passive Fire Protection Market, 2021-2028," the market attained a valuation of USD 3.8 billion in 2020.

The surge in demand for fire protection systems is anticipated, particularly in the oil & gas sector, where it plays a crucial role in safeguarding equipment in both offshore and onshore applications. Furthermore, advancements in technology and continuous exploration activities are expected to propel market expansion during the forecast period. Additionally, rapid urbanization, ongoing construction projects, and advancements in technology and economics are poised to contribute significantly to the growth of the fire protection system sector.

Market Segmentation:

The market is segmented by product type into cementitious materials, intumescent coatings, fireproofing cladding, and other segments. By end-use industry, segmentation includes oil & gas, infrastructure & construction, industrial, transportation, and others. Notably, the oil and gas segment accounted for 34.1% and 32.5% shares globally and in the U.S., respectively.

Geographically, the market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

Key Drivers:

Increasing Demand for Fire-safe Infrastructure Spurs Market Growth

The global demand for fire safety equipment has witnessed a notable uptick. For instance, the tragic incident in August 2020 at the Beirut harbor highlighted the critical need for robust fire safety measures. The explosion, triggered by a fire, resulted in the detonation of 2750 tons of ammonium nitrate, marking one of the largest non-nuclear explosions in history. This catastrophic event has heightened awareness regarding the importance of investing in fire safety systems, thereby driving growth in the passive fire protection market in the foreseeable future.

Regional Insights:

Asia Pacific Poised for Dominance Amid Growing Gold Consumption

North America is projected to maintain its leading position in the passive fire protection market during the forecast period, driven by heightened awareness of fire safety and stringent governmental regulations mandating fire protection units in both commercial and residential structures. The market in this region was valued at USD 2.13 billion in 2020.

Europe is anticipated to witness significant market share growth in passive fire protection owing to increased government penalties for non-compliance with fire regulations. Additionally, heightened standardization and regular inspections in industries are expected to further bolster the regional market.

Information Source:

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