Asia Pacific Passive Fire Protection Materials Market To Grow At 9.5% CAGR By 2024
SELBYVILLE, Del., Aug. 15, 2018 /PRNewswire-iReach/ -- Intumescent coatings passive fire protection materials market to witness gains close to 8.5% during the forecast timespan. Owing to the rapid pace of urbanization and industrialization across the world, building and construction industry is set to grow at an exceptional pace, which would, in turn, boost the growth prospects of passive fire protection materials market space. Citing an instance to highlight the importance of this end-user industry, the Association for Specialist Fire Protection (ASFP) has reportedly endorsed the interim finding of the Independent Review of Building Regulations and Fire Safety, an investigative committee which was set up to examine the causes that led to the massive fire in Grenfell Tower, London.
Concurrently, the recent spurt in R&D activities to enhance the fire-resistant products segment has compelled several end-user industries, including oil and gas, transportation, manufacturing, and warehousing, to massively install these materials to prevent fire hazards. As per estimates, the global passive fire protection materials market share is forecast to surpass USD 27 billion by 2024.
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Industry experts affirm that the aforementioned recommendation readily applies to the worldwide construction sector and further claim that the overall passive fire protection materials market would benefit immensely if such recommendations materialize in the immediate future. In fact, the Asia Pacific building and construction industry, regarded as one of the most prominent end-user verticals of the global passive fire protection materials market, is estimated to register a CAGR in excess of 7 percent over the next seven years. Needless to mention that the rising emphasis on safety standards by regulators in various nations would undoubtedly fuel the passive fire protection materials industry progression in the ensuing years.
In recent times, safety measures in commercial and residential infrastructure has a bigger role to play than anticipated, a factor that has tremendously upscaled passive fire protection materials industry demand. Based upon the data received from the National Fire Experience Survey of 2016, public fire departments in the United States were reported with over 1.3 million fire accidents in 2016, resulting in a casualty of almost 3,390 civilians, allegedly the highest in number since 2008. The astoundingly mammoth prevalence is prompting passive fire protection materials market players to come up with efficient and effective fire protection coatings for residential and commercial infrastructures as well. Moreover, stringent governmental legislations with regard to domestic fire safety are further complementing passive fire protection materials industry growth.
The full report spread across 254 pages with 289 market data tables & 28 figures & charts from the report, "Passive Fire Protection Materials Market Size By Product (Sealants, Intumescent Coatings, Foams & Boards), By End-user (Building & Construction, Oil & Gas, Transportation), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, China, India, Japan, Australia, Indonesia, Malaysia, Brazil, Mexico, South Africa, GCC), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2017 – 2024" is available to purchase at:
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Persistently being channelized by the continuous improvisation of building standardization, the competitive landscape of passive fire protection materials industry is strongly characterized by product innovations via R&D activities. In this regard, recently, passive fire protection materials market has witnessed the inception of an absolutely innovative fire-resistant coating named Firoshield.
Collaboratively being launched by researchers of Nanyang Technological University and engineers from JTC Corporation, the latest coating is claimed to cost half than that of conventional coatings. Add to it, sources claim that these coatings can be applied to structural materials in half the time than that of its traditional counterparts. Allegedly, this state of the art version of fire protective coating would be sent to U.K for industry certification purposes, which is reported to be completed by April, this year.
Some of the other leading names contending a strong portfolio in passive fire protection materials market include Rudolf Hensel, Teknos, Promat International, 3M, Lloyd Insulations, Hempel, and Sherwin-Williams. Most of these giants are bending over backwards on R&D investments to spurt their product portfolio in the strategic landscape. To cite an instance of the same, recently, Jotun, the Norwegian chemical giant has declared its plan of establishing a completely new R&D center at Flixborough, United Kingdom.
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Partial Table of Contents (TOC) of the report:
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
3.3.4.1. List of key manufacturers/suppliers
3.3.4.2. List of key/potential customers
3.4. Raw material trends
3.5. Technology landscape
3.6. Industry impact forces
3.6.1. Growth drivers
3.6.1.1. Global drivers
3.6.1.1.1. Strong growth in automotive & aerospace industry
3.6.1.1.2. Rising fire safety standards due to stringent regulations
3.6.1.2. Regional drivers
3.6.1.2.1. Rapidly growing building & construction industry in Asia Pacific
3.6.1.2.2. Rising oil & gas exploration activities in North America
3.6.2. Industry pitfalls & challenges
3.6.2.1. Volatile raw material cost may hinder the market growth
3.7. Regulatory trends
3.7.1. U.S.
3.7.2. Europe
3.7.3. China
3.8. Growth potential analysis
3.9. Competitive landscape
3.9.1. Company market share, 2016
3.9.2. Strategy dashboard
3.9.3. Patent analysis
3.10. Porter's analysis
3.10.1. Supplier power
3.10.2. Buyer power
3.10.3. Threat of new entrants
3.10.4. Threat of substitutes
3.10.5. Industry rivalry
3.11. Regional price trends
3.11.1. Cost structure analysis
3.11.1.1. R&D cost
3.11.1.2. Manufacturing & equipment cost
3.11.1.3. Raw material cost
3.11.1.4. Distribution cost
3.11.1.5. Operating cost
3.11.1.6. Miscellaneous cost
3.11.2. Price by product
3.12. PESTEL analysis
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