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Petroleum industry for passive fire protection materials market is expected to increase with a CAGR over 8% during the projected timespan. This is credited to increasing exploration activities chiefly in the U.S. and the Middle East which has subsequently led to rising fire occurrence risk on-site owing to dealing with flammable compounds.These trends have led to formulation of stringent laws to attain safety for human health & environment by employing the product as they can lower the spreading of fire in case of fire accidents. Henceforth, petroleum industry is liable to propel the passive fire protection materials market in the projected years.
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Foams & boards passive fire protection materials market will escalate at over 8% CAGR in the near future. Fire rated foam board is a high density, mineral fiber board which is coated on both sides with intumescent mastic. The board protects by preventing fire from spreading through gaps in the wall. These protective materials have an extensive application among several industries i.e. construction, warehousing, manufacturing, petroleum etc. and therefore, is likely to attain considerable gains for the passive fire protection materials market during the forecast period.
Robust need for organic compound based coating products in petroleum industry will drive the passive fire protection materials market by 2024. These fire preventive materials are widely used in several industries such as petroleum, construction, manufacturing, warehousing etc. due to their unique property of barring the fire from spreading quickly in the event of any fire crisis.
Constant urbanization and industrialization in the emerging economies will result in improving safety standards especially for fire related issues in the building and construction industry. Furthermore, stringent laws formulated to attain safety for working personnel across the aforementioned industries will further help the passive fire protection materials market flourish in the near timespan.
Plentiful shale reserves in North America has propelled upstream sector mainly in the U.S. which will subsequently boost the passive fire protection materials market in the near future. The U.S., Canada and Mexico are among the top oil producers owing to ample amount of recoverable reserves which is likely to boost the exploration & drilling activities.
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These trends will subsequently improve laws to avoid major fire accidents which are hazardous for human life & environment mainly due to dealing of flammable compounds. For instance, the Deepwater Horizon Spill in 2010 has raised concerns over working personnel safety as the rig exploded on site and over 11 workers were killed causing an enormous oil spill which took months to control.
Petroleum industry for passive fire protection materials market is expected to increase with a CAGR over 8% during the projected timespan. This is credited to increasing exploration activities chiefly in the U.S. and the Middle East which has subsequently led to rising fire occurrence risk on-site owing to dealing with flammable compounds. These trends have led to formulation of stringent laws to attain safety for human health & environment by employing the product as they can lower the spreading of fire in case of fire accidents. Henceforth, petroleum industry is liable to propel the passive fire protection materials market in the projected years.
Middle East & Africa passive fire protection materials market is expected to flourish with a CAGR over 9% in the forecast period. For instance, construction industry primarily in the GCC countries have propelled owing to rising economies which in turn will drive demand for passive fire protection materials to avoid fire accidents. Moreover, abundance of oil reserves in the region will drive product demand alongside improving human safety concerns to avoid fire accidents on site which in turn will make significant influence on the passive fire protection materials market by 2024.
Partial Chapter of the Table of Content:
Passive fire protection materials market by end-user
o Building & construction
o Oil & gas
o Transportation
o Others
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Leading passive fire protection materials market share holders are Sherwin-Williams, Akzo Nobel, 3M, Kansai Paint, Nullifire, Sharpfibre, Teknos, Lloyd Insulations, Promat International, Rudolf Hensel, Hempel and PPG Industries. The aforementioned players are making substantial investments in their research and development to produce advanced products and achieve competitive benefit in the passive fire protection materials market. For example, Hempel is investing in a novel R&D facility focused solely on passive fire protection (PFP) coatings, located near Barcelona, Spain. It is meant to emphaon passive fire coatings' advancement that would aid to achieve higher profits in Europe over its competitors.
Contact Info:
Name: Arun Hedge
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Organization: Global Market Insights, Inc.
Website: https://www.gminsights.com/industry-analysis/passive-fire-protection-materials-market
Release ID: 88926519
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