The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including Passive Fire Protection Materials Market. It was estimated prior to this unanticipated outbreak Passive Fire Protection Materials Market will reach CAGR of 7.5% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Passive Fire Protection Materials Market Insights Passive Fire Protection Materials Market is likely to witness an impressive CAGR of 7.5% during the forecast period. The prime factors contributing to the demand for passive fire protection materials are growing the automotive and aerospace industries, increasing safety standards, and growing construction activities due to rapid growth in population.
Market Share Analysis Passive Fire Protection Materials Market Share: By Product Type Based on the product type, the passive fire protection materials market is segmented as sealants, intumescent materials, foams & boards, and others. The intumescent materials segment is expected to register the highest growth rate during the forecast period, driven by its increasing applications in construction, automotive, and oil & gas industries.
Passive Fire Protection Materials Market Share: By End-Use Industry Type Based on the end-use industry type, the market is segmented as building & construction, oil & gas, transportation, and others. Building & construction industry is expected to occupy the largest share of the market over the forecast period. Growing safety concerns have resulted into increasing use of passive fire protection in building & construction activities. Increasing demand for construction activities further contribute to the growth of passive fire protection material in the building & construction industry.
Passive Fire Protection Materials Market Share: By Region In terms of regions, Asia-Pacific is estimated to be the largest-passive fire protection materials market during the forecast period. Increasing population and improving macroeconomic factors in the emerging economies such as India, Indonesia, and other countries have resulted into increasing construction activities. Increasing construction activities generate huge demand for passive fire protection materials in the region.