Passive Fire Protection Market Growth Trajectory Through 2024-2033

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The Passive Fire Protection Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Passive Fire Protection Global Market Report 2024, The passive fire protection market size has grown strongly in recent years. It will grow from $4.77 billion in 2023 to $5.14 billion in 2024 at a compound annual growth rate (CAGR) of 7.7%. The growth in the historic period can be attributed to focus on energy efficiency, rise in construction activities, increased awareness of fire safety, high-rise construction, supply chain visibility.

The passive fire protection market size is expected to see strong growth in the next few years. It will grow to $6.93 billion in 2028 at a compound annual growth rate (CAGR) of 7.8%. The growth in the forecast period can be attributed to continued stringent regulations, growth in construction projects, rising awareness of fire safety, innovations in material science, expansion of urban spaces. Major trends in the forecast period include post-fire investigation awareness, globalization and market expansion, energy efficiency and sustainability, insurance industry influence, urbanization and high-rise buildings.

The growing construction sector is driving the growth of the passive fire protection market. Construction is a sector that deals with the building, maintenance, and repair of structures and buildings, as well as the construction of roadways and service facilities. Fireproof materials are used in the construction sector for fire safety in the building as they are non-combustible with low thermal conductivity and take a long time for the fire to affect the structures, and protects the spread of fire. For instance, according to Global Construction Perspectives and Oxford report, the worldwide construction sector is projected to reach $8 trillion by 2030. Therefore, the growing construction sector is expected to propel the growth of the passive fire protection market in the coming years.

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The passive fire protection market covered in this report is segmented –

1) By Product: Cementitious Materials, Intumescent Coating, Fireproofing Cladding, Other Products

2) By Application: Structural, Compartmentation, Opening Protection, Firestopping Material

3) By End-User: Oil And Gas, Construction, Industrial, Warehousing, Other End-Users

Major companies operating in the passive fire protection market are developing advanced technologies, such as fire detection and alarm systems, to meet larger customer bases, increase sales, and increase revenue. A fire detection and alarm system are a network of interconnected devices and components designed to detect the presence of fire, smoke, or heat and provide timely warnings to occupants of a building or facility. For instance, in August 2022, Honeywell International Inc., a US-based engineering and technology company, launched the Morley MAx. The Morley MAx stands out as a unique and advanced intelligent fire alarm control panel, offering both installers and end users a compact yet powerful solution with exceptional performance capabilities. Its user-friendly design encompasses a sophisticated 7-inch touch-screen panel, providing an intuitive and ergonomic interface. The display showcases color-coded events and graphical icons for enhanced clarity. Setting itself apart with cutting-edge technologies like multi-boolean logic and the CANBus protocol between panels, the Morley MAx facilitates faster communication. Notably, its networking capabilities are seamless, and it is fully compatible with Honeywell Connected Life Safety Services (CLSS), an all-encompassing cloud platform that empowers system integrators and facilities managers to deliver an elevated level of fire safety service. The Morley MAx ensures easy installation, commissioning, and maintenance, making it a technologically advanced and user-centric choice in the realm of fire alarm control panels.

The passive fire protection market report table of contents includes: