Newark, NJ, May 26, 2022 (GLOBE NEWSWIRE) — As per the report published by Fior Markets, The global passive fire protection materials market is expected to grow from USD 18.1 billion in 2019 to USD 34.51 billion by 2027, at a CAGR of 8.4% during the forecast period 2020-2027. North America is expected to dominate the market during the forecast period. The prevalence of high safety standards for fire safety across all applications, including building and construction, and oil and gas is expected to drive the market growth. High disposable incomes of people is giving rise to the demand for passive fire protection in houses. The increasing extraction of shale gas in the US will also contribute to the market growth. Asia-Pacific region is expected to witness the highest growth rate during the forecast period. The significant growth in the industrial and construction sectors of the developing economies of China and India are expected to drive the market growth. The rising awareness and need for the building of safe infrastructures will fuel the market growth.
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Some of the leading players of the market include 3M, Sherwin-Williams, Hempel, Lloyd Insulations Ltd., PPG Industries, Nullifire, HILTI, Kansai Paint, Teknos Group, Akzo Nobel, Rudolf Hensel GmbH, Carboline, Jotun, Promat International, and Sharpfibre. The market is characterised by high fragmentation and low product…
