The Europe passive fire protection market size is expected to reach USD 1.3 billion by 2027 registering a CAGR of 3.4%, according to a new report by Grand View Research, Inc. Favorable government regulations about structural fire safety and increasing awareness regarding the same are expected to drive market growth. Growing demand for fire-safe buildings has led to increased investments in terms of installation of passive fire protection systems in the construction sector, which will also boost the market growth.
Increasing investments in exploration and production activities by the oil & gas companies have boosted the demand for hydrocarbon in tumescent coatings. Fire protection is an important aspect of the structural steel safety in industries including oil & gas and chemicals as the risks of fire accidents are high owing to the combustion of hydrocarbon fuels.
Growing demand for high-quality passive fire protection products with improved efficiency and reliability along with the popularity of technologies used in their production is pushing manufacturers to continuously engage in innovation. This is driving them to take the necessary steps to maintain and enhance the standards of their products.
Further key findings from the report suggest:
- The cementitious material segment accounted for the largest revenue share of over 41% of the global market owing to the wide usage of steel structures in infrastructure development projects
- Construction is expected to be the largest as well as fastest-growing end-use segment over the forecast period owing to the rise in building & construction activities post relaxation of containment measures taken due to the Covid-19 pandemic
- The industrial end-use segment accounted for the second-largest market share of over 22% in 2019 owing to the rising emphasis on the improvement of fire safety standards across the regional industries
- Germany accounted for the largest market share in 2019 owing to high demand for passive fire safety products from the industrial, automotive, and construction sectors
- The market is highly competitive and is characterized by the presence of both global and regional players