Albany, NY -- (SBWire) -- 10/09/2018 --Transparency Market Research (TMR) has published a new report studying the Saudi Arabia passive fire protection materials market . This is a comprehensive report that presents insights into the key growth drivers, potential restraints, threats, and opportunities shaping the growth trajectory of the passive fire protection materials market across Saudi Arabia between 2015 and 2023. The report is titled "Passive Fire Protection Materials Market - Saudi Arabia Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023" and is available for sale on the company website.
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As per the findings compiled in this 66-page report, the Saudi Arabia market for passive fire protection materials had a valuation of US$89.7 mn in 2014. Exhibiting a modest yet a positive CAGR of 4.40%, the market will reach US$131 mn by 2023. Passive fire protection materials provide safety against fire or spread of smoke. These materials have attained commercial prospects since they are essential in mapping a route to escape during such unforeseen occurrences. These materials are used in accordance with fire codes and building codes that local governing bodies mandate.
The economy of Saudi Arabia has risen incredibly in the last couple of years. Among the economic sectors leveraging the booming economic prospects in the region, the construction industry is exhibiting exponential growth. Rapidly increasing construction activities have augmented the demand for passive fire protection materials in the region. Furthermore, the increasing number of rig counts in the Middle East is also touted as a significant factor fuelling the demand from the passive fire protection materials market in Saudi Arabia. A lead analyst from TMR says, "While the market witnesses impressive growth prospects in the region, rigorous government regulations and emission control norms on volatile carbon compounds emission may hamper the overall demand for passive fire protection materials across the region."
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For the purpose of the study, the report segments the passive fire protection materials market in Saudi Arabia based on parameters including product type and application. Based on product types, the foams and boards segment led the passive fire protection materials market in 2014, accounting for a whopping 90% share. Foams and boards are primarily used in building interiors, apart from which they also provide protection to steel structures. These passive fire protection materials are relatively economical and also add aesthetic value to the overall structure.
Passive Fire Protection Materials Market Is Likely to Reach US $131.0 Mn by the End of 2023