Transparency Market Research has published a new research report titled “Passive Fire Protection Materials Market - Saudi Arabia Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023” to their report store.
Albany, NY -- (SBWIRE) -- 05/05/2017 -- Passive fire protection is an invaluable and essential aspect of most modern construction projects and are often installed in specific areas of a building or a structure. The materials are being used to improve the fire retardant properties of a structure as well as protection against spreading smoke or fire. Passive fire protection materials are also used in the construction of fire escape routes inside buildings. The key aspects of any good passive fire protection are fire stopping barriers, opening protection, compartmentalization, and structural fire protection.
The Saudi Arabia passive fire protection materials market is expected to expand at a CAGR of 4.4% in terms of revenue, within a forecast period from 2015 to 2023. In terms of volume, the Saudi Arabia passive fire protection materials market is expected to expand at a CAGR of 3.7% for the same forecast period. The market was valued at US$96.2 mn at the end of 2016, and is likely to reach US$131.0 mn by the end of 2023.
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Construction Sector Demand for Passive Fire Protection Materials to Skyrocket
In terms of applications, the Saudi Arabia passive fire protection materials market can be segmented into onshore and offshore oil rigs, HVAC systems, commercial and institutional buildings, and residential buildings. The construction segment has held the dominant share in the market in terms of demand volume over the recent past. Currently high construction rates in Saudi Arabia suggest that the construction sector is likely to continue leading the demand volume charts for passive fire protection materials in the region. Further boost is expected to be received by the Saudi Arabia passive fire protection materials market through the increasing number of offshore and onshore oil rigs.
The key driver augmenting the growth rate of the Saudi Arabia passive fire protection materials market now and for the immediate future is the surge in construction projects being undertaken in this region. Government regulations and improving public and personnel safety concern standards are pushing organizations and construction companies to fully make use of passive fire protection materials, thereby driving the market. At the same time, the market is expected to suffer due to the increasingly stringent government regulations against the use of materials with high VOCs.
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Demand for Boards and Foams to Rise
In terms of product types, the Saudi Arabia passive fire protection materials market can be segmented into the key segments of sealants, intumescent coatings, and foams and boards. In 2014, foams and boards took up nearly 90% of the Saudi Arabia passive fire protection materials market in terms of demand volume. It is also likely that this segment will continue to lead the market, due to the ease of use and high efficiency of most foam and board products. Calcium silicate boards are commonly used as passive fire protection products.
The Saudi Arabia passive fire protection materials market is likely to remain a moderately fragmented one over the coming years. While there are a couple of prominent names in the market, including 3M Company, Hilti Group, The Fireseal Group, Fire Protection Ltd., Conquest Firespray LLC, Carboline Company, Darchem Engineering Ltd., NAFFCO, Electropar Preformed Line Products, and Passive Fire Protection Partners, the massive number of regional players is making it difficult to keep a consolidated approach towards growth.