Cognizance into Passive Fire Proofing System Market and it’s growth prospects

The passive fire proofing system market is projected to witness robust growth through 2027 driven by increasing product demand in key regions across the globe.
Passive fire protection works by dividing a building structure into compartments to prevent the spread of the fire with the help of fire-resistant floors and walls. These systems utilize fire doors to further compartmentalize the building and use dampers to stop the fire and smoke from spreading along the ducts of the structure.
Passive fire proofing systems are building materials that are available in the building and located evenly on every floor of the structure. These materials do not require the operation of any mechanical device to get activated, which has played a crucial role in product uptake in recent years.
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Moreover, following the COVID-19 outbreak, people were forced to stay indoors in keeping with stringent lockdown restrictions imposed worldwide. In addition, with many first responders at risk of contracting the virus during active fire protection, government organizations and companies emphasized the need for passive fire proofing systems to secure residential buildings against potential fires, which has positively impacted industry outlook during the pandemic.
The passive fire proofing system market has been divided on the basis of product, application, end-user, and region. Based on product, the market has further been categorized into fire dampers, fire resistance walls & floors, fire stops, fire doors, structural steel protection, and fire resistance glasses.
The structural steel protection sub-segment is slated to witness substantial growth at over 4.5% CAGR through the assessment timeframe. Soaring demand for safeguarding buildings’ structural components, such as beams and columns, is likely to drive segmental growth in the coming years.
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From the application perspective, the passive fire proofing system market has been segmented into compartmentalization, structural fire protection, opening protection, and fire stopping materials. The fire stopping materials sub-segment is expected to progress at a CAGR of more than 3.5% over the analysis period to reach a sizable valuation by the end of 2027. Fire stopping materials include cable coating, joint systems, and perimeter fire barriers, among others.
In terms of end-user, the passive fire proofing system market has been segregated into commercial, residential, and institutional. The institutional sub-segment held a notable share in the market in 2020 and is estimated to register above 4.0% CAGR through the study timeline. Rising government spending towards the development of the institutional construction sector is anticipated to fuel segmental expansion over the following years.
In the regional landscape, the Latin America passive fire proofing system market contributed to a considerable portion of the overall industry revenue in 2020 and is speculated to expand at around 4.5% CAGR through the review period. Mounting urban population has resulted in the large-scale commencement of residential and commercial construction projects across LATAM, which is foreseen to propel regional market growth in the future.