According to the market research report titled ‘Passive Fire Protection Market Size By Product (Fire Resistant Walls & Floors, Fire Dampers, Fire Doors, Fire Stops, Fire Resistant Glasses, Structural Steel Protection), By Application (Structural Fire Protection, Compartmentation, Fire Stopping Materials, Opening Protection), By End-user (Residential, Commercial, Institutional), COVID-19 Impact Analysis, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027’, available with MarketStudyReport, passive fire protection market is expected to grow at a stable rate by 2027.
 

Global passive fire protection market is mainly driven by increased demand for firefighting equipment product across key regions, increasing loss of human lives & property due to fire breakouts, and progress in construction sector.
 

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Notably, passive fire proofing systems are building materials deployed on each floor of a building. These do not require manual activation also aids for activation, hence, are witnessing an increased demand.
 

However, expenses related to installation and maintenance along with concerns regarding the reliability of the product may hinder the growth of the industry in the upcoming years.
 

Based on product type, the structural steel protection sub-segment is anticipated to record a CAGR of more than 4.5% during 2021-2027. Meanwhile, the sub-segment of fire stopping materials such as perimeter fire barriers, cable coating and joint systems is expected to grow at over 3.5% CAGR through the assessment period.
 

From the perspective of the end user, the institutional sub-segment is expected to progress at 4% CAGR over the stipulated timeline owing to increased government expenditure towards institutional construction activities.
 

Moving on to the regional landscape, the passive fire protection business sphere spans across North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. Among these, Latin America market is set to showcase a growth rate of over 4.5% through the analysis period, attributable to rising urban population and subsequent increase in the number of commercial and residential projects throughout the area.
 

Speaking of the competitive framework, Pyroplex, Saint-Gobain S.A. Tremco Inc., Halton Group, Isolatek International, Ruskin Company, 3M Company, Promat, Stonhard, Inc., UK Performance Doorsets Limited, Chase industries, Inc., Asahi India Glass Limited, Mesker Openings Group, Assa Abloy AB, Rapp Bomek AS and Hormann KG Verkaufsgelsellcraft are the major players influencing global passive fire protection market trends.