According to the 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, global passive fire protection market is set to record a noteworthy CAGR over the forecast period 2021-2027.

Report findings state that rapid expansion of the construction sector and increasing instances of fire breakouts causing loss of human life & property are mainly driving global passive fire protection market growth.

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Notably, passive fire protection is a system that divides a building structure into various compartments to prevent the spread of fire using fire-resistant floors and walls. Moreover, fire doors are built into the infrastructure to compartmentalize the building, and dampers are used to curb the spread of fire and smoke along the ducts of the structure.

During the COVID-19 pandemic, people were required to stay indoors due to lockdown restrictions imposed across the world. Due to this situation, many first responders were at increased risk of contracting the virus during service. Thus, government authorities and companies promoted the use of passive fire proofing systems, which bolstered the industry outlook.

However, concerns regarding reliability of these systems, and high costs of maintenance and installations will restrict market development in the upcoming years.

Based on product type segmentation of worldwide passive fire protection industry, structural steel protection segment is slated record 4.5% CAGR over the analysis timeframe. This can be credited to growing demand for protecting buildings' structural components, such as columns and beams.

On the application front, fire stopping materials segment is on track to deliver 3.5% CAGR over 2021-2027, to reach a sizeable valuation by the end of the forecast period. There are several variants of fire stopping materials, such as joint systems, cable coating, and perimeter fire barriers.

Considering the end-user scope, institutional segment captured a substantial market share in 2020 and is touted to grow at 4% CAGR throughout the review period, mainly driven by increasing government expenditure towards development of the construction sector.

From a regional frame of reference, Latin America passive fire protection industry is projected to exhibit a CAGR of 4.5% over the study duration. Rapidly expanding urban population has instigated large-scale undertaking of commercial as well as residential projects across LATAM, which is driving the regional market growth.

Prominent players in global passive fire protection market include Pyroplex Ltd., Tremco Inc., Saint-Gobain S.A., 3M Co., Stonhard Inc., Ruskin Co., Halton Oy, Isolatek International, Promat (Microtherm NV), Asahi India Glass Ltd., UK Performance Doorsets Ltd., Mesker Openings Group, Chase Industries Inc., Rapp Bomek AS, Hormann KG Verkaufsgesellschaft, and Assa Abloy AB.