Europe Passive Fire Protection Market Growth & Trends
The Europe passive fire protection market is expected to reach USD 1,498.04 million by 2030, registering a CAGR of 4.0% over the forecast period, according to a new report by Grand View Research, Inc. Favorable fire safety regulations coupled with rising demand for fire protection in steel, oil and gas, and construction industries are likely to drive the market.
The construction of buildings is changing as new building designs usually feature open spaces with few barriers. In addition, buildings are becoming increasingly airtight and insulated with more combustibles within the building structure. These changes cause a fire in buildings that spread faster and become more hazardous, thereby driving the market.
In most European countries, the national government establishes fire regulations, which are usually in line with the regulations proposed by the European Union. With the amendments to the Regulatory Reform Order and introduction of CE marking, the construction industry in Europe has witnessed an increased demand for effective and compliant fire protection products.
The rapid spread of the COVID-19 in Europe resulted in containment measures in almost the entire region. This resulted in restrictions on construction activities, i.e., either complete or partial shutdowns. Since, the market is directly related to its penetration in construction activities, a downturn in the industry is anticipated to restrict the market growth.
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Europe Passive Fire Protection Market Report
Europe Passive Fire Protection Market Report Highlights
- Intumescent coatings product segment is estimated to witness a CAGR of 4.3% over the forecast period, owing to the rising product demand attributed to their lightweight, faster-drying properties, and the ability to attain attractive finish along with their suitability for offsite applications
- The demand for passive fire protection in the oil and gas industry is expected to witness a CAGR of 3.7% over the forecast period owing to the rising investments by oil and gas companies in E&P activities and set up of new refining capacities in the region
- Germany led the market and accounted for the largest revenue share of 24.1% in 2022.
- In France, the market for passive fire protection is expected to witness a CAGR of 4.6% over the forecast period.
