The Saudi Arabia passive fire protection materials market is expected to remain a reasonably fragmented in the forthcoming years. While there are some well-known names in the market, including Hilti Group, 3M Company, The Fireseal Group, Conquest Firespray LLC, Fire Protection Ltd., Carboline Company, NAFFCO, Darchem Engineering Ltd., Passive Fire Protection Partners, and Electropar Preformed Line Products, the huge number of regional firms are making it hard to keep a combined approach towards growth.
According to the recent report by Transparency Market Research (TMR), the Saudi Arabia market for passive fire protection materials had a valuation of US$89.7 mn in 2014. Displaying a positive CAGR of 4.40%, the market is likely to reach around US$131 mn by 2023. Passive fire protection materials give security against spreading of smoke or fire. These materials have achieved business prospects since they are important in designing a course to evacuate when such unexpected events occur. These materials are utilized keeping in mind the fire codes and construction standards that are mandated by the local government bodies.
Improved Fire Safety Of Buildings To Fuel Demand For Passive Fire Protection Materials
The construction segment led the market back in 2016, with a market share near about 30% because of rising utilization of these materials in commercial and private construction application in developing and developed nations, both. The predominance of this region is because of growing demand for improved fire safety of buildings, established industrial area and government regulations imposing the utilization of fire protection materials in private and business development application. Saudi Arabia is prognosticated to witness high development during the forecast period because of growing demand from different end use sector.
The economy of Saudi Arabia has grown significantly over the past few years. Among the economic sectors utilizing the ever-growing financial prospects in the region, the construction business is displaying exponential development. Consistent growth in construction activities have increased the demand for passive fire protection materials in the region. Moreover, the expanding number of rig counts in the Middle East is likewise touted as a critical factor boosting the demand from the passive fire protection materials market in Saudi Arabia. According to the analyst at TMR, “While the market witnesses amazing development prospects in the region, thorough government rules and emission control standards on unstable carbon compounds may hamper the entire demand for passive fire protection materials all around.”
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Affordability of PFP Materials to Propel Growth in Saudi Arabia Market
These passive fire protection materials are comparatively affordable and furthermore increase the value of the entire structure. Intumescent coatings, as per the report, will enlist the speediest growth among the few item sections amid the estimate time frame. This kind of material is principally used to fireproof steel structures. Other passive fire protection materials, which will show unfaltering development, incorporate mortar plugs, fire blocks, and cementitious sprays.