Saudi Arabia Passive Fire Protection Materials Market Analysis and Industry Outlook 2023
Passive fire protection refers to an essential and invaluable aspect of the latest construction projects and those are frequently set up in particular areas of a structure or a building. Passive fire protection materials are those substances that are being used to enhance the fire retardant properties of a building or a structure. Passive fire protection materials are also used for the purpose of protection against spreading of fire or smoke. Construction of fire escape routes inside buildings also makes use of passive fire protection materials.
The principal aspects of any good passive fire protection are structural fire protection, compartmentalization, opening protection, and fire stopping barriers. These passive fire protection materials have achieved commercial prospects since they are crucial in escape route mapping during such unforeseen occurrences. These materials are utilized in accordance with the building codes and fire codes that local governing bodies have mandated.
The Fireseal Group, Darchem Engineering Ltd., Conquest Firespray LLC, Passive Fire Protection Partners, and Electropar Preformed Line Products are some of the prominent players in the Saudia Arabia passive fire protection materials market.
The Saudi Arabia passive fire protection materials market is estimated to rise at a healthy 4.4% CAGR in terms of revenue, within the period of forecast extending from 2015 to 2023. With regards to volume, the Saudi Arabia passive fire protection materials market is anticipated to rise at a CAGR of 3.7% for the same timeframe. The Saudi Arabia passive fire protection materials market was valued at around US$96.2 mn at the end of 2016, and is estimated to reach US$131.0 mn by the end of 2023.
Increasing Number of Rig Counts to Accelerate Market Demand
In the past few years, the economy of Saudi Arabia has grown considerably. Amongst all the economic segments leveraging the thriving economic prospects of the region, the construction industry is displaying phenomenal growth. Rapid growth in the construction activities has increased the requirement for passive fire protection materials in Saudi Arabia. Furthermore, the rising number of rig counts in the region of Middle East has been a significant factor contributing towards the demand for passive fire protection materials market in the kingdom of Saudi Arabia.
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The principal driver that has been accelerating the growth rate of Saudi Arabia passive fire protection materials market currently and in the next few years to come is the rising number construction projects. Government rules and regulations together with improving personnel and public safety concern standards are thrusting construction companies and organizations to use passive fire protection materials fully. This, in turn, is driving the Saudi Arabia passive fire protection materials market. Simultaneously, the Saudi Arabia passive fire protection materials market is expected to suffer owing to increasingly rigorous government regulations and emission control norms against the use of materials with high volatile organic compounds or VOCs.
It is also quite likely that foam and board products will continue to dominate Saudi Arabia passive fire protection materials market, owing to high efficiency and the ease of use of most of the board and foam products. Passive fire protection products generally make use of Calcium silicate boards. Boards and foams are mainly utilized in building interiors. In addition to that, board and foam products also provide protection to steel structures. These passive fire protection materials are comparatively cost effective and they also add to the aesthetic value of the overall structure.
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