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Saudi Arabia Passive Fire Protection Materials Market is expected to reach US$ 131 Million in 2023: Transparency Market Research

Globe Newswire

Albany - NY, Sept. 8, 2015 (GLOBE NEWSWIRE) -- According to the report, the Saudi Arabia passive fire protection materials market was valued at US$ 89.7 Mn in 2014 and is anticipated to reach US$ 131 Mn by 2023, expanding at a CAGR of 4.4% between 2015 and 2023.

Passive fire protection materials are used to provide protection and safety against the spread of smoke or fire. These materials also provide routes for escape. Materials used are in accordance with the building code and fire code enacted by local governing bodies. Increase in construction activities in Saudi Arabia is estimated to augment demand for passive fire protection materials in the region in the next eight years. Additionally, increase in the number of rig counts in the Middle East is projected to drive the passive fire protection materials market in the region in the next few years. However, stringent governmental regulations over emission of volatile carbon compounds (VOCs) are likely to hamper the passive fire protection materials market.

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Foams & boards was the largest product segment of the passive fire protection materials market in Saudi Arabia, constituting over 90% share in 2014. These are primarily used in interiors of buildings and to protect steel structures. Foams & boards add aesthetic value and are relatively economical. Intumescent coatings is expected to be the fastest-growing product segment during the forecast period. These are primarily used in structural steel fireproofing, as they are easy for on-site or off-site application and leaves more space for other fixtures. Other passive fire protection materials include cementitious sprays, fire blocks, plugs, and mortar.

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Structural steel fireproofing was the largest application segment, accounting for more than 25% share of the passive fire protection materials market in Saudi Arabia in 2014. Structural steel protection forms an integral part of fire protection in buildings. Sealing of joints, annular or penetration gaps, walls, and flooring is vital to obstruct fire from spreading from one section or compartment to another. Thus, the civil application is estimated to expand at a significant rate during the forecast period. Cable & wire tray fireproofing held significant share of the market in 2014. Other applications include doors, windows, and glasses.The passive fire protection materials market in Saudi Arabia is moderately fragmented; large number of players operate in the market. Leading players include Carboline Company, Promat International, Hilti Group, Jotun, NAFFCO, Electropar Performed Line Products, Fire Protection Ltd., The Fireseal Group, and 3M Company.

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The report segments the passive fire protection materials market in Saudi Arabia as follows:

Saudi Arabia Passive Fire Protection Materials Market - Product Segment Analysis

  • Sealants
  • Intumescent coatings
  • Foams & boards
  • Others (Including putties, mortar, fire blocks, and cementitious spray)

Saudi Arabia Passive Fire Protection Materials Market - Application Analysis

  • Civil
  • Mechanical & Electrical
  • Duct
  • Structural Steel Fireproofing
  • Cable & Wire Tray Fireproofing
  • Others (Including doors, windows, and glasses)

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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company's exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR's experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.

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Source:Transparency Market Research