The passive fire protection coatings market is projected to reach USD 4.02 Billion by 2022, at a CAGR of 6.6% from 2017 to 2022. The use of passive fire protection coatings has increased due to stringent government regulations regarding the usage of passive fire protection coatings and fire safety standards.
Northrook, IL -- (SBWIRE) -- 11/17/2019 -- The Global Passive Fire Protection Coatings Market is projected to reach from an estimated USD 2.74 Billion in 2016 to USD 4.02 Billion by 2022, at a CAGR of 6.6% from 2017 to 2022. The growth of the passive fire protection coatings market is primarily driven by the increasing demand from end-use industries such as building & construction, oil & gas, and transportation. The building & construction industry is one of the major consumers of passive fire protection coatings. Such coatings are added so that the steel structure in a building withstands fire and prevents it from reaching the critical temperature at which the structure may collapse. These are used in high rise buildings, sports stadium, and other applications. The growing use of passive fire protection coatings in equipment protection and various offshore and onshore applications in the oil & gas industry is driving demand.
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The passive fire protection coatings market is segmented on the basis of end-use industry, such as building & construction, oil & gas, transportation and others (marine and tunneling). The building & construction segment is expected to be the largest and is also projected to be the fastest-growing segment during the forecast period. The market for passive fire protection coatings in the building & construction industry is growing rapidly due to the implementation of stringent regulations and increasing awareness regarding safety and security of people and assets. Also, demand for new transport and utility infrastructure, institutions, healthcare facilities and expansion of businesses and manufacturing facilities are the key growth factors in the demand for passive fire protection coatings in the building & construction segment.
The passive fire protection coatings market is segmented on the basis of type into intumescent and cementitious coatings. Intumescent coatings is the largest type segment of the passive fire protection coatings market, in terms of value. Intumescent coatings require lower maintenance, improve durability, provide longer shelf-life, and also help the corrosion protection of steel structures in buildings. Hence, these properties of intumescent coatings are expected to foster the growth of these type of coatings in the passive fire protection coatings market.
The passive fire protection coatings market is segmented on the basis of technology into solvent-based and water-based coatings. The water-based technology is the largest technology segment of the passive fire protection coatings market, in terms of both, value and volume. Demand for water-based passive fire protection coatings has increased mainly due to their eco-friendly nature. These are solvent-free, VOC-free coatings that are widely used and are seen as potential replacement for coatings with VOC content. These are broadly used in infrastructure & construction, oil & gas, and marine applications.
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Key manufacturers of passive fire protection coatings are Akzo Nobel (The Netherlands), PPG Industries (US), The Sherwin-Williams Company (US), Promat International (Belgium), Carboline (US), pel A/S (Denmark), KANSAI PAINT (Japan), Nullifire (UK), Jotun (Norway), and Teknos Group (Finland). These manufacturers focus on improving their product portfolios and increasing their regional presence by adopting strategies such as new product developments, mergers & acquisitions, expansions, and partnerships.
Objectives of the study:
- To analyze and forecast the passive fire protection coatings market, in terms of both, volume and value
- To define, describe, and segment the passive fire protection coatings market by type, technology, and end-use industry
- To forecast the size of each market segment for various regions, such as Asia-Pacific, North America, Europe, Middle East & Africa, and South America
- To provide detailed information regarding the key factors, such as drivers, restraints, opportunities, and industry-specific challenges influencing the growth of the market
- To strategically analyze the segmented markets with respect to individual growth trends, prospects, and contribution to the overall market
- To identify and analyze opportunities for stakeholders in the passive fire protection coatings market
- To analyze competitive developments, such as expansions, mergers & acquisitions, contracts, agreements, and new product developments in the passive fire protection coatings market
To strategically profile key players and comprehensively analyze their core competencies
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