Passive Fire Protection Coatings Market Worth 4.02 Billion USD by 2022
18 Oct, 2017, 10:30 BST
PUNE, India, October 18, 2017 /PRNewswire/ --
The report "Passive Fire Protection Coatings Market by Type (Intumescent, Cementitious), Technology (Water-Based, Solvent-Based), End-Use Industry (Building & Construction, Oil & Gas, Transportation), and Region - Global Forecast to 2022" published by MarketsandMarkets, the market is projected to reach USD 4.02 Billion by 2022, at a CAGR of 6.6% from 2017 to 2022.
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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. In addition, the rapidly growing building & construction industry is expected to lead to an increase in the demand for passive fire protection coatings. Oil & gas and transportation are the other industries which demand passive fire protection coatings.
The intumescent coatings type fire protection coatings segment accounted for the largest share of the Passive Fire Protection Coatings Market in 2016
Intumescent coatings type fire protection coatings was the largest type segment of the Passive Fire Protection Coatings Market, in terms of value in 2016. This high market share is mainly attributed to its usage across various applications, such as commercial buildings, restaurants, hospitals, colleges, residential buildings, skyscrapers, and offices, and the oil & gas industry, among others. The value market of intumescent coatings is higher as compared to cementitious coatings as, intumescent coatings are cladded with other materials. Intumescent coatings require lower maintenance, improve durability, provide longer shelf-life, and also provide corrosion protection for 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.
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The water-based technology of fire protection coatings accounted for the largest share of the Passive Fire Protection Coatings Market in 2016
The water-based technology segment of the Passive Fire Protection Coatings Market accounted for the largest share, in terms of both, value and volume, in 2016. Water-based fire protection coatings are extremely safe as they do not contain harmful solvents, are low odor and have low VOC emissions. These are developed to enable customers to meet the stringent emission standards set by various agencies, such as, Registration, Evaluation, Authorization, and Restriction of Chemicals (REACH) and the Environmental Protection Agency (EPA). Also, these water-based coatings can withstand high humidity levels during application. The above factors are fueling the demand for the water-based technology in the Passive Fire Protection Coatings Market.
The market for fire protection coatings in the building & construction industry is expected to grow at the highest CAGR during the forecast period
The building & construction industry is expected to register the highest growth, in terms of both, value and volume during the forecast period. Fire protection coatings are used in buildings owing to the various benefits that these provide. These coatings prolong the time period of damage that could be caused, providing ample time to evacuate a building in case of fire. Moreover, these also help in the protection of firefighters while controlling the fire and hence help reduce damage to a structure and loss of assets.
Building & construction is one of the major applications of passive fire protection coatings. These are used in construction activities to protect buildings to enable withstanding fire. Such coatings are applied so that the steel structures used in building & construction can withstand a fire and prevent the steel from reaching the critical temperature which could lead it to collapse. Passive fire protection coatings are mainly used in high rise buildings, sports stadiums, residential, and commercial construction.
The Passive Fire Protection Coatings Market in the Asia-Pacific is expected to grow at the highest CAGR during the forecast period
The Asia-Pacific is the largest market for passive fire protection coatings, in terms of both, value and volume, and is expected to be the fastest-growing region. Increasing industrialization and end-use industries are expected to lead to an increase in the demand for passive fire protection coatings in this region. The booming construction industry is expected to drive the demand for passive fire protection coatings in buildings in the public and private sectors in this region. The regulations in this region are a driver for the Passive Fire Protection Coatings Market. Moreover, the rising middle-class population coupled with increasing consumer spending has further contributed to the high demand in Asia-Pacific countries, such as China, Japan, and India.
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Key players in the Passive Fire Protection Coatings Market
Key players operating in the Passive Fire Protection Coatings Market include Akzo Nobel (The Netherlands), PPG Industries (US), The Sherwin-Williams Company (US), Promat International (Belgium), Carboline (US), Hempel A/S (Denmark), KANSAI PAINT (Japan), Nullifire (UK), Jotun (Norway), and Teknos Group (Finland).
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