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The passive fire protection coatings market is projected to grow at a CAGR of 6.6% during the forecast period, in terms of value
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 growth of this market is mainly attributed to the increasing use of steel in the building & construction industry and stringent building codes. Owing to the increasing usage of fire protection coatings in the building & construction and oil & gas industries, demand is growing significantly across the Asia-Pacific, Europe, and North America. However, the availability of cheaper alternatives such as, dry methods of passive fire protection through boards, sprays, putty, or other equipment in some emerging markets is restraining the growth of the passive fire protection coatings market. Emerging countries such as India, China, and Brazil are considered price sensitive markets, and thus, these countries prefer using cheaper alternatives to passive fire protection coatings.
The intumescent type fire protection coatings market is projected to witness the highest growth during the forecast period, in terms of value
The value of the market of intumescent coatings is higher, as these coatings are costlier as compared to cementitious coatings. Also, these coatings are cladded with other materials hence, the market volume is lower. Intumescent coatings are an emerging type of passive fire protection coatings, hence the growth rate is high. These are typically used in building & construction in commercial buildings, restaurants, hospitals, colleges, residential buildings, and skyscrapers. In the oil & gas industry, these are used in offshore oil & gas applications and onshore petrochemical facilities and refineries.
The water-based technology segment of the fire protection coatings market is projected to witness the highest growth during the forecast period, in terms of both, value and volume
There is high growth of the water-based technology of passive fire protection coatings, as these coatings are extremely safe because they do not contain harmful solvents and are low odor and have low VOC emissions. Moreover, end users are also becoming aware about the harmful effects of solvent-based coatings because of the various building codes and stringent emission standards set by various agencies. Hence, these end users prefer the water-based technology over the solvent-based.
The passive fire protection coatings market in the Asia-Pacific region is projected to grow at the highest CAGR during the forecast period
The Asia-Pacific is expected to witness the highest CAGR for passive fire protection coatings, in terms of both, volume and value. The growing construction industry is leading to the high demand for passive fire protection coatings in the Asia-Pacific region. Moreover, government policies and the continued growth in infrastructural activities are leading to an increase in the demand for these coatings. Also, the availability of raw materials and cheap labor, coupled with significant domestic demand, make this market the most attractive for industry participants.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews were conducted as follows:
- By Company Type: Tier 1 (43%), Tier 2 (43%), and Tier 3 (14%)
- By Designation: C Level (42%), D Level (29%), and Others (29%)
- By Region: North America (43%), Europe (29%), Asia-Pacific (14%), Middle East & Africa (8%), and South America (6%)
Key players profiled in the report 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), GCP Applied Technologies (US), Isolatek International (US), BASF (Germany), Contego International (US), Teknos Group (Finland), Sika (Switzerland), 3M (US), Intumescent Systems (Envirograf) (UK), Albi Manufacturing (US), Bollom Fire Protection (UK), SKK Pte. Ltd., (Japan), Arabian Vermiculite industries (Saudi Arabia), No-Burn (US), Demilec USA (US), Gangotri Hi-Tech Coatings (India), and Monarch Industrial Products (India).
This report covers the passive fire protection coatings market, in terms of volume and value, and forecasts the market size till 2022. The report includes market segmentation based on type, technology, end-use industry, and region. It also provides company profiles and competitive strategies adopted by key players in the passive fire protection coatings market.
Key Benefits of Buying the Report:
This research report is focused on various levels of analyses?industry trends, market share analysis of key players, supply chain analysis, and company profiles, which together comprise and discuss the overall views on the competitive landscape; emerging and high-growth segments of the passive fire protection coatings market; high-growth regions; and market drivers, restraints, opportunities, and challenges.