Passive Fire Protection Coatings Market

Passive fire protection coatings Market Size-2023-2028:

The passive fire protection market size was valued at USD 394 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 4.8% from 2023-2028

They refer to a coating that protects industrial devices from fires and prevents damage of high intensity. These coatings are applied so that steel structures used in building and construction can resist fire and prevent the steel from reaching the critical temperature that could cause it to collapse. These coatings are typically applied in sports stadiums and residential and commercial construction. A growing number of large-scale infrastructure investment projects, including hotels and hospitals, in New York City, Missouri, and Los Angeles are expected to drive growth in the construction industry, thereby boosting demand for passive fire protection products. The increased consumer awareness of fire safety and the growing demand for fire-rated buildings have increased investment in the installation of a passive fire protection system in the construction industry. Most economies focus on improving the passive fire safety aspects of existing and future infrastructure due to increased fire accidents and loss of life and property.

Passive fire protection coatings Market Trends:

The increasing use of cementitious materials to increase the fire safety of steel structures and prevent damage to manufacturing facilities is expected to be a key factor contributing to the growth of the segment. In addition, the product's ability to promote sound insulation is expected to drive the growth of the segment during the forecast period. The increasing adoption of thin-film intumescent coatings due to their anti-corrosion nature and superior weather resistance is expected to fuel growth during the forecast period. Water-based coatings are widely used in the construction industry due to their low VOC content and environmentally friendly characteristics.

Passive fire protection coatings Market Drivers:

The major factors driving the passive fire protection coatings market are the increase in construction activity globally and the growth in oil and gas exploration activity. According to the US Census Bureau, in February 2020, total construction had a seasonally adjusted annual rate of 1,371,724, which is 7.2% higher than the February 2019 rate of 1,347,573. According to the European Commission, total investment in construction in Germany increased by 9.6% between 2010 and 2020. Likewise, the European action plan for construction in 2021 aimed to create favorable conditions for investment. Construction and construction activities are also increasing due to various government initiatives, such as foreign direct investment (FDI). In addition, according to the International Monetary Fund, by 2026, oil demand will reach 106.8 MB / d, an increase of 7.1 MB / d from 2019. Passive fire protection coatings are widely used in these industries to reduce the risk of fire, and the growth of these industries is stimulating their demand. In recent years, due to the rise of industrialization and increased infrastructure, commercial buildings, hospitals, universities, residential buildings, and the oil and gas industry are also expected to increase demand for anti-infrastructure infrastructure. -fire and energy efficiency to help expand the market in the recent year's forecast period. These coatings prolong the spread of fire, provide ample time to evacuate buildings, and also help firefighters contain the fire to reduce asset loss. In addition, increasing technological advancement of new innovations and increasing investments and funds will further stimulate the growth of the market. In addition, increased awareness linked to better fire safety management, improved functions, and increased consumer productivity and efficiency are expected to drive growth.

Passive fire protection coatings Market Restraints:

The price and availability of raw materials are important factors that affect the price of finished products. The main challenge of the global passive fire protection coatings market is the oscillating trends in commodity prices, which fluctuate due to the volatility of energy prices, with most commodities being based on petroleum. . Fluctuations in crude oil prices impact the cost of raw materials used in the production of passive fire protection coatings, limiting the growth of the market.

PASSIVE FIRE PROTECTION COATINGS MARKET REPORT COVERAGE:

Opportunities in the passive fire protection coatings Market:

A growing number of fire incidents and stringent government regulations regarding fire safety standards are potential drivers of the global passive fire protection coatings market. The growing building and construction industry is expected to support market growth during the forecast period. Apart from this, the availability of cheaper solutions and lack of consumer awareness could affect the growth of the market. In addition, increasing an individual's disposable income is expected to provide a lucrative opportunity for market growth.

Challenges in the passive fire protection coatings Market:

However, a lack of awareness amongst potential end-users is posing a challenge to the passive fire protection coatings market players.

Passive fire protection coatings Market Segmentation:

Passive Fire Protection Coatings Market By Type:

• Intumescent

• Cementitious

Passive Fire Protection Coatings Market By Technology:

• Water-based

• Solvent-base

Passive Fire Protection Coatings Market By Industry:

• Building & Construction

•  Oil & Gas

•  Transportation

•  Others

Passive fire protection coatings Regional Analysis:

• North America 

• Europe 
• Asia Pacific
• Latin America 
• Middle East & Africa 

Asia-Pacific dominated the market and accounted for 37.4% of global revenue in 2021 due to increasing demand for the product from industries including construction, manufacturing, and warehousing, especially in China and India. Growing demand for fire retardant infrastructure, including commercial and residential buildings, along with increased consumer awareness, are expected to drive the demand for passive fire protection during the forecast period.

North America held a significant share of the market in 2021 due to the growing demand for multi-family housing projects and the growing consumer awareness of fire safety. The increased spending capacity of consumers and the growing willingness of government and regulators to improve the region's overall building fire safety standard is expected to drive demand for passive fire protection.

Germany's demand for intumescent coatings was valued at $ 64.7 million in 2019. Growing demand for intumescent coatings from industries such as aerospace and automotive is expected due to the Improved R&D infrastructure and powerful manufacturing base and profitability to drive market growth during the forecast period.

Poland is expected to experience a significant proportion of passive fire protection products due to the rapid industrialization of the region. Strong prospects for the construction sector due to the sustained growth in residential and non-residential infrastructure development due to the influx of migrants into the country are expected to stimulate demand.

Growing awareness of fire safety and a growing number of UK government policies, including the HSE business plan, are expected to drive demand for passive fire protection. In addition, increased standardization and inspection at industrial facilities, as well as severe government action against non-compliance, are expected to complement the market growth.

Saudi Arabia is expected to grow at a CAGR of 4.9% from 2021 to 2026 due to increased investment in transport infrastructure and increased government spending to improve ports. Continued exploration activities in Saudi Arabia to secure its global market share are expected to drive the demand for passive fire protection products during the forecast period.

Recent Developments in the passive fire protection coatings Market:

• In Jan 2020, Coatings manufacturer Hempel launched a new generation of fire protection coating – Hempafire Optima 500 – which is said to be specifically designed to improve the productivity of passive fire protection (PFP) coating applications.

Passive fire protection coatings Market Key Players:

1. Akzo Nobel (The Netherlands)

2. PPG Industries (US)

3. The Sherwin-Williams Company  (US)

4. Promat International (Belgium)

5. Carboline  (US)

6. Hempel A/S (Denmark)

7. KANSAI PAINT (Japan)

8. Nullifire  (UK)

9. Jotun (Norway)

10. GCP Applied Technologies (US)