Fire protection is paramount in every industry.
The high emphasis on plant safety from fire hazards in multifarious industries
such as mining, petrochemical, oil and gas, automotive, and others, accompanied
with rising concern for personnel safety worldwide is fortifying the passive
fire protection coatings market size. The passive fire protection coatings such
as cementitious and intumescent paints and coatings are used for providing
thermal insulation for steel structures in buildings and so that it can
withstand fire. According to the recent fire statistics from the National Fire
Protection Association (NFPA), an average of 37,000 fire hazards occur at
industrial and manufacturing facilities, in U.S., every year, with an annual
loss estimated at $1.2 billion in direct property damage, 16 civilian deaths, and
273 civilian injures from these fires. This is an attenuated representation of
the ubiquity of the fire hazards across the world. In order to avoid such
hazards and provide utmost safety to the people as well as to the tangible assets,
the industries are obliged to use passive fire protection coatings. Thus the, growing
awareness of fire hazards and the requisite to ensure safe living environment
is catapulting the growth of the passive fire protection coatings market. Moreover,
the key application segment buildings and construction is expected to prosper
at a CAGR of 6.4% throughout the forecast period.
The passive fire protection coatings
market was valued at $2.9 billion in 2018. Moreover, the growth of the market
is anticipated to propel at a CAGR of 6.7% during the forecast period
2019-2025.
APAC
Region Providing Lucrative Opportunities for Passive Fire Protection Coatings
Market—
Geographically, APAC is dominating the global
passive fire protection coatings market and was responsible for 41% of the
total revenues generated in 2018. The growth of the market in this regions is
mainly due to the rapid urbanization in the developing countries such as India
and China along with the growing constructional activities. For instance, the
construction industry in India is anticipated to grow at 5.6% during 2016-20
and it is expected to record a CAGR of 15.7% to reach $ 738.5 billion by 2022.
Thus, the growing need for fire-safe infrastructures including commercial and
residential buildings in the region is propelling the growth of passive fire
protection coatings market.
Passive
Fire Protection Coatings Market Key Companies—
Major companies that are crusading for
gaining maximum share in the passive fire protection coatings market are Akzo
Nobel, PPG Industries, The Sherwin-Williams Company, Promat International,
Carboline, Hempel A/S, KANSAI PAINT, and Nullifire, Jotun, and Teknos Group.
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Related
Reports:
A.
Intumescent
Coatings Market
https://www.industryarc.com/Research/Intumescent-Coatings-Market-Research-500152
B.
Fire
Retardant Coatings Market
https://www.industryarc.com/Research/Fire-Retardant-Coatings-Market-Research-503049
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