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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