Study Predicts Growth in Market for Passive Fire-Protection Coatings
PUNE, India - According to a new report published by research firm MarketsandMarkets, the market for passive fire-protection coatings is projected to reach $4.02 billion by 2022, growing at a compound annual growth rate (CAGR) of 6.6% from 2017 to 2022.
The use of passive fire-protection coatings has increased due to fire safety standards and stringent government regulations regarding their use. In addition, the rapidly growing building and construction sector is expected to increase the demand for these coatings. Oil and gas and transportation are the other industries that have a high demand for passive fire-protection coatings.
The intumescent coatings type of fire-protection coatings was the largest segment of the market in terms of value in 2016. This high market share is mainly attributed to its use across various applications, such as commercial buildings, restaurants, hospitals, colleges, residential buildings, skyscrapers, and offices, and the oil and gas industry, among others. The market value 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, promoting demand.
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 coatings allow customers to meet the stringent emission standards set by various agencies, including REACH in Europe the EPA in the United States. Additionally, water-based coatings can withstand high humidity levels during application.
The market for fire-protection coatings in the building and construction industry is expected to grow at the highest CAGR during the forecast period. Building and construction is one of the major applications of passive fire-protection coatings, as these coatings are used help buildings withstanding the effects of a fire. Such coatings are applied so that the steel structures used in building and construction can withstand a fire and prevent the steel from reaching the critical temperature that could lead to collapse. Passive fire-protection coatings are mainly used in high-rise buildings, sports stadiums, residential construction and commercial construction.
According to the report, 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 demand for passive fire-protection coatings in buildings in the public and private sectors of the Asia-Pacific region. Regulations in this region are a driver for the passive fire-protection coatings market. Additionally, 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.
For additional information about 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, visit http://www.marketsandmarkets.com/Market-Reports/passive-fire-protection-coating-market-165549042.html.