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.