Passive Fire Protection Coatings Market, by Type (Intumescent Coatings and Cementitious Coatings), by Technology Type (Water-based and Solvent-based), by End-Use Industry Type (Building & Construction, Oil & Gas, Transportation, and Others), and by Region (North America [The USA, Canada, and Mexico], Europe [Germany, France, The UK, Italy, Russia, and Rest of Europe], Asia-Pacific [China, India, Japan, Thailand, Malaysia, Singapore, and Rest of Asia-Pacific], and Rest of the World [Brazil, Argentina, South Africa, and Others]).
Market Insights
The passive fire protection coatings market is likely to rebound at a promising CAGR of 6.5% in the long run.
Passive fire protection coatings protect against the negative effects of a fire and prevent damage during a fire. These coating systems decrease the rate for temperature rise of the component being protected. If designed and chosen properly, these coating systems may require little or no maintenance for the life of the installation.
Rapid growth in various end-use industries, such as building & construction and oil & gas, and their growing product demand are likely to drive market growth during the forecast period.
Asia-Pacific is estimated to be the fastest-growing region in the market during the forecast period. Factors, such as a rising population and an increasing standard of living are leading to increased demand for passive fire protection systems in various end-use industries such as building & construction, oil & gas, and transportation, fueling regional market growth in the coming years. India is expected to be one of the major growth engines of the region owing to initiatives, such as Make in India, introduced by the Indian government that is accelerating the construction and infrastructure sector growth in the country.
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