Fire Protection Coatings Market | Research Insights, Leading...

Fire Protection Coatings Market | Research Insights, Leading Players, Current Trends And COVID-19 Impact Analysis

Posted 2023-03-22 04:48:40

Fire protection coatings are additives or fillers added on objects to increase its flame resistance property. These coatings are a must in industries and its design as a preventive measure against untoward accidents and explosions. The global fire protection coatings market report by Market Research Future (MRFR) highlights trends, drivers, opportunities, and challenges for the period of 2022 to 2030 (forecast period).

Market Scope

The global Fire Protection Coatings Market is set to expand at an above-average growth rate during the forecast period owing to demand from end-use industries of automotive, aerospace, marine, building & construction, oil & gas, electrical & electronics, and others. Maintenance of the steel integrity of structures and components in automotives can bode well for the market. Government regulations and stringent emission levels set by them can drive its demand in the automotive sector as well. Advances in nanotechnology can influence the market growth greatly.

Segmentation

The global fire protection coatings market is segmented by type and application.

By type, the market is divided into active and passive fire protection coatings. Among these, the passive fire protection coatings segment is projected to hold the major share in the market owing to its properties of excellent fire performance, durability, and light-weightiness. Passive fire coatings can face immense demand due to its sustainable nature and requirement of minimum maintenance. These coatings involve methods of compartments, structures, concrete, and others. Active fire protection coatings are applied on systems such as sprinklers, water deluges, and alarms. This segment is touted to display an exemplary growth rate during the forecast period.

Applications include oil & gas, buildings and construction, automotive, aerospace, marine, aviation, and others. Among these, buildings and construction is estimated to be the leading segment in this market. This can be attributed to the demand for anti-corrosive measures and flame-retardancy measures. Rise in infrastructural projects and considerable rise in disposable income levels can drive the segment growth exponentially.

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Regional Analysis

Geographically, the global fire protection coatings market covers North America, Asia Pacific (APAC), Europe, Latin America and the Middle East & Africa (MEA).

APAC is pegged to dominate the global market owing to demand from end-use industries of construction, automotive, defense, and others. The increasing production of coatings and demand in countries of Japan, China, and India can drive regional market growth of fire protection coatings.

Europe can exhibit a steady growth rate during the assessment period owing to stringent rules and regulations pertaining to fire safety in the construction sector. Italy, Germany, and the U.K. are countries bound to contribute to the global Fire Protection Coatings Market Expansion. The oil & gas and petrochemical industries remain the biggest end-users of the product.

North America can capture a significant share of the global fire protection coatings market owing to the need for protection of steel structures against corrosion. Aviation, marine, automotive, aerospace, and oil & gas are major end-use industries of coatings. This is evident by the need for passive fire protection coatings in the U.S., Canada, and Mexico.

The Latin America region is bound to experience massive growth due to demand in the paints & coatings sector. Lastly, the MEA region can witness a slow growth due to low crude oil prices and the slow progress in the construction industry.

Competition Outlook

Akzo Nobel N.V., PPG Industries, Axalta Coating Systems, LLC, The Sherwin-Williams Company, The Valspar Corporation, BASE Coatings, RPM International Inc., KANSAI PAINT CO., LTD, and Nippon Paint Holdings Co. are major players of the global fire protection coatings market.

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