Global Passive Fire Protection Coatings Market

Global Passive Fire Protection Coatings Market Size, Share, Growth Analysis, By Product(Cementitious Materials, Intumescent Coatings), By End-use Industry(Oil & Gas, Infrastructure & Construction), By Technology(Water based and solvent based) - Industry Forecast 2024-2031

Report ID: SQMIG15E2127 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 91 | Figures: 76

Global Passive Fire Protection Coatings Market Insights

Passive Fire Protection Coatings Market size was valued at USD 0.95 billion in 2019 and is poised to grow from USD 0.99 billion in 2023 to USD 6 billion by 2031, growing at a CAGR of 4% in the forecast period (2024-2031).

Passive fire protection (PFP) refers to building or structure components that slow or obstruct the spread of fire or smoke without requiring system activation or movement. Floor ceilings and roofs, fire doors, windows, wall assemblies, fire-resistant coatings, and other fire and smoke control assemblies are instances of passive systems. This market is anticipated to be driven by increasing oil and gas company investments in exploration and production, as well as technological developments, during the forecast period. As an instance, the oil and gas industry has a high demand for passive fire prevention coatings in equipment protection and other offshore and onshore applications. Furthermore, the demand is anticipated to be boosted by an increase in demand from end-use sectors such as building and construction and transportation.

US Passive Fire Protection Coatings Market is poised to grow at a sustainable CAGR for the next forecast year.

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Passive Fire Protection Coatings Market size was valued at USD 0.95 billion in 2019 and is poised to grow from USD 0.99 billion in 2023 to USD 6 billion by 2031, growing at a CAGR of 4% in the forecast period (2024-2031).

Manufacturers are increasingly attempting to distinguish and develop their products in order to gain a competitive advantage. Manufacturers are focusing on other important product aspects such as product usability and operational life extension. 3M, Akzo Nobel N.V., Bostik, Sika AG, Jotun, and Hempel A/S are the market's major players. 'Akzo Nobel N.V. (Netherlands)', 'Sherwin-Williams Company', 'PPG Industries, Inc.', 'Jotun Group', 'Hempel A/S', 'Carboline Company', 'Teknos Group', 'Kansai Paint Co., Ltd.', 'The Valspar Corporation', 'BASF SE', '3M Company', 'Nullifire', 'Contego International, Inc.', 'Promat International NV', 'Rudolf Hensel GmbH', 'Firetherm Intumescent & Insulation Supplies Ltd.', 'Lloyd's Register EMEA', 'Albi Manufacturing', 'GCP Applied Technologies', 'Isolatek International.'

Globally, as people become more aware of the problems caused by poor fire safety standards, there is an increasing demand for better fire safety. A large number of people from all around the world witnessed the catastrophic event that occurred in August 2020 at Beirut's harbour, Lebanon's capital. The disaster's aftermath revealed that a nearby fire was to blame for the explosion of 2750 tonnes of ammonium nitrate, which was one of the largest non-nuclear explosions in human history. This tragedy, and many others like it, could have been easily avoided if fire safety standards had been higher.

The construction market encompasses a broad array of activities that include, but are not limited to, geotechnical (underground structures) and superstructures in residential, commercial, and industrial structures, as well as infrastructure construction (such as roads, railways, and airports) and transmission-related infrastructure for power generation. The downturn in large-scale projects is already growing interested in private-sector projects. Residential construction spending increased by nearly 25% in 2021, and residential starts are expected to increase by 7% in 2022.

North America held the significant global Passive Fire Protection Coatings market share in 2021, due to the stringent regulatory environment and growing awareness of fire safety among end users, the penetration of passive fire protection coatings in the United States is high. A growing number of large-scale infrastructure investment projects, including hotels and hospitals, in New York, Missouri, and Los Angeles are expected to boost the construction industry, driving demand for passive fire protection products in the country's residential, commercial, and industrial buildings.

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