Fire Protection Coatings (FPCs) are used to prevent the rapid spread of flames across the surface, control the period of excessive heat, and to suppress the production of gases produced during the combustion of materials.
Due to the stringent government regulations to protect lives in calamities where fire can take place, the FPC materials have been witnessing a massive demand in end-use industries such as oil & gas, buildings & construction, electrical & electronics, automotive, aerospace, marine, and others. Resultantly, the fire protection coatings market is gaining increasing traction, worldwide.
Acknowledging the huge growth, the market perceives currently, Market Research Future (MRFR) in its recently published study report asserts that the Global Fire Protection Coatings Market is expected garner exponential accruals by 2023, registering a staggering CAGR throughout the forecast period (2017-2023).
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Additional factors that predominantly drive the Fire Protection Coatings Market include the spreading awareness about safety among the end-use industries. Moreover, factors such as the rising population, industrialization, and urbanization are dictating the market demand for these coatings from the construction industry. The improving economic conditions, worldwide boost the growth of the market, increasing the consumers’ purchasing power.
Furthermore, the increasing demand for these FPCs in the sectors such as the petrochemicals and steel fosters the growth of the market, globally. On the flipside, factors such as the lack of awareness about the benefits offered by FPCs are impeding the growth of the Fire Protection Coatings Market.
Nevertheless, the rising government funding that are motivating key manufacturers to develop advanced FPCs that can match the changing requirements and trends of the patrons are expected to support the growth of the market throughout the assessment period.
Global Fire Protection Coatings Market – Competitive Landscape
Highly Competitive, the Fire Protection Market appears to be fragmented due to the presence of several players. Matured and small-scale players along with the new entrants form a competitive landscape. Through the acquisition, strategic partnership, expansion, product/technology launch, and collaboration, these players try to gain a competitive advantage. Substantial investments are transpired in the R&D to develop a completely different technology compared to their competition.
Key Players Leading the Fire Protection Coating Market include Akzo Nobel N.V. (the Netherlands), PPG Industries (USA), The Sherwin-Williams Company (USA), Nippon Paint Holdings Co.(Japan), RPM International Inc. (USA), The Valspar Corporation(USA), Axalta Coating Systems, LLC (USA), BASE Coatings (Germany), and Kansai Paint Co. Ltd (Japan) among others.
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May 19, 2019 – Sherwin-Williams (the US), a fortune 500 – paint and coating manufacturing firm announced the signing of a contract to provide fire protection technology for Dubai’s Museum of the Future. The firm will use Phoenix 370-120H water-based intumescent coating for the museum’s structure, which has a fire rating of 120 minutes.
The firm had recently acquired Phoenix Fire Protection Group (Dubai & Hong Kong) in this March which has expanded its reach across the EMEAI and the Asia Pacific regions. Sherwin-Williams have made substantial advances in intumescent coating technology, and this project – Museum of the Future would be a game-changing project for the firm and the team.
Global Fire Protection Coatings Market – Segmentations
For an easy grasp, the market is segmented into three key dynamics;
By Type: Passive and Active Fire Protection Coatings.
By Applications : Oil & Gas, Buildings & Construction, Automotive, Electrical & Electronics, and Marine & Aerospace among others.
By Region: North America, Europe, Asia Pacific, and Rest-of-the-World.
Fire Protection Coatings Market –Geographical Analysis
The Asia Pacific region, heading with the burgeoning construction sectors would retain its dominance over the Global Fire Protection Coatings Market throughout the forecast period. Moreover, the growing demand from the consumer goods manufacturing sector alongside the expanding production capacities in the region foster the growth of the regional market.
The Fire Protection Coatings Market in the North American region accounts for the second largest market, globally. Factors such as the huge advancements in the coating technology led by the financial support from the government foster the FPCs market in the region. Attributing to the augmenting penetration of end-user industries, especially, in the US and continuing with the same growth trends, the market will register a significant CAGR in the next six years.
European Fire Protection Coatings Market accounts for a promising market, globally. The extensive demand for fire protection technologies from various well-established industries such as automotive and construction drives the regional market. Also, the rapid urbanization, increasing consumption in developed end-user industries, and innovations in coating technologies are some of the reasons fostering the growth of the regional market.
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