PUBLISHER: SkyQuest | PRODUCT CODE: 1244275
PUBLISHER: SkyQuest | PRODUCT CODE: 1244275
Global Passive Fire Protection Coatings Market was valued at USD 3.92 Billion in 2021, and it is expected to reach a value of USD 5.29 Billion by 2028, at a CAGR of 4.40 % over the forecast period (2022-2028).
Components of a building or structure that impede or hinder the spread of fire or smoke without needing system activation or movement are referred to as passive fire protection (PFP). Passive systems include things like walls, ceilings, floors, windows, fire doors, fire-resistant coatings, and other fire and smoke control assemblies. Increasing oil and gas company investments in exploration and production, along with technological advancements, are expected to drive this market during the forecast period. For instance, passive fire prevention coatings are highly sought after in the oil and gas sector for use in equipment protection and other offshore and onshore applications. In addition, it is anticipated that end-use industries like building and construction and transportation will increase their demand, which will further boost overall demand.
Top-down and bottom-up approaches were used to estimate and validate the size of Asia Pacific Passive Fire Protection Coatings Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.
Segments covered in this report
The Global Passive Fire Protection Coatings Market is segmented based on product, end user, technology, and region. Based product market is categorized into Cementitious Materials, Intumescent Coatings, Fireproofing Cladding, and Others. By end user it is segmented Oil & Gas, Infrastructure & Construction, Industrial, Transportation, and Others. Based on technology, the market is segmented into water based and solvent based. Based on region it is categorized into: North America, Europe, Asia-Pacific, South America, and MEA.
Driver
As more people become aware of the issues caused by lax fire safety regulations, there is an increasing demand for better fire safety on a global scale. The tragic incident that took place in Lebanon's capital city of Beirut's harbour in August 2020 was witnessed by a sizable number of people from all over the world. One of the largest non-nuclear explosions in human history, involving 2750 tonnes of ammonium nitrate, was caused by a nearby fire, it was discovered in the wake of the catastrophe. If fire safety standards had been higher, this tragedy and numerous others like it might have been easily prevented.
The seriousness of the situation is now acknowledged by many governments and commercial organisations. They are therefore passing stricter fire safety laws to prevent and lessen future losses from such catastrophes. In all of these new and improved fire safety standards and strategies, passive fire protection is anticipated to play a significant role. This safety measure is incorporated into a building's design to safeguard lives and lessen the financial toll of infrastructure damage. The building's construction materials already provide this protection, or it can be added later to increase the structure's fire resistance as demand from the residential and commercial sectors rises globally, fueling the expansion of the construction industry.
Restraint
Epoxy passive fire protection coatings' goal is to reduce the rate at which steel's temperature rises, preventing or delaying the structure's collapse. Epoxy PFP coatings, which call for additional mesh reinforcement, have long been a staple of the oil and gas industry. The placement of the reinforcement mesh had to be done in accordance with the product's certification in order to prevent failure when exposed to fire spread. Project delays are frequent with intricate mesh reinforced systems. Installation is labor- and time-intensive. It is necessary to follow certain certification requirements when installing mesh, such as measuring overlap and installing depth within the system.
Market Trends
The construction market includes a wide range of activities, such as, but not limited to, the construction of infrastructure (such as roads, railways, and airports), superstructures in residential, commercial, and industrial structures, and transmission-related infrastructure for power generation. Private-sector projects are already gaining more attention as a result of the downturn in large-scale projects. Spending on residential construction increased by almost 25% in 2021, and residential construction starts are predicted to rise by 7% in 2022. Practicing fire safety involves minimising the harm and destruction brought on by passive fire. Passive fire protection systems do not require any externally activated fire safety systems, and even in passive fire systems, extinguished fires are used. A requirement for passive fire protection is based on the spread of fire for a predetermined amount of time. The term "passive fire protection" covers a broad range of products and procedures. The term "passive fire protection" describes components built into the structures that surround us and are intended to slow or stop the spread of fire.