Market Overview
The Global “Passive Fire Protection Coating Market” is predicted to reach at a CAGR of 6.6% during the forecast period (2024-2031).
A passive fire protection coating is a protective barrier that prevents damage to an industrial component during a fire. The coating guards against the detrimental impacts of fire by being passive, but it does not extinguish or halt the spread of a fire in the same way that active fire protection does. Passive fire protection coatings include cementitious materials, blanket systems, and fiberboard systems. PFP coatings are intumescent compounds in general and some are part of an epoxy formulation.
Passive fire protection is included in a building's construction to protect people's lives and reduce the cost-effectiveness of damage to structures and their contents. It accomplishes this by either restricting the spread of fire and smoke by isolating it in a single compartment or protecting critical escape routes.
The rising oil and gas industry spending on exploration and production and technological advancements needs a high fire protection level. Therefore, passive fire prevention coatings are in high demand for equipment protection and other offshore and onshore applications in the oil and gas industry. Furthermore, the market is expected to be propelled by increased demand from end-use sectors such as construction and transportation.
Market Summary
| Metrics | Details |
| Market CAGR | 6.6% |
| Segments Covered | By Type, By Technology, By Application, and By Region |
| Report Insights Covered | Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other vital insights. |
| Fastest Growing Region | Asia Pacific |
| Largest Market Share | North America |
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Source: DataM Intelligence Analysis (2023)
Market Dynamics
Stringent government regulations and fire safety standards are expected to drive the market. Further, active systems' high installation and maintenance costs support the market. However, passive fire protection coating alternatives are expected to hamper the market.
Stringent government regulations and fire safety standards are driving the market
Passive fire protection systems promote steel structures' protection against fire by providing high strength and durability. Any passive fire protection system's safety depends on the type of fire, duration, and material and environmental conditions. The penetration of passive fire protection products is high due to the stringent regulatory scenario and growing awareness of fire safety among the end-users.
For instance, an increasing number of large-scale infrastructure investment projects, including hotels and hospitals, are expected to boost the growth of the construction industry, thereby driving the demand for passive fire protection products. Moreover, rising consumer awareness regarding fire safety and the growing demand for fire-safe buildings have augmented the investments in installing a passive fire protection system in the construction sector.
The high installation and maintenance cost of active systems is driving the passive fire protection market
The market for passive fire protection is driven by the high installation and maintenance costs of active systems such as fire suppression, fire extinguishing, and fire-fighting. Furthermore, they may not function properly in the event of a fire. As a result, passive fire protection (PFP) is often the best option because it requires no ongoing maintenance, no annual inspections, and no service calls.
Moreover, passive fire protection is usually the best option for protecting assets from fire while retaining profitability. Cable fire protection can often be used in place of fire-fighting and suppression systems. Several types of passive fire protection are available in the market, including fire-stopping and flame-stopping coatings for fire rate cables and other substrates.
Alternatives of passive fire protection coating are expected to hamper the market
Alternatives of passive fire protection coating are expected to hamper the market. Several cost-effective coating options are available in the need that attracts consumer attraction and is thus likely to interfere with PFP coating. They can achieve a suitable fire rating and look attractive if the steel is exposed.
COVID-19 Impact on Market
COVID-19 had a significant impact on the construction industry in early 2020. The majority of construction projects came to a halt, with no further information offered. According to the International Monetary Fund (IMF), global growth will be 5.4% in 2022. Overall, this would leave the 2022 global GDP approximately 6.5% lower than in the pre-COVID-19 forecasts of January 2020.
However, the influence on the construction industry would vary from country to country. At the same time, widespread layoffs are expected in the construction industry in the U.S. and Southern Europe's construction activity will likely plunge by 60-70%. China's economy, particularly the construction sector, is already improving, with data indicating that the situation has improved since April 2020.
Market Segment Analysis
The passive fire protection coating market is categorized into intumescent and cementitious based on type.
Intumescent passive fire prevention coatings are becoming more popular in construction and remodeling projects. The layers are applied to structural steel thin and expand when exposed to high heat, insulating the steel beneath. As a result, the steel retains its load-bearing capacity for a more extended period, allowing for more time for evacuation and emergency response. The intumescent coatings react at a high temperature, causing the material to swell and become a char with limited heat conductivity. As a result, the material decreases the rate at which the encased steel heats up and the fire's harmful effects.
Therefore, companies are making substantial advances in intumescent coating technology and developing new products in the segment. For instance, in 2018, Sherwin-Williams Protective & Marine Coatings developed FIRETEX FX6002, an intumescent passive fire protection coating. The company claimed that it would last for 20 years in most conditions, even without the application of a topcoat. Sherwin-Williams was later awarded The Queen's Award for Enterprise: Innovation 2022 for the product in October 2022.
Source: DataM Intelligence Analysis (2023)
Market Geographical Share
The stagnant fire protection coating market is segmented into North America, Europe, South America, Asia-Pacific, and Middle East & Africa based on geography.
Asia-growing holds a significant market share attributed to increased demand for fire protection coatings in different industries, such as building, construction, and transportation. Market participants are considering relocating their production bases from North America and Europe to Asia-Pacific because of China's less stringent rules and requirements for safety and environmental compliance. For instance, in June 2019, The Sherwin-Williams Company, based in the U.S., inaugurated its brand-new campus headquarters for Asia-Pacific, located in Shanghai, China. With this expansion, the company aims to drive its growth in the region.
Moreover, India is expected to be one of the fastest-growing markets for passive fire protection coatings in the region. The expansion is linked to the expanding building industry and increased urbanization. For instance, the "Make in India" initiative of the government of India is accelerating the development of the country's building and infrastructure industries.
Source: DataM Intelligence Analysis (2023)
Companies and Competitive Landscape
The passive fire protection coating market is moderately consolidated and competitive with the increasing building & construction and coatings market. Major players contributing to the market's growth are Akzo Nobel N.V., The Sherwin-Williams Company, PPG Industries, Promat Global, Hempel A/S, Carboline, KANSAI PAINT, Nullifire, Jotun and Teknos Group, among others. In addition, the companies are adopting growth strategies such as expansions, acquisitions, product launches, and collaborations, contributing to the market growth globally.
Akzo Nobel N.V.
Overview: Akzo Nobel N.V. is a Dutch multinational company specializing in performance coatings and paints for industrial and consumers application. It is headquartered in Amsterdam, Netherlands. Moreover, the company has activities in 80 countries and employs over 32,000 people.
Product Portfolio: Akzo Nobel N.V. offers Chartek 7E, a self-reinforced passive fire coating with excellent workability and minimal water uptake, eliminates the need for field reinforcement, and provides certified protection from pool and jet fires.
Key Developments:
- On 28 March 2019, Akzo Nobel N.V. launched a new fire protection system called the Sikkens system. It is a fast-drying technological innovation designed to meet the challenges set by the world's most extreme conditions. Further, the product provides exceptional fire resistance and significant improvements in production efficiency.
Why Purchase the Report?
- Visualize the composition of the passive fire protection coating market segmentation by type, technology, application, and region, highlighting the key commercial assets and players.
- Identify commercial opportunities in the passive fire protection coating market by analyzing trends and co-development deals.
- Excel data sheet with thousands of passive fire protection coating market points - level 4/5 segmentation.
- PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.
- Product mapping in excel for the key product of all major market players
The global passive fire protection coating market report would provide access to approx. 61 market data tables, 51 figures, and 180 pages.
Target Audience
- Coating Manufacturers
- Fire Protection Coating Companies
- Industry Investors/Investment Bankers
- Education & Research Institutes
- Research Professionals
- Emerging Companies
