International. The passive market for fire protection coatings is projected to reach US$4.02 billion by 2022, at a CAGR of 6.6% between 2017 and 2022. The use of passive fire protection coatings has increased due to strict government regulations on their use and fire safety standards.
The rapid growth of the construction industry is expected to generate an increase in demand for passive fire protection coatings. Oil and gas and transportation are other industries that demand this kind of coatings.
Intumescent coatings were the largest type segment on the market. This high market share is mainly attributed to its use in various applications such as commercial buildings, restaurants, hospitals, universities, residential buildings, skyscrapers and offices, and the oil and gas industry, among others.
The value market for intumescent coatings is higher compared to cementitious coatings, as intumescent coatings are coated with other materials. They require less maintenance, improve durability, provide a longer service life, and also provide corrosion protection for steel structures in buildings. Thus, these properties of intumescent coatings are expected to foster the growth of these types of coatings in the passive fire protection coatings market.
Likewise, the water-based technology segment of the passive fire protection coatings market accounted for the largest share, in terms of value and volume, in 2016.
Source: Markets&Markets.
