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Fire Protection Coatings Market Share, Cost Structure, Revenue, Gross Margin, and Forecast till 2023
Fire Protection Coatings Market is expected to grow with a highest CAGR through 2018 to 2023 and it is driven by applications in oil & gas, buildings & construction, automotive, aerospace, marine, and electronics sectors
Fire Protection Coatings are composed of different fillers and flame additives. They are used to prevent the rapid spread of fire flames across the surface and control the period of excessive heat.
As per our market analysis, the Global Fire Protection Coatings Market is segregated into type and application. The market by type is further categorized into passive fire protection and active fire protection coatings. Passive fire protection coatings involves components of construction methods such as concrete, structures, compartment, among others. They are known for their minimal maintenance work and environment compatible nature. Due to these features, the market is projected to witness a rapid growth in the passive Fire Protection Coating Segment. On the other hand, active fire protection coatings are applied by an automatic system. Sprinklers, alarms and water deluge are the main components of this system. The active Fire Protection Coatings Market is predicted to witness a higher CAGR during the forecast period due to its benefits to detect fires and inflammable gases automatically.
Additionally, they also suppress the production of gases produced during the combustion of materials. Excellent fire performance, strength, lightweight and low installed cost are the important trends and factors influencing the market emphatically. It is projected that the Fire Protection Coatings Market is set to grow at a higher CAGR owing to stringent regulations and the growing demand observed in end-use industries such as oil & gas, buildings and construction, automotive, aerospace, electrical & electronics, marine, and others.
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The Global Fire Protection Coatings Market is segmented into type and application. Basis of type, the market is classified into active and passive Fire Protection Coatings.
Among these, passive Fire Protection Coatings segment is projected to hold the major share in the market owing to its excellent fire performance, light weight and durability features.
By Applications, segmented into oil & gas, buildings and construction, automotive, aerospace, marine, aviation, and others. Among these, buildings and construction is estimated to be the leading segment in this market.
The Global Fire Protection Coatings market is segregated into five key main regions namely; Asia Pacific, North America, Europe, Latin America and the Middle East & Africa.
The Asia Pacific is predicted to lead the market globally due to rising demand from the heavy end industries such as, oil & gas, paints and coating, marine and others.
Europe is also expected to witness a massive growth in the Fire Protection Coatings market due to their growing use in furniture and construction industries.
The North American and Latin American has recognized a significant development in the market owing to growing demand of steel in various industries.
Key Global Competitors:
The top key players functioning in the Global Fire Protection Coatings Market; Nippon Paint Holdings Co. (Japan), PPG industries (U.S.A.), Akzo Nobel N.V. (the Netherlands), The Sherwin-Williams Company (U.S.A.). RPM International Inc. (U.S.A.), Axalta Coating Systems, LLC (U.S.A.), The Valspar Corporation (U.S.A.), BASE Coatings (Germany), KANSAI PAINT CO. LTD. (Japan).
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