Fire Protection Coatings Market will grow substantially with a highest CAGR by 2023

Market Highlight: Fire Protection Coatings Market will grow substantially with a highest CAGR by 2023.
Fire Protection Coatings are applied to the industrial components to act as a protective barrier which prevents them from damage during a fire. These coatings are of two types namely passive protection coatings and active protection coatings. They are known for their strength, reliability and excellent fire performance characteristics. Owing to these features, they are used in various application such as buildings and construction, oil & gas, automotive, aviation, marine and others.
The Global Fire Protection Coatings Market has been driven by the rising usage of passive protection coatings due to their low cost and non-combustibility features. A significant growth has been predicted in the market owing to rising demand in the end-use industries.
Global Competitors: Some of the prominent players functioning in the Global Fire Protection Coatings Market are,
The Valspar Corporation (U.S.A.), BASE Coatings (Germany), KANSAI PAINT CO. LTD. (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.), Nippon Paint Holdings Co. (Japan), Axalta Coating Systems, LLC (U.S.A.)
Regional Analysis: On the basis of geography, the Global Fire Protection Coatings market is segregated into five key regions namely; Asia Pacific, North America, Europe, Latin America and the Middle East & Africa.
Among these, 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 predicted 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.
Moreover, the Middle East & Africa has witnessed a stunted growth in the market due to economic slowdown.
Segmentation: The Global Fire Protection Coatings Market is differentiated into type and application. By type, the market is further segmented into passive Fire Protection and active fire Protection Coatings. Passive fire coatings includes application in constructional components such as concrete, compartments, structures and others. These coatings hold the major share in the market due to its popularity and growing use in end-use industries such as construction, paints and coatings, automotive, energy and others. They are light weight therefore can be applied easily. Active Fire Protection Coatings is a system where coatings can be applied automatically without any manual help. These coatings are implemented by a system of sprinklers, alarms water deluge systems. It is projected that active Fire Protection Coating Market is set to grow at a high rate due to its growing usage in buildings and construction industry, hospitals and others.
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