Wilmington, Delaware , April 17, 2024 (GLOBE NEWSWIRE) -- Allied Market Research has recently published a report, titled, “Fire Protection Coating Market Size, Share, Competitive Landscape and Trend Analysis Report by Type, by Application : Global Opportunity Analysis and Industry Forecast, 2023-2032.” According to the report, the global fire protection coating market generated $4.4 billion in 2022, and is anticipated to generate $6.6 billion by 2032, rising at a CAGR of 4.3% from 2023 to 2032.
Prime Determinants of Growth
The growing awareness regarding fire safety, stringent government regulations, and the increasing consumer consciousness regarding the destructive impact of fire accidents are the factors expected to drive the growth of the global fire protection coating market in the forecast period from 2023 to 2032. However, the volatile nature of raw material prices and meeting stringent fire safety standards may hamper market growth in the coming future. On the contrary, the increasing adoption of passive fire protection and rising investments in oil & gas infrastructure development are expected to offer remunerative opportunities for the expansion of the fire protection coating market during the forecast period.
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Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $4.4 billion |
| Market Size in 2032 | $6.6 billion |
| CAGR | 4.3% |
| No. of Pages in Report | 280 |
| Segments covered | Type, Application, and Region |
| Drivers | Stringent government regulations Increased awareness regarding fire safety Rising consumer consciousness about the destructive impacts of fire accidents |
| Opportunities | Increasing investments in oil & gas infrastructure development Growing adoption of passive fire protection |
| Restraints | Volatile nature of raw material prices |
Type: Intumescent Sub-segment to be the Most Dominant During the Forecast Period
The intumescent sub-segment accounted for the largest global fire protection coating market share of 54.4% in 2022 and is expected to rise at the highest CAGR of 4.5% during the forecast period. This dominance is mainly due to their quality performance. These coatings possess a unique capability to expand upon exposure to heat, creating a robust insulating layer that significantly retards the spread of fire. Their effectiveness in enhancing fire safety has been pivotal in their market dominance. Moreover, increased global focus on fire safety regulations and widespread adoption across residential, commercial, and industrial applications have fueled the demand for intumescent coatings.
Application: Oil and Gas Sub-segment to Flourish Immensely by 2032
The oil & gas sub-segment accounted for the largest global market share of 26.7% in 2022 and is expected to hold major market share by 2032. This dominance majorly is driven by the critical need for fire safety in environments like oil refineries and offshore platforms. Fire protection coatings find extensive utilization within oil refineries, offshore drilling platforms, and gas processing plants. Besides, safety standards and stringent regulations imposed by regulatory authorities are further boosting the adoption of fire protection coatings in the oil and gas sector.
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Region: North America Market to be the Most Dominant by 2032
The fire protection coating market in the North America region accounted for the largest share of 43.2% in 2022 and is predicted to continue to maintain its dominance during the forecast period. This growth is mainly owing to the region’s advanced infrastructure, strict safety standards, and robust fire prevention initiatives. North America’s commitment to technological innovation and alignment with stringent regulatory frameworks has established it as a leader in shaping global trends and driving advancements within the fire protection coatings industry. This strategic focus ensures continual evolution and dominance in the market.
Leading Players in the Fire Protection Coating Market:
- Sherwin-Williams Company
- Hempel A/S
- Jotun AS
- No-Burn, Inc.
- Akzo Nobel N.V.
- Pyrotech
- Nullifire
- BASF SE
- Nippon Paint Co., Ltd.
- Contego International, Inc.
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The report provides a detailed analysis of the key players of the global fire protection coating market. These players are employing various strategies including launching new products, entering collaborations, expanding operations, forming joint ventures, and signing agreements, all aimed at boosting their market share and securing their competitive position across different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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