Passive Fire Protection Coatings Market Size, Share, Growth Analysis, By Product(Cementitious Materials, Intumescent Coatings, Fireproofing Cladding, Others), By End-use Industry(Oil & Gas, Infrastructure & Construction, Industrial, Transportation), By Technology(Water based and solvent based), By Region - Industry Forecast 2024-2031

Passive Fire Protection Coatings Market Driver

• Globally, as people become more aware of the problems caused by poor fire safety standards, there is an increasing demand for better fire safety. A large number of people from all around the world witnessed the catastrophic event that occurred in August 2020 at Beirut's harbour, Lebanon's capital. The disaster's aftermath revealed that a nearby fire was to blame for the explosion of 2750 tonnes of ammonium nitrate, which was one of the largest non-nuclear explosions in human history. This tragedy, and many others like it, could have been easily avoided if fire safety standards had been higher.
• Many governments and industrial organisations now acknowledge the severity of the situation. As a result, they are enacting stricter fire safety regulations in order to avoid and mitigate future losses from such disasters.
• Passive fire protection is expected to play an important role in all of these improved and already existing fire safety standards and strategies. This protection is built into the structure of a building to protect people's lives and reduce the financial impact of damaged infrastructure. This protection is provided by the materials used to build the building, or it can be added later to improve the building's fire resistance as the construction industry expands in many parts of the world due to increased demand from the residential and commercial sectors.

Passive Fire Protection Coatings Market Restraint

• The purpose of epoxy passive fire protection coatings is to slow the rate of steel temperature rise, thereby preventing or delaying the collapse of the structure. The oil and gas industry has traditionally relied on epoxy PFP coatings that require additional mesh reinforcing. To avoid failure when exposed to fire spread, reinforcement mesh must have been properly placed in accordance with the product's certification.
• With complex mesh reinforced systems, project delays are common. Installation is time-consuming and labour-intensive. Mesh installation necessitates adhering to certain certification requirements, such as measuring overlap and installing depth within the system.