The europe passive fire protection market is expected to reach USD 1.57 billion by 2022, according to a new report by Grand View Research, Inc. Rising infrastructure spending in Eastern Europe is expected to drive the market demand. Rising investment in non-residential construction coupled with growing rate of new construction and refurbishment in the residential segment in Western Europe is expected to drive the market demand over the forecast period. In addition, growing demand for urban housing projects owing to rising urbanization in Central and Eastern Europe is expected to drive passive fire protection market.
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Further key findings from the report suggest:
Intumescent coating segment is expected to grow at a CAGR of over 1.0% from 2015 to 2022. Rising demand for intumescent coating from oil & gas industry on account new shale gas and offshore reserves in Serbia, Russia, Romania, and Albania is expected to drive the market over next seven years.
Warehousing industry accounted for a significant share of the demand for passive fire protection in Europe. The warehousing industry is expected to be the fastest growing application segmentwith a CAGR of 4.4% from 2015 to 2022 owing to growing investment for manufacturing of automobiles, electronics, and finished automobile & aerospace products. In addition, government policies aiming at improving and strengthening offshoring and outsourcing capabilities are expected to drive the market.
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Germany's demand for intumescent coating was valued at USD 63.5 million in 2014. Rising demand for intumescent coating from industries including aerospace and automobile on account of improved R&D infrastructure, powerful manufacturing base, and cost efficiency is expected to drive the market growth over the forecast period.
Poland is expected to witness a significant share of passive fire protection products on account of rapid industrialization in the region. Strong construction sector outlook on account of sustained growth in residential and non-residential infrastructure development due the influx of migrants in the nation in expected to drive demand.
HempelMarine Paints is a key player which manufactures intumescent coatings under its protective coatings business segment. In December 2014, Hempel acquired Netherlands-based Schaepman's Lakfabrieken B.V. in order to strengthen company business in industrial and protective coatings market.
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