New Product Developments, Mergers & Acquisitions, and Expansions are the Key Strategies Adopted by Leading Players in the Passive Fire Protection Coatings Market
The passive fire protection coatings market is projected to reach USD 4.02 Billion by 2022, at a CAGR of 6.6% from 2017 to 2022. Extensive usage of steel in building & construction is driving the growth of the passive fire protection coatings market
Key companies operating in this market include Akzo Nobel (The Netherlands), PPG Industries (US), The Sherwin-Williams Company (US), Promat International (Belgium), Carboline (US), Hempel A/S (Denmark), KANSAI PAINT (Japan), Nullifire (UK), Jotun (Norway), and Teknos Group (Finland).
New product developments, mergers & acquisitions, and expansions are the key strategies adopted by leading players in this market to strengthen their geographic reach and product portfolios. These players are focused on developing new products for various passive fire protection coating end-use industries, thereby addressing the growing demand for these coatings from various industries, such as building & construction, oil & gas, and transportation, among others.
Jotun adopted expansions and new product launches as its key strategies to enhance its presence in the passive fire protection coatings market. For instance, in April 2017, the company invested USD 18.54 million for its R&D facility for passive fire protection at Flixborough, United Kingdom. The company also established a new factory for marine and protective coatings in Brazil in December 2015. These expansions are expected to help the company to focus more on product innovation and improve product offerings. Jotun also launched Jotachar 1709 and SteelMaster 1200WF fire protection coatings in 2016 and 2014, respectively. The new products helped the company broaden its product portfolio and increase offerings for customers.
Hempel A/S adopted the new product developments and expansions strategies for growth. For instance, in September 2014, Hempel A/S established a new production plant for protective coatings in India to strengthen its presence in the country. In March 2017, the company inaugurated a new production plant for the manufacture of protective coatings in Kuwait. The company invested in an R & D Center in Spain, in June 2017, which is expected to help the company gauge the needs and demands of customers in Europe, as it is a growing market for passive fire protection coatings.
Related Reports:
Passive Fire Protection Coatings Market by Type (Intumescent, Cementitious), Technology (Water-Based, Solvent-Based), End-Use Industry (Building & Construction, Oil & Gas, Transportation), and Region - Global Forecast to 2022
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