Fire Resistant Coatings Market to Be Valued at $ 1,125 Mn by 2026
The global market for fire-resistant coatings is expected to grow from USD 975 million in 2020 to USD 1,125 million in 2026, at a CAGR of 3.5%, according to the report, "Fire-resistant Coatings Market by Type (Intumescent Coatings, Cementitious Coatings), Technology (Solvent-borne, Water-borne), Substrates (Metal, Wood), Application Technique (Spray, Brush & Roller), Application, and Region - Global Forecast to The major portion of the market was accounted for by Europe. At a predicted CAGR of 3.0% from 2021 to 2026, it will reach USD 490 million. The market is anticipated to be driven by the region's expanding building and construction industry.
According to estimates, the market share of intumescent coatings will increase in 2020.
Buildings and construction are the principal applications for intumescent coatings, which are either solvent-borne or aqueous. The weight of the structures as a whole is increased by the employment of cementitious coatings. Because they are thinner, have superior fire protection capabilities, and greatly lessen the overall weight of the buildings and substrates, intumescent coatings are preferable to their alternatives.
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The market for fire-resistant coatings is believed to be dominated by the building and construction sector.
In terms of value, it is predicted that the building & construction sector would hold the greatest market share for fire-resistant coatings in 2020, closely followed by the industrial sector. During the projection period, it is anticipated that rising building activities and an increase in the quantity of manufacturing facilities in growing economies in APAC and MEA will fuel market demand.
The market for fire-resistant coatings is predicted to be dominated by the water-borne coatings technology segment.
According to technology, the market for fire-resistant coatings is expected to be dominated by the water-borne coatings technology segment. The growing demand for green products is the main driver of this market. Water-borne coatings require less maintenance, pose less of a fire danger, and expose users to less volatile organic compounds.
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According to application methods, the market for fire-resistant coatings is projected to be dominated by the spray segment.
The spray category dominated the market for fire-resistant coatings based on application methods. This method can be used to coat complex geometries and is quicker, more effective, needs less coats, and offers a smoother finish. It is the ideal method for applying fire-resistant coatings due to these reasons.
During the projection period, Europe is expected to hold the greatest market share for fire-resistant coatings.
In 2019, Europe held the greatest market share for fire-resistant coatings worldwide. In this region, the market for fire-resistant coatings is expanding due mostly to strict government regulations, an industrial drive for sustainable development, and a focus on fire safety. Additionally, there are numerous potential for market expansion in the area provided by the practise of creating green structures and implementing green coatings. The EU-5 nations, particularly Germany and the UK, control a large portion of the European market.
The top companies in the market for fire-resistant coatings are AkzoNobel (Netherlands), PPG, Jotun, Sherwin-Williams, and Hempel (Denmark). The major players in the market are implementing strategies to increase their market share and diversify their product offerings by making R&D expenditures. For instance, Hempel made a specific investment in a fire-resistant coatings R&D facility in Spain in 2017. The company will be better able to meet the constantly shifting demands of the building sector and create products with high efficacy thanks to this expansion.
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