“Fire-resistant Coatings Market was USD 933 million in 2020 and is projected to reach USD 1,106 million by 2025, at a CAGR of 3.5% from 2020. Increasing awareness and emphasis on safety measures and preference for lightweight materials, which require additional protection, are expected to drive the market. The stringent regulations and norms are also supporting market growth, as the newly constructed buildings and manufacturing plants need to meet the required safety and fire resistance standards. Increasing urbanization and the growing building & construction industry are expected to provide growth opportunities in the market during the forecast period. The use of low-cost cementitious coatings in developing countries and in dry environments is expected to support market growth.
The market study covers the fire-resistant coatings market across various segments. It aims at estimating the market size and the growth potential of this market across different segments based on type, application, technology, application technique, substrate and region. The study also includes an in-depth competitive analysis of key players in the market, along with their company profiles, key observations related to their products and business offerings, recent developments undertaken by them, and key growth strategies adopted by them to enhance their position in the fire-resistant coatings market.
Due to the rise in the number of fire accidents at residential, public places, and workplaces, the number of deaths and damage to assets is also increasing. In view of this, end-users are increasingly adopting safety measures to protect people and property. Governmental agencies are also making rules regarding the addition of fire-resistant coatings in buildings to reduce these fire accidents.
The COVID-19 pandemic has severely impacted North American and European countries. As a preventive measure, construction and industrial activities have been suspended. Several construction projects across the globe have been suspended, which has resulted in a decline in demand for fire-resistant coatings. Also, the disruption in the supply chain has been a major issue faced by the paints and coatings industry, which is expected to lead to a rise in the price of raw materials and other products.
Intumescent coatings segment is estimated for larger market share in 2019.
Intumescent coatings are either solvent-borne or waterborne and are mainly used in buildings and construction. The use of cementitious coatings increases the overall weight of the structures. Intumescent coatings are advantageous over their substitutes, as they are thinner, exhibit better fire protection properties, and significantly reduce the overall weight of the structures and substrates.
The building & construction industry is estimated to have the largest share in the fire-resistant coatings market
The building & construction industry is estimated to account for the largest share of the fire-resistant coatings market in 2019, closely followed by the industrial segment in terms of value. Increasing construction activities, along with a rise in the number of manufacturing facilities in the emerging economies in APAC and MEA, are expected to drive the market demand during the forecast period.
Water-borne coatings technology segment is estimated to have majority share in fire-resistant coatings market
Based on technology, the water-borne coatings technology segment is estimated to hold the majority share of the overall fire-resistant coatings market. The major factor driving this segment is the increasing demand for green products. Water-borne coatings are easier to clean up, reduce the risk of fire, and result in less exposure to VOCs.