Fire-Resistant Coatings Market Expected to Reach US ~$1,377.9 Million and CAGR 3.7% by 2030 – Polaris Market Research
Fire-resistant coatings are chemicals required to prevent the spread of flames in case of fire. Fire-resistant coatings are essential in residential, commercial, and industrial buildings as they slowdowns the spread and intensity of flame and smoke. It’s a traditional and most efficient method of restraining the combustion of flammable materials. This method is used across various industries, including oil & gas, automotive, marine, aerospace, building and construction, furniture, and textiles.
“According to the research report, the global fire-resistant coatings market was valued at USD 1,002.3 million in 2021 and is expected to reach USD 1,377.9 million by 2030, to grow at a CAGR of 3.7% during the forecast period.”
It has characteristics such as excellent fire performance, strength, lightweight, and low installed price, which is positively influencing the market. The rising growth of the building & construction sector across the globe is prominently driving the development of the global fire-resistant coatings market. Also, the increasing initiatives by the governments to increase focus on infrastructure projects have been fueling the market growth.
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Fire-Resistant Coatings Market: Growth Drivers
The growing number of fire accidents that leads to injuries, loss of life, and damage to property has encouraged the worldwide government to implement various regulations and standards for the safety against fire. This factor is boosting the growth of the global fire-resistant coatings market. Increasing the use of fire-resistant coatings in buildings such as residential, theaters, hospitals, schools, cinemas, auditoriums, churches, and hotels to prevent the spread of fire flames is further fueling the market expansion.
Its characteristics, such as reduction of combustion and flammability of building materials, and suitability for both outdoor and indoor surfaces, are further propelling the demand for fire-resistant coatings. Moreover, growing awareness, favorable policies, and increasing focus on fire safety measures across the globe are contributing to the market growth. Rising product demand for various renovation projects is also expected to bolster the market growth of the forecast period. Changing needs of the building and construction industry is additionally promoting the growth of the market.
Top Market Players Profiles Covered in This Report:
- AkzoNobel N.V.
- Albi Manufacturing
- Arabian Vermiculite
- Contego International
- Etex Group
- Hempel A/S
- Jotun Group
- PPG Industries
- Promat International
- Rpm International
- Rudolf Hensel GmbH
- Sika AG
- Teknos Group
- The Sherwin-Williams
Fire-Resistant Coatings Market: Report Segmentation
Insight by Type
Based on type, the intumescent segment accounted for the largest share in the global fire-resistant coatings market. Intumescent fire-resistant coatings are majorly used in buildings and construction applications. Compared to cementitious substitutes, they are thinner and have better fire protection properties.
Insight by Technology
On the basis of technology, the waterborne technology segment is expected to lead the market in 2021 due to an increase in demand for green products. This technology has characteristics such as less risk of fire, easy cleanup, and lower exposure to Volatile Organic Compounds (VOCs).
Fire-Resistant Coatings Market: Geographic Overview
Based on geography, Europe had the largest revenue share in the global fire-resistant coatings market. This growth can be attributed to the several guidelines about safety against fire in the manufacturing, building & construction fields. Europe region growth is driven by the countries including Germany and the UK. The growing penetration of manufacturers in the fire-resistant coatings market fuels the market growth in the region.
Moreover, Asia Pacific is expected to record the highest growth in the global market owing to the rising awareness and the focus on safety across emerging nations such as India and China. Also, rising foreign direct investment (FDI) in the development of South East Asia is anticipated to positively flourish the market growth for the building and construction industry in the market.
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In May 2020, Hempel A/s started establishing a new factory in Yantai Chemical Industrial Park, China. The new factory will have a production capacity of more than 100,000 tons per year and will be inaugurated by 2021.
Fire-Resistant Coatings Market: By Type Outlook
Fire-Resistant Coatings Market: By Technology Outlook
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Fire-Resistant Coatings Market: By Application Outlook
- Building & construction
Fire-Resistant Coatings Market: By Substrate Outlook
Fire-Resistant Coatings Market: By Region Outlook
- North America (U.S., Canada)
- Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
- Asia Pacific (Japan, China, India, Malaysia, Indonesia, South Korea)
- Latin America (Brazil, Mexico, Argentina)
- Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
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