Dublin, Dec. 14, 2020 (GLOBE NEWSWIRE) -- The "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 2025" report has been added to ResearchAndMarkets.com's offering.
The 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.
"New rules for green and smart buildings and growing focus on obtaining green certification"
In July 2018, new rules for energy performance in buildings came into effect as a part of the Clean Energy for all European package, also called as Clean Energy Package (CEP). Buildings are responsible for approximately 40% of the energy consumption and 36% of CO2 emissions in the EU. These new provisions will make buildings greener and more energy efficient. To comply with pro-environment criteria and ensure the utmost safety from fires, a thin layer of intumescent coating has emerged as a better alternative to traditional fire protection systems. Also, as these coatings offer fire protection to the lightweight components of buildings, they are gaining traction in the green building sector.
"COVID-19 impact on fire-resistant coating market"
Most of the North American and European countries, especially the US, Italy, Spain, the UK, France, and Germany, are severely impacted by the COVID-19 pandemic. The suspension of operations in several manufacturing sectors has resulted in a decline in the GDP of these countries. According to the OECD, the GDP of the European Union (EU) reduced by 3.3% in the first quarter of 2020.
Due to the COVID-19 pandemic, the demand from the industrial sector had declined sharply in Q-1 and Q-2 2020. This impact was further intensified with the declining oil & gas prices and the massive gap between supply and demand. Due to economic losses, several large construction projects were halted and suspended until the recovery of the economy. This decline in construction spending in Europe will, in turn, result in a decline in the demand for fire-resistant coatings.
"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 largest share in 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.
"By application techniques, the spray segment is estimated to have majority share in fire-resistant coatings market."
Based on application techniques, the spray segment dominated the fire-resistant coatings market. This technique is faster, has better efficiency, requires fewer coats, provides a smoother finish, and can be used to coat complex geometries. These factors make it the preferred application technique for fire-resistant coatings.
"Europe projected to account for the largest share of the fire-resistant coatings market during the forecast period."
Europe accounted for the largest share of the global fire-resistant coatings market in 2019. The growth of the fire-resistant coatings market in this region is mainly attributed to stringent government regulations, an industrial initiative for sustainable development, and a strong emphasis on protection against fire. Moreover, the practice of constructing green buildings and adopting green coatings offers many opportunities for the growth of the market in the region. The European market is mainly dominated by the EU-5 countries, especially Germany and the UK.
The fire-resistant coatings market comprises major manufacturers such as AkzoNobel (Netherlands), PPG (US), Jotun (Norway), Sherwin-Williams (US), Hempel (Denmark), RPM International (US), Sika (Switzerland), Etex group (Belgium), Kansai Paints (Japan) and Teknos (Finland).
Market Dynamics
Drivers
- Increasing Awareness, Changing Regulations, and Rising Emphasis on Safety Measures Across the Globe
- Growing Preference for Lightweight Materials in the Building & Construction Industry
- Increasing Number of Fire Accidents Across the Globe
- New Rules for Green and Smart Buildings and Growing Focus on Obtaining Green Certification
Restraints
- Economic Slowdown and Impact of COVID-19 on the Construction Industry
Opportunities
- Growing Demand for Fire-Resistant Coatings in Renovation Projects
- Rising Demand for Water-Based Intumescent Coatings
Challenges
- Concerns Related to Coating Application and Durability
Industry Trends
- Consolidation and Expansion of Fire-Resistant Coating Production Facilities
- Development of New Products
Companies Mentioned
- Akzonobel N.V.
- Albi Protective Coatings Inc.
- Arabian Vermiculite Industries
- Bollom Fire Protection
- Contego International Inc.
- Dekoterm
- Etex Group
- GCP Applied Technologies Inc.
- Hempel A/S
- Intumescent Systems Ltd.
- Isolatek International
- J.F. Amonn Srl
- Jotun Group
- Kansai Paints Co. Ltd.
- PPG Industries, Inc.
- RPM International Inc.
- Rudolf Hensel Gmbh
- Sika Ag
- Teknos Group
- The Sherwin-Williams Company
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