The growing demand in the oil and gas sector and increasing exploration of shale gas in the world are driving the market for Fire resistant coatings.
Fire resistant coatings Market Size – USD 985.2 Million in 2020, Growth - CAGR of 3.80%, Trends –Growing demand from the automotive sector.
The global Fire resistant coatings Market is forecast to reach USD 1,334.5 Million by 2028, according to a new report by Reports and Data. Fire resistant coatings are generally referred to as intumescent paint, which are used in buildings as a passive fire resistance measure. They are applied to structural members as an aesthetically pleasing fireproofing product. Fire resistant coatings expand when exposed significantly to high temperatures, such as, those products that come in contact with fire.
Fire resistant coatings, when applied by a spray, provides a thick and spongy surface that requires a finish covering to hide and protect the steel. They offer the same level of coating that looks like a thin layer of paint.
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Top Companies: Akzonobel, The Sherwin-Williams Company, Promat International, Teknos Group, BASF SE, Contego International, Inc., GCP Applied Technologies Inc., Bollom Fire Protection, Arabian Vermiculite Industries, and SKK Pte Ltd., among others.
Further Key Finding from the Report Suggestion:
- Water-based technology type held a market share of 46.2% in the year 2018. Water-based Fire resistant coatings contain no hydrocarbon solvents, no possibility of solvent built up in confined spaces, and no requirement for special flammable storage areas.
- Fire resistant coatings are also used on wood. It is forecasted to hold a market share of 33.8% in the year 2026. For the protection of wood, the concern is less about heat and more about its flammable nature. Wood can be coated with an intumescent coat if only a painted structure is acceptable or else the coating is not an acceptable choice.
- Cellulosic product application is forecasted to grow with a CAGR of 4.0% during the forecast period. The increasing adoption of decorative furniture and interior designing in the buildings will propel the market demand. These coatings help prevent the spread of fire in the premises by providing time for residents to escape.
- Automotive sector held a market share of 11.3% in the year 2018. Growth in consumer income and rise in youth population are boosting the market demand. These products provide extreme heat and high protection from chemical corrosion which makes it apt for automotive construction. Rising demand for electric vehicles is expected to lower emissions and fuel market growth.
- North America is forecasted to hold a market share of 19.9% in the year 2026. Rising government initiatives for the exploration of natural gas along with private sector investments are expected to impact the demand of the market positively. Development of Shale gas in the U.S. is expected to propel the demand for Fire resistant coatings.
Market Overview:
Consumers are placing a higher importance on sustainability and, as a result, are choosing items based on factors like circularity and carbon footprint. Furthermore, consumer concern about carbon emissions has prompted increased investment in renewable energy, energy efficiency, and transportation decarbonization. These developments have had considerable impact on chemical end sectors, particularly in the automobile and construction industries. COVID-19 has exacerbated the situation by lowering the automobile and construction industries (as well as many others) and disrupting current supply lines.
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The global Fire resistant coatings market is segmented into:
Technology Type Outlook (Volume: Kilo Tons; Revenue: USD Million; 2018-2028)
- Water-Based
- Solvent-Based
- Epoxy-Based
Substrate Outlook (Volume: Kilo Tons; Revenue: USD Million; 2018-2028)
- Structural Steel Cast Iron
- Wood
- Others
Application Outlook (Volume: Kilo Tons; Revenue: USD Million; 2018-2028)
- Hydrocarbons
- Cellulosic
End-Use Industry Outlook (Volume: Kilo Tons; Revenue: USD Million; 2018-2028)
- Building and Construction
- Industrial
- Aerospace
- Oil and Gas
- Automotive
- Others
Regional Outlook:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Key Questions Addressed in the Report:
- What are the dominating factors that are influencing the growth of the industry?
- In the forecast period, which market segment is expected to rise the most?
- What are the risks and challenges that the industry is facing?
- In the coming years, which area is projected to dominate the market?
- Who are the major players in the market?
- What kind of strategic business plans have they made?
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