TAGS: Sustainability / Natural Coatings
The cellulosic fire protection intumescent coatings market size is projected to grow from USD 559 million in 2021 to USD 671 million by 2026, at a CAGR of 3.7% between 2021 and 2026. The growth is attributed to the growing residential and non-residential building constructions in the developed countries that are projected to drive the market.
Increasing Use of Steel in Construction Will Led the Market Growth
In commercial and residential constructions, steel is also used as a building material in framing. The use of steel in construction activities is increasing because of its high tensile and compressive strength, low cost, and recyclable nature. With the rising demand for steel in building and construction activities, the use of intumescent coatings is also expected to increase.
The growing awareness about
fire safety and the increasing demand for high efficacy fire products in residential and non-residential buildings will drive the market. Increasing investments in the housing, commercial, and institutional sectors will support the growth of the construction industry.
The commercial building construction across the globe is estimated to account for the largest share of the cellulosic fire protection intumescent coatings market in 2021, followed by the residential segment in terms of value. Increasing construction activities, and growing investment in commercial and residential sector in the emerging economies in APAC and MEA, are expected to drive the market demand during the forecast period.
Water-borne Coatings Segment - Majority Share in Market
Based on type, the water-borne coatings segment is estimated to hold the majority share of the overall cellulosic fire protection intumescent 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.
Source: M&M