TAGS: Architectural Coatings
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.
Stringent Regulations and Norms Supporting Market Growth
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.
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 - 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.
WB Coatings Technology Segment - 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.
Source: MarketsandMarkets™