The global fire-resistant coatings market size is projected to grow from USD 975 million in 2020 and is projected to reach USD 1,125 million by 2026, at a CAGR of 3.5%. Europe accounted for the largest share of the market. It is projected to reach USD 490 million by 2026, at a CAGR of 3.0%, between 2021 and 2026. The growing building & construction sector in the region is projected to drive the market.
Fire-resistant coatings are not only used in new construction projects but also in the maintenance of old projects and buildings for commercial and residential purposes. Apart from protection against fires, these coatings provide resistance against weather and corrosion. They require less maintenance and also provide extended service life. People are becoming aware of their benefits and are including these coatings in both renovation and new construction projects. As per the European Union, around 35% of the buildings in Europe are over 50 years old, and only 0.4–1.2% of the buildings are renovated each year. With increasing focus on clean energy and building safety, stricter regulations are in effect to renovate older buildings. This factor can potentially increase the demand for fire-resistant coatings across the globe.
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COVID-19 Impact on the global Fire-resistant coatings market
The COVID-19 pandemic has severely impacted North American and European countries. As a preventive measure, construction and industrial activities have been suspended. Several construction projects across the globe have been suspended, which has resulted in a decline in demand for fire-resistant coatings. Also, the disruption in the supply chain has been a major issue faced by the paints and coatings industry, which is expected to lead to a rise in the price of raw materials and other products.
Europe projected to account for the largest share of the fire-resistant coatings market
Europe was the largest market for fire-resistant coatings in 2020, with a share of 40.2%, in terms of value. The fire-resistant coatings market in Europe was USD 392.3 million in 2020 and is projected to record a CAGR of 3.0% between 2021 and 2026. 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.
According to Eurostat, the overall construction industry and building construction output growth in Europe (EU-28) was 2.6% and 2.4% in 2019. Due to the COVID-19 pandemic, several construction projects, including residential, commercial, and industrial expansion projects in the European countries, have been suspended or postponed, which has resulted in a nearly double-digit decline in the construction material demand in Q2-2020. Also, due to lockdown across the globe, aviation, as well as MRO services, are severely impacted, and the recovery of the aviation industry is expected to take two-three years. Thus, the demand for fire-resistant coatings is significantly impacted in 2020.
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