Fire-resistant Coatings Market Opportunities: Growing demand in renovation projects

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.

To know about the assumptions considered for the study download the pdf brochure

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.

Request for Sample Report: https://www.marketsandmarkets.com/requestsampleNew.asp?id=95861153

Fire-resistant Coatings Market Drivers: Increasing awareness, changing regulations, and rising emphasis on safety measures across the globe

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.

To know about the assumptions considered for the study download the pdf brochure

The increasing number of fire accidents, which result in injuries, loss of life, and damage to property, has led to the implementation of various codes, regulations, and standards for fire safety and fire protection. In this regard, Europe and North America have the highest number of safety codes and regulations as compared to other regions.In the US, the International Code Council (ICC) and the National Fire Protection Association (NFPA) had recommended several standards and norms pertaining to fire safety and protection in buildings, infrastructure, and industrial sector.

In the UK and Germany, under British standard 476 and ETA & DIN 4102 standard, several regulations were imposed related to fire safety and standard in building construction steelwork.
In Russia, Federal Law No. 123-03 and GOST R 53295-2009 were imposed in July 2008, wherein technical regulation related to fire safety in building and construction activities was mandated to ensure safety and protection from fire accidents.

The implementation of stringent regulations and norms is driving the demand for fire-resistant coatings, as newly constructed buildings and processing plants need to meet the required safety and fire resistance standards. Considering the growth opportunities, market players are focusing on developing new and innovative products that comply with the stringent safety and fire protection standards.

Thus, as a preventive measure, governments, builders, and construction industries are using fire-resistant coatings to ensure the utmost safety at housing, commercial, institutional, and industrial places. These factors are thereby supporting market growth.

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 leading players in the fire-resistant coatings market include AkzoNobel (Netherlands), PPG (US), Jotun (Norway), Sherwin-Williams (US), and Hempel (Denmark). The key industry players are adopting strategies to expand their presence and enhance their product portfolio through investments in R&D. For example, in 2017, Hempel invested in an R&D center solely for fire-resistant coatings in Spain. This expansion will help the company comply with the ever-changing demand from the construction industry and develop high efficacy products.

Read More: https://www.marketsandmarkets.com/Market-Reports/fire-resistant-coating-market-95861153.html

Akzo Nobel (Netherlands) and PPG (US) are the Leading Players in the Fire-resistant Coatings Market

The fire-resistant coating market was 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. Due to stringent government regulations and fire safety norms in developed regions, fire-resistant coatings have become an indispensable part of the buildings & construction industry as well as the oil & gas, chemical, and other industries wherein the chances of fire hazards are high.

The fire-resistant coating is applied to surfaces to protect them against fire and to reduce the loss incurred due to fire hazards in buildings & construction as well as in the manufacturing sector. Industrially, intumescent coating and cementitious coatings are applied on the surface of steel, wood, plastics, and other materials to evade the propagation of fire and to maintain structural integrity by resisting fire, which, in turn, helps to save lives and minimize the damage. The selection of fire-resistant coatings depends on construction types, fire safety norms, international building standards and regulations, and potential fire. These coatings are used in commercial and residential buildings and industrial applications. They are also used for exterior and interior steel applications, walls, and steel frameworks.

To know about the assumptions considered for the study download the pdf brochure

The leading players in the fire-resistant coating market include Akzo Nobel (Netherlands), PPG (US), Jotun (Norway), Sherwin-Williams (US), and Hempel (Denmark). The key industry players are adopting strategies to expand their presence and enhance their product portfolio through investments in R&D.

Due to the rise in the number of fire accidents at residential, public places, and workplaces, the number of deaths and damage to assets is also increasing. In view of this, end-users are increasingly adopting safety measures to protect people and property. Governmental agencies are also making rules regarding the addition of fire-resistant coatings in buildings to reduce these fire accidents.

AkzoNobel N.V., AkzoNobel is engaged in the manufacturing and sales of paint and coating products. It operates its business through two major segments⎯Decorative Coatings and Performance Coatings. The company has over 28 manufacturing facilities and has sales activities in more than 150 countries across the globe. The Performance Coatings segment is divided into marine and protective coatings, automotive and specialty coatings, industrial coatings, and powder coatings. Under the protective coatings sub-segment, the company offers intumescent coating products, i.e., passive fire resistance coating products under the trademarks “Interchar” and “Chartek.” The company offers 23 types of passive fire protection coatings products for building & construction, oil & gas, and other industrial applications.

PPG Industries, Inc., PPG Industries is a global supplier of paints, coatings, optical products, and specialty materials. It serves customers in industrial, consumer products, transportation, and construction markets. PPG has headquarters in Pittsburgh. The company has 156 manufacturing facilities worldwide. It caters to North America, South America, Asia Pacific, Europe, the Middle East, and Africa. The company has two major segments: Performance Coatings and Industrial Coatings. Performance coating is further segmented into Automotive Refinish Coatings, Aerospace Coatings, Protective and Marine Coatings, and Architectural Coatings. Fire-resistant coating comes under the Protective and Marine Coatings segment.

Companies have initiated the following developments:

• In May 2020, Hempel A/s has begun the construction of a new factory in Yantai Chemical Industrial Park, China. The plant will have a production capacity of more than 100,000 tons per year and will be inaugurated by 2021.
• In December 2019, The Sherwin-Williams Company announced the opening of a new 4,200-square-feet store in Alexandria Bay, New York, US.
• In July 2019, The Sherwin-Williams Company opened a new store in Florida, US.
• In September 2020, Etex Group had acquired the UK-based passive fire protection company named FSi Limited, having a production facility in Measham, East Midlands, and a distribution center in London.
• In August 2019, the Sherwin-Williams Company acquired the business and assets of Dresdner Lackfabrik Novatic (Germany) in Germany, Poland, and the Czech Republic.
• In May 2019, Teknos Group acquired the Czech Republic-based Finnproduct, a distributor, to expand its customer base to the domestic market
• In March 2019, AkzoNobel N.V. launched a new fire protection coating system for the wooden building façade, which got approved in Europe.
• In February 2020, Teknos Group launched intumescent paint, “TEKNOSAFE 2407,” for the building and construction industry.

Read More: https://www.marketsandmarkets.com/PressReleases/fire-resistant-coating.asp