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.

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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.

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Asia Pacific to lead the glass flake coatings market due to growth in the shipbuilding and chemical manufacturing industries

Glass flake coatings are advanced coatings with improved corrosion and abrasion resistance, and strong impermeability barrier resistance for chemicals and solvents. Glass flake coatings provide superior protection to steel and concrete substrates in the marine, oil & gas, chemical & petrochemical, power plants, and paper & pulp industries. The global glass flake coatings market size is estimated at USD 1.44 Billion in 2017 and is projected to reach USD 1.80 Billion by 2022, growing at a CAGR of 4.48%.

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The Asia Pacific region is expected to be the largest market for glass flake coatings mainly due to the rapidly-growing economies of China and India in the region. Manufacturers of glass flake coatings are targeting this region as the shipbuilding and chemical industries in the region are the largest. The China glass flake coating market has grown rapidly in recent years and is projected to witness high growth in the near future, due to a large number of established shipbuilding and chemical industries in the country. Countries such as India, Indonesia, and Australia are making significant developments in marine and chemical & petrochemical projects, which is anticipated to propel the growth of the glass flake coatings market in these countries.

This, along with the low cost of production and availability of cheap labor, has caused various chemical companies in the market to shift their production bases to the Asia Pacific region. Also, the global shipbuilding industry, a major end-user of epoxy-based glass flake coatings, is led by Asia Pacific—particularly by China, South Korea, and Japan due to the presence of the top five shipbuilding groups in the region.

The increase in global trading has forced the marine industry to invest in various shipbuilding projects. These projects have increased the demand for novel coating solutions for the protection of marine vessels and structures from corrosion, fouling, abrasion, salt water, air, and UV degradation.  Glass flake coatings reduce the effects of the abrasive & corrosive environments steel substrates are mostly used in, thereby increasing their durability.

Key Target Audience:

• Manufacturers of glass flake coatings
• Raw material suppliers
• End-users of glass flake coatings, such as the oil & gas, marine, and chemical & petrochemical industries
• Traders, distributors, and suppliers of glass flake coatings
• Regional manufacturer associations and various general coatings associations
• Governments, investment banks, venture capitalists, and private equity firms

Key manufacturers of glass flake coatings include Akzo Nobel (Netherlands), PPG Industries (US), Jotun (Norway), Hempel (Denmark), Chugoku Marine (Japan), The Sherwin-Williams Company (US),  KCC Corporation (South Korea), Nippon Paint (Japan), Kansai Paint (Japan), and RPM International (US).

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Investments & Expansions, New Product Developments/Launches, and Mergers & Acquisitions were the Key Strategies Adopted by Industry Players to Achieve Growth in the Glass Flake Coatings Market.

The glass flake coatings market is projected to reach USD 1.80 Billion by 2022, at a CAGR of 4.48% from 2017 to 2022. Glass flake coatings are manufactured by adding glass flakes in anti-corrosive coatings to improve barrier and reinforcement properties, along with wear & tear and abrasion resistance properties. Glass flake coatings are best used in the oil & gas, marine, chemical & petrochemical, water & wastewater systems, power plants, and pulp & paper end-use industries to protect steel and concrete substrates from corrosive fluids and impart resistance against solvents, chemicals, and high-temperature fluids.

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Investments & expansions, new product developments/launches, and mergers & acquisitions were the key strategies adopted by industry players to achieve growth in the glass flake coatings market. Companies are focusing on investments & expansions to expand their businesses and fulfill the growing demand for glass flake coatings from consumers. Besides these strategies, companies are also adopting new product launches and mergers & acquisitions to expand and cater to the rising demand for glass flake coatings from emerging economies.

In terms of strategic developments between January 2015 and September 2017, investments & expansions was the most preferred strategy adopted by manufacturers to strengthen their position and product portfolio in the global glass flake coatings market, followed by new product developments/launches and mergers & acquisitions.

Chugoku Marine (Japan), KCC Corporation (South Korea), Nippon Paint (Japan), and Kansai Paint (Japan) are some of the key players in the Asia Pacific glass flake coating market. Akzo Nobel (Netherlands), Jotun (Norway), and Hempel (Denmark) are key players in the European region, while PPG Industries (US), The Sherwin-Williams Company (US), and RPM International (US) are key players in the North American region.

Key manufacturers including Akzo Nobel (Netherlands), PPG Industries (US), Jotun (Norway), Hempel (Denmark), Chugoku Marine (Japan), The Sherwin-Williams Company (US), KCC Corporation (South Korea), Nippon Paint (Japan), Kansai Paint (Japan), and RPM International (US) have been profiled in this report.

Akzo Nobel, PPG Industries, and Jotun were the most active players in the global glass flake coatings market between January 2015 and September 2017. For instance, in May 2017, Akzo Nobel opened a Performance Coatings production facility in Santo André, Brazil. With this development, the company will become more agile in responding to local customer needs and regional market demands. The company will also strengthen its international portfolio of high-performance industrial and marine coatings in South America.

PPG Industries is another key manufacturer of glass flake coatings. In February 2016, the company invested USD 7.8 million in its Coatings Innovation Center in Allison Park, Pennsylvania (US). With this investment the company enhanced all three main business segments, namely performance coatings, industrial coatings, and glass coatings. Glass flake coatings are manufactured under its performance coatings business segment.

In November 2015, Jotun opened a new marine and protective coating plant in Brazil with a production capacity of 10 million liters per annum. The new plant will help the company become a market leader in marine and protective coatings within Brazil.