Fire-resistant Coatings Market worth $1,125 Million by 2026

The report "Fire-resistant Coatings Market?by Type (Intumescent Coatings, Cementitious Coatings), Technology (Solvent-borne, Water-borne), Substrates (Metal, Wood), Application Technique (Spray, Brush & Roller), Application and Region - Global Forecast to 2026" 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.

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.

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Recent 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 fa?ade, which got approved in Europe.
• In March 2019 Sika AG launched epoxy intumescent fire protection coating for structural steel under the trademark Sika Unitherm Platinum-120, for interior or exterior application.

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 is estimated to account for the largest share of the fire-resistant coatings market in 2020, 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.

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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.

Based on application techniques, the spray segment dominated the fire-resistant coatings market. This technique is faster, has better efficiency, requires fewer coats, provides a smoother finish, and can be used to coat complex geometries. These factors make it the preferred application technique for fire-resistant coatings.

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.