DUBLIN — Research and Markets has released a new study of the fire-resistant coatings market, reporting the market reached $933 million in 2020 and is projected to reach $1,106 million by 2025, growing at a compound annual growth rate (CAGR) of 3.5% from 2020. According to the study, increasing awareness and emphasis on safety measures and preference for lightweight materials, which require additional protection, are expected to drive the market. The firm also reports that stringent regulations and norms are also supporting market growth, as newly constructed buildings and manufacturing plants need to meet the required safety and fire-resistance standards. Increasing urbanization and the growing building and 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.
In July 2018, new rules for energy performance in buildings came into effect as a part of the Clean Energy for all Europeans package. Buildings are responsible for approximately 40% of the energy consumption and 36% of CO2 emissions in the EU. These new provisions will make buildings greener and more energy efficient. Research and Markets reports that, to comply with pro-environment criteria and ensure the utmost safety from fires, a thin layer of intumescent coating has emerged as a better alternative to traditional fire protection systems. Also, as these coatings offer fire protection to the lightweight components of buildings, they are gaining traction in the green building sector.
Most of the North American and European countries, especially the United States, Italy, Spain, the UK, France, and Germany, have been severely impacted by the COVID-19 pandemic. The suspension of operations in several manufacturing sectors has resulted in a decline in the GDP of these countries. According to the OECD, the GDP of the EU decreased by 3.3% in the first quarter of 2020.
Due to the COVID-19 pandemic, the demand from the industrial sector had declined in the first quarter and second quarter of 2020. This impact was further intensified with declining oil and gas prices and the massive gap between supply and demand. Due to economic losses, the study reports that several large construction projects were halted and suspended until the recovery of the economy. Research and Markets states that this decline in construction spending in Europe will, in turn, result in a decline in the demand for fire-resistant coatings.
According to the study, the building and 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.
Based on technology, the waterborne coatings technology segment is estimated to hold the majority share of the overall fire-resistant coatings market, according to Research and Markets. The major factor driving this segment is the increasing demand for green products. Waterborne 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, according to the study. This technique is faster, more efficient, requires fewer coats, provides a smoother finish, and can be used to coat complex geometries, making it the preferred application technique for fire-resistant coatings.
The study found that 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. The practice of constructing green buildings and adopting green coatings offers many opportunities for growth of the market in the region. The EU-5 countries, especially Germany and the UK, mainly dominate the European market.
The market study covers the fire-resistant coatings market across various segments. It aims at estimating the market size and the growth potential of this market across different segments based on type, application, technology, application technique, substrate and region. The study also includes an in-depth competitive analysis of key players in the market, along with their company profiles, key observations related to their products and business offerings, recent developments undertaken by them, and key growth strategies adopted by them to enhance their position in the fire-resistant coatings market.
For additional information, visit Research and Markets’ website.