Study Projects Market for Fire-Resistant Coatings to Reach $1,106 Million by 2025
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.