The Global Fire-Resistant Coatings Market is Projected to Touch USD Billion by 2027, Growing with a CAGR of % From 2020 to 2027.
Published | January 2021
According to BlueWeave Consulting, the Global
Fire-Resistant Coatings Market did reach USD Million in
2019 and is further anticipated to get to USD billion by 2027, growing at a
CAGR of % during the forecast time-frame. A fire-resistant coating is the
coating or paint, that is applied on any given article, material,
construction(s), infrastructures to make them resist high degrees of
temperature fluctuations to prevent them from catching fire or any other
deformity related to heat. The fire-resistant coatings could be taken as a
thermal coating which acts as a barrier in between the article it’s been spread
on and the heat, extremely high temperatures, and fire.
“Rising numbers of fire-related accidents”
As the industry in the construction sector is growing due to increased migrations towards the urban settings, the application of fire-resistant coatings has increased. Because with the higher populations come the demands for better residential settlements. The increased number of domestic fire accidents and commercial or industrial power & energy-related accidents has initiated the implementation of several codes, regulations, and standards for fire protection and fire safety. The presence of these strict rules and norms to prevent such accidents, stated by the government would drive the market growth in the forecast period.
“Fire- resistive coating of construction materials”
The application of fire-resistant coatings and paints on construction materials such as structural steel, sheets of concretes, and other various materials, gives an attractive finish. And most importantly increases the resistivity of such materials from heat, thermal energy, and fire exposure. The coating also brings an added feature of enhanced durability of the total constructive frame and construction. Because of these, the fire-resistant coatings are used as a cautious measure by builders, government, and industries to ensure safety in commercial, housing, institutional settings, etc. Eventually elevating the growth of the relevant market.
EU-5 and APAC to assert dominance over the market
Europe to grow with the highest pace in the projected time frame, as the increase in fire-resistant coatings in this particular region is credited to multiple industrial initiatives, stringent laws and rules established by the government, and most significantly a strong emphasis on precaution and protection against fire. Meanwhile, the construction of several green buildings and the adoption of green coats and paints are expected to help the market grow further. The market in Europe is dominated by countries EU-5 countries such as France, Germany, Italy, Spain, and the United Kingdom.
The Asia Pacific did dominate the market by contributing over 33% of revenue share to the global market which indicates that this region will yet have a substantial growth in forecast years.
Key manufacturers for the Global market of Fire-resistant coatings are 3M, Akzo Nobel N.V., Albi Protective Coatings, Carboline, Contego International Inc., Hempel A/S, Isolatek International, Jotun, No-Burn Inc., Nullifire, PPG Industries, Inc., Rudolf Hensel GmbH, Sika AG, The Sherwin-Williams Company, Tor Coatings, etc.
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