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Fire resistant coatings are substances that help minimize fire using a product to add coat to the desired surface to ensure that you have a sufficient thickness of coverage to deliver the necessary fire resistant security. Fire-resistant paint is also known as intumescent paint. Fire resistant coating is most widely used to avoid fire and flame from expanding across the surface by leaking gas as they get hot.
Fire resistant coatings mitigate the risks to the surfaces due to fire. It is estimated that, due to growing awareness and strict fire protection standards and regulations, the demand for fire-resistant coatings will see a rapid growth rate. Increased demand for fire protection and lower operating costs comparison to effective fire protection are driving market growth. However, high rivalry between major players on the market owing to shortage of supply also hinders the growth of the sector.
Based on type, the fire resistant coatings market is segmented into liquid fire resistant coatings, powder fire resistant coatings, and others On the basis of application, the market is classified into building & construction, oil & gas, automotive, aerospace, marine, electrical & electronics, furniture, textiles, and others. From a geographical standpoint, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
Key Market Driver -
Increasing awareness regarding fire protection in construction sector drives the market.
Key Market Restraint -
High competition among the global giant will restrict growth.
The global fire resistent coatings market is fairly fragmented, with number of players operating in the global markets. Some of the key players in the global fire resistent coatingsmarket includes Akzo Nobel N.V., BASF SE, Nippon Paint Co., Ltd., Sherwin-Williams Company, Hempel A/S, Jotun AS, Contego International, Inc., No-Burn Inc, Nullifire, Pyrotech, Flame Control Coatings, Llc, Firefree Coatings, Inc and others.
The global fire resistent coatingsmarket has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia-Pacific is expected to develop rapidly as a result of sudden growth in developing economies and growing shifts in regional industries. Growing population in Asia-Pacific and increased demand in the construction sector for fire safety buildings have led to a strong growth in the market for fireproof coatings and have accounted for the highest consumption. Fire resistant coatings are widely used in the United States as a result of growing customer demand for rising end-use industries in emerging markets, contributing to market growth. North America is projected to see a strong growth in the industry as a result of the increase in infrastructure activities and construction projects. Europe has a large market share. Modernization and rapid industrialization push the market for fire prevention coatings in emerging economies as a result of the implementation of safety regulations already in place in many European regions. The Middle East and the African zone will be among the most recent innovations in the building industry and safety policies introduced by the government. Latin America is showing slow growth due to a lack of manufacturing base in the area that hinders business growth.
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