Fire-Resistant Coatings Market Set To Soar To USD 1329 Million By 2031, Fueled By Rising Safety Concerns And Stringent Regulations

(MENAFN- Evertise Digital)


The global Fire-Resistant Coatings market is poised for significant growth, with projections indicating it will reach USD 1329 million by 2031, expanding at a CAGR of 3.3% during the forecast period of 2024-2031. A recent SNS Insider report reveals that the Fire-Resistant Coatings Market was valued at USD 1025 million in 2023.

Proven efficacy in fire protection, growing regulatory support, increasing awareness of benefits, and technological advancements drive the market forward

The escalating number of fire incidents, resulting in tragic loss of life, injuries, and extensive property damage, has prompted the implementation of stringent fire safety codes, regulations, and standards worldwide. Europe and North America lead in fire safety regulations, with organizations like the International Code Council (ICC) and the National Fire Protection Association (NFPA) in the US recommending comprehensive fire safety standards.

These stringent regulations mandate the use of fire-resistant coatings in new constructions and renovations, ensuring compliance with safety requirements. Fire-resistant coatings not only offer protection against fires but also provide weather and corrosion resistance, requiring less maintenance and extending service life. The growing awareness of these benefits is further fueling market expansion. The European Union reports that a significant portion of buildings in Europe are over 50 years old, with limited annual renovations. However, with increasing emphasis on clean energy and building safety, stricter regulations promoting the renovation of older buildings are expected to drive the demand for fire-resistant coatings globally.

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Some of the Key Players Included are:

• Hempel
• Teknos
• PPG
• Jotun
• AkzoNobel
• RPM International
• ETEX group
• Kansai Paints
• Sika
• Sherwin Williams
• and other

Recent Developments

• In February 2023, PPG launched PPG STEELGUARD® 951, an innovative epoxy intumescent fire protection coating offering up to three hours of cellulosic fire protection for modern architectural steel.
• In October 2022, Hempel's Hempafire Pro 400 passive fire protection (PFP) coating received EN13381-8 certification and the CE mark, expanding its reach in Europe, Africa, the Middle East, Asia, and Central America.
• In April 2022, Teknos introduced HENSOTHERM 920 KS, a new intumescent 100% high solids VOC-free coating meeting all four fire classes R30/60/90/120.
• In September 2020, Etex Group acquired FSi Limited, a UK-based passive fire protection company, strengthening its presence in the market.

Segment Analysis

By Type, Intumescent coatings dominate due to their superior fire protection properties, thinner application, and weight reduction benefits compared to cementitious coatings.

By Application, Building & construction lead the market, followed by the industrial sector, driven by increasing construction and manufacturing activities in emerging economies.

By Technology, Water-borne coatings hold the majority share due to rising environmental concerns and demand for green products, offering easier cleanup and reduced VOC exposure.

By Type

• Intumescent
• Cementitious

By Technology

• Water-borne
• Solvent-borne

By Application Technique

• Spray
• Brush & roller

By Application

• Building & construction
• Industrial
• Aerospace
• Others

By Substrate

• Metal
• Wood
• Others

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Impact of the Russia-Ukraine War

The ongoing conflict has disrupted supply chains, particularly impacting the availability of raw materials and transportation. This has led to increased prices for fire-resistant coatings and potential delays in project completion. The economic instability caused by the war has also affected construction activities and investments in fire safety measures, hindering market growth in the region.

Impact of Economic Slowdown

An economic slowdown generally leads to reduced construction and renovation activities, as businesses and individuals tighten their budgets. This directly impacts the demand for fire-resistant coatings. Additionally, a slowdown can affect research and development efforts, potentially slowing down the introduction of innovative fire-resistant coating solutions.

Europe to Dominate the Fire-Resistant Coatings Market

Europe is projected to maintain its position as the largest market for fire-resistant coatings, driven by stringent government regulations, a focus on sustainable development, and a strong emphasis on fire safety. The region's commitment to green building practices and the adoption of eco-friendly coatings present lucrative growth opportunities. The EU-5 countries, notably Germany and the UK, are key players in the European market.

While Europe leads, the Asia Pacific region is poised for the fastest growth, driven by increasing safety awareness, stringent regulations, and the preference for lightweight materials that require additional fire protection.

Key Takeaways

• The Fire-Resistant Coatings Market is experiencing robust growth, fueled by safety concerns, stringent regulations, and increasing awareness of the benefits of these coatings.
• Europe is the dominant market, driven by stringent regulations and a commitment to sustainable building practices.
• Intumescent coatings are the most popular type due to their superior fire protection properties and weight-saving advantages.
• The building & construction industry is the largest application segment, followed by the industrial sector.
• In May 2020, Hempel A/s initiated the construction of a new factory in China with a production capacity of over 100,000 tons per year.

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