Dublin, Oct. 27, 2021 (GLOBE NEWSWIRE) -- The "Cellulosic Fire Protection Intumescent Coatings Market by Type (Water-borne, Solvent-borne), End-use, Material Type (Acrylic, Epoxy, Alkyd, VAE), Substrate Type (Structural Steel & Cast Iron, Wood),and Region - Global Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The global cellulosic fire protection intumescent coatings market size is projected to grow from USD 559 million in 2021 to USD 671 million by 2026, at a compound annual growth rate (CAGR) of 3.7% between 2021 and 2026.
The market has witnessed growth primarily due to growing residential and non-residential building constructions across the globe is projected to drive the market.
Moreover, the increasing number of fire accidents, which result in injuries, loss of life, and damage to property, has led to the implementation of various codes, regulations, and standards for fire safety and fire protection. In this regard, North America and Europe has the highest number of safety codes and regulations as compared to other regions.
In the US, the International Code Council (ICC) and the National Fire Protection Association (NFPA) had recommended several standards and norms pertaining to fire safety and protection in buildings, infrastructure, and industrial sector.
In the UK and Germany, under British standard 476 and ETA & DIN 4102 standard, several regulations were imposed related to fire safety and standard in building construction steelwork.
However, the COVID-19 pandemic had severely impacted EU-5 countries, the US, Russia, Poland, and Nordic countries. As a preventive measure, construction activities have been suspended. Several construction projects in Europe and North America have been suspended, which has resulted in a decline in demand for the cellulosic fire protection intumescent coatings.
Also, the disruption in the supply chain has been a major issue faced by the paints and coatings industry, which is expected to lead to a rise in the price of raw materials and other products.
"The commercial segment is estimated to maintain ascendancy throughout forecast period"
The commercial building construction across the globe is estimated to account for the largest share of the global cellulosic fire protection intumescent coatings market in 2021, followed by the residential segment in terms of value. Increasing construction activities, along with increasing investment in commercial sector development in the emerging economies in APAC and MEA, are expected to drive the market demand during the forecast period.
"Water-borne coatings segment is estimated to have majority share in market."
Based on type, the water-borne coatings segment is estimated to hold the majority share of the overall cellulosic fire protection intumescent coatings market. The major factor driving this segment is the increasing demand for green products. Water-borne coatings are easier to clean up, reduce the risk of fire, and result in less exposure to VOCs.
"North America is projected to account for the largest share of the markets during the forecast period"
North America is projected to lead the global cellulosic fire protection intumescent coatings market from 2021 to 2026. The US is the largest market for cellulosic fire protection intumescent coatings in North America. In North America, stringent regulations pertaining to fire safety in building and construction to ensure the safety and protection from fire accidents.
Owing to this, significant growth in demand for intumescent coatings was registered from the residential, commercial, and institutional sectors. However, in 2019, the construction spending in the housing and commercial sector supported the growth of the industry, which, in turn, resulted in an increasing demand for intumescent coatings.
The COVID-19 pandemic caused suspensions of trade and several industrial activities. According to the IMF, the US GDP dropped by 3.5 % in 2020. Also, construction activities declined significantly in 2020. Thereby, the demand for intumescent coatings also decreased in 2020.
Leading Companies
The cellulosic fire protection intumescent coatings market comprises major manufacturers such as AkzoNobel (Netherlands), The Sherwin-Williams Company (US), PPG Industries (US), Sika (Norway), RPM International Inc. (Japan), Jotun (Norway), and Hempel (Denmark).
Premium Insights
- Stringent Government Regulations for Building & Construction to Drive the Market Between 2021 and 2026
- Water-Borne Segment and US Accounted for the Largest Shares
- Saudi Arabia to Register the Highest CAGR
Market Dynamics
Drivers
- Increasing Awareness, Changing Regulations, and Rising Emphasis on Safety Measures Across the Globe
- Growing Preference for Lightweight Materials in the Building & Construction Industry
- Increasing Number of Fire Accidents Across the Globe
- New Rules for Green and Smart Buildings and Growing Focus on Obtaining Green Certification
Restraints
- Economic Slowdown and Impact of COVID-19 on the Construction Industry
Opportunities
- Growing Demand for Fire-Resistant Coatings in Renovation Projects
- Rising Demand for Water-Based Intumescent Coatings
Challenges
- Concerns Related to Coating Application and Durability
Industry Trends
- Consolidation and Expansion of Cellulosic Fire Protection Intumescent Coating Production Facilities
- Development of New Products
Companies Mentioned
- Akzonobel N.V.
- Albi Protective Coatings Inc.
- Arabian Vermiculite Industries
- Bollom Fire Protection
- Contego International Inc.
- Dekoterm
- Etex Group
- GCP Applied Technologies Inc.
- Hempel A/S
- Intumescent Systems Ltd.
- Isolatek International
- J.F. Amonn Srl
- Jotun Group
- Kansai Paints Co. Ltd.
- PPG Industries, Inc.
- RPM International Inc.
- Rudolf Hensel Gmbh
- Sika Ag
- Teknos Group
- The Sherwin-Williams Company
For more information about this report visit https://www.researchandmarkets.com/r/9yf6xa
