Fire-resistant Coatings Market worth $1,125 million by 2026 | Key players AkzoNobel, PPG, Jotun, Sherwin-Williams, Hempel

According to recent market research "Fire-resistant Coatings Market by Type (Intumescent Coatings, Cementitious Coatings), Technology (Solvent-borne, Water-borne), Substrates (Metal, Wood), Application Technique (Spray, Brush & Roller), Application and Region - Global Forecast to 2026", The global fire-resistant coatings market size is projected to grow from USD 975 million in 2020 and is projected to reach USD 1,125 million by 2026, at a CAGR of 3.5%. Europe accounted for the largest share of the market. It is projected to reach USD 490 million by 2026, at a CAGR of 3.0%, between 2021 and 2026. The growing building & construction sector in the region is projected to drive the market.

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Intumescent coatings are either solvent-borne or waterborne and are mainly used in buildings and construction. The use of cementitious coatings increases the overall weight of the structures. Intumescent coatings are advantageous over their substitutes, as they are thinner, exhibit better fire protection properties, and significantly reduce the overall weight of the structures and substrates.

The building & construction industry is estimated to account for the largest share of the fire-resistant coatings market in 2020, closely followed by the industrial segment in terms of value. Increasing construction activities, along with a rise in the number of manufacturing facilities in the emerging economies in APAC and MEA, are expected to drive the market demand during the forecast period.

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The fire-resistant coating market was USD 975 million in 2020 and is projected to reach USD 1,125 million by 2026, at a CAGR of 3.5%. Europe accounted for the largest share of the market. It is projected to reach USD 490 million by 2026, at a CAGR of 3.0%, between 2021 and 2026. The growing building & construction sector in the region is projected to drive the market. Due to stringent government regulations and fire safety norms in developed regions, fire-resistant coatings have become an indispensable part of the buildings & construction industry as well as the oil & gas, chemical, and other industries wherein the chances of fire hazards are high.

The leading players in the fire-resistant coating market include Akzo Nobel (Netherlands), PPG (US), Jotun (Norway), Sherwin-Williams (US), and Hempel (Denmark). The key industry players are adopting strategies to expand their presence and enhance their product portfolio through investments in R&D.

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AkzoNobel N.V., AkzoNobel is engaged in the manufacturing and sales of paint and coating products. It operates its business through two major segments⎯Decorative Coatings and Performance Coatings. The company has over 28 manufacturing facilities and has sales activities in more than 150 countries across the globe. The Performance Coatings segment is divided into marine and protective coatings, automotive and specialty coatings, industrial coatings, and powder coatings. Under the protective coatings sub-segment, the company offers intumescent coating products, i.e., passive fire resistance coating products under the trademarks "Interchar" and "Chartek." The company offers 23 types of passive fire protection coatings products for building & construction, oil & gas, and other industrial applications.

PPG Industries, Inc., PPG Industries is a global supplier of paints, coatings, optical products, and specialty materials. It serves customers in industrial, consumer products, transportation, and construction markets. PPG has headquarters in Pittsburgh. The company has 156 manufacturing facilities worldwide. It caters to North America, South America, Asia Pacific, Europe, the Middle East, and Africa. The company has two major segments: Performance Coatings and Industrial Coatings. Performance coating is further segmented into Automotive Refinish Coatings, Aerospace Coatings, Protective and Marine Coatings, and Architectural Coatings. Fire-resistant coating comes under the Protective and Marine Coatings segment.

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