Fire Resistant Coatings Market Size, Share & Trends Analysis Report, Forecast Period 2024-2031.

Fire resistant coatings market is anticipated to grow at a CAGR of 4.5% during the forecast period. The rising demand for fire resistant coating from end-user industries is a key factor driving the growth of the market. The existence of stringent government norms for fire safety in residential and commercial buildings is further contributing to the growing demand for the fire resistant coatings market.

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In the US, Underwriters Laboratories (UL) is a recognized authority that evaluates and approves sprayed fire resistive materials (SFRMs) for a certain fire rating. Considering the growth opportunities, market players are focusing on developing new and innovative products that comply with stringent safety and fire protection standards. The high cost of fire resistant coatings and the availability of low-cost alternatives may restrain the growth of the global fire resistant coatings market.

Impact of COVID-19 Pandemic on Global Fire Resistant Coatings Market

The COVID-19 pandemic has made a negative impact on the growth of the fire resistant coatings market. The decline is caused mainly due to delays in construction activity and supply chain disruptions, as major countries imposed lockdown, social distancing measures for workers, and financial challenges. Moreover, the halt of major oil & gas production projects due to raw material shortage has further declined the market demand.

By Technology (Solvent-Borne Fire Resistant Coatings and Water-Borne Fire Resistant Coatings), By Coating Type (Intumescent Fire Resistant Coatings and Cementitious Fire Resistant Coatings),

By Resin Type (Silicon, Epoxy, Acrylic, Vinyl, and Others),

By End-User (Building & Construction, Power, Transportation, Oil & Gas, and Others)

Market Players Outlook

The major companies serving the global fire resistant coatings market include 3M Co., Akzo Nobel N.V., RPM International Inc., PPG Industries, Inc., and The Sherwin-Williams Company. The companies are focusing on product innovation, technology advancements, expansions, mergers & acquisitions, and finding a new market or innovation in their core competency to expand individual market share. For instance, in May 2020, Hempel AS began construction of a new factory in Yantai Chemical Industrial Park, China. The new factory will meet the increasing demand for more sustainable and innovative coating solutions in the region.

The Report Covers

Annualized market revenues ($ million) for each market segment.
Country-wise analysis of major geographical regions.
Key companies operating in the global fire resistant coatings market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
Analysis of market-entry and market expansion strategies.
Competitive strategies by identifying 'who-stands-where' in the market.

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