Global Fire-resistant Coatings Market Size To Grow USD 4.5 Billion by 2032 | CAGR of 4.5%.
Category: Chemicals & MaterialsGlobal Fire-Resistant Coatings Market worth USD 4.5 Billion by 2032
According to a research report published by Spherical Insights & Consulting, the Global Fire-Resistant Coatings Market Size to grow from USD 2.8 billion in 2022 to USD 4.5 billion by 2032, at a Compound Annual Growth Rate (CAGR) of 4.5% during the forecast period.
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Browse key industry insights spread across 200 pages with 110 Market data tables and figures & charts from the report on "Global Fire-resistant Coatings Market Size, Share, and COVID-19 Impact, By Resin Type (Acrylic, Epoxy, Silicone, and Others), By Coating Type (Water Based, Solvent Based, UV Based, and Others), By Application (Cable Wire, Gas Pipeline, Car and Truck Seating, Car Body Frame, Walls, Ceiling, and Others), By End User (Building and Construction, Power, Automotive, Ship Building, Aerospace, Oil and Gas, and Others), by Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032." Get Detailed Report Description Here:https://www.sphericalinsights.com/reports/fire-resistant-coatings-market
Fire-resistant coatings are coatings that are specifically designed to increase a surface's resistance to fire and heat. These coatings are designed to lower the intensity of a fire and control the spread of the flames, providing firemen and evacuees more time to flee. Fire-resistant coatings are extensively used in a range of industries, such as manufacturing, transportation, and construction, to increase fire safety. The precise composition of fire-resistant coatings might vary depending on the intended purpose and required level of fire protection.
COVID 19 Impact
The COVID-19 outbreak has had a range of effects on the fire resistant coatings business. Construction, a large user of fire resistant coatings, was disrupted by lockdowns, supply chain issues, and workforce shortages. The demand for fire resistant coatings decreased as a result of the suspension or delay of construction projects in several places. The importance of fire safety was never diminished during the outbreak. Businesses and groups may have prioritised ensuring the safety and wellbeing of occupants over fire protection measures, such as the adoption of fire resistant coatings. As the world economy improves and construction activity resumes, the market for fire-resistant coatings may expand.
Fire resistant coatings have grown in popularity recently as a result of increased fire safety awareness and the need for enhanced fire protection across numerous industries. Governments and regulatory bodies have enforced severe building codes and fire safety regulations, which call for the usage of fire resistant materials in particular applications. As a result, there is a greater need for fire resistant coatings, particularly in the building industry. Globally, the building industry has been growing, especially in emerging economies. There is a rising need for fire protection measures, including the usage of fire resistant coatings, to ensure the safety of buildings and their occupants. Additionally, there is a higher requirement for fire protection as industries like industrial, petrochemicals, and oil and gas expand.
Fire resistant coatings can cost more than conventional coatings due to their distinctive composition and added fire safety characteristics. It can occasionally be more difficult for fire-resistant coatings to be widely adopted due to their higher cost, especially in firms that are cost-conscious. The importance of educating people about the benefits of fire resistant coatings cannot be overstated. Many end users might not fully understand the risks posed by fire hazards or the necessity of using fire resistant coatings to lessen these risks. Teaching clients about fire safety and the advantages of using fire resistant coatings is a never-ending problem.Additionally, the market for fire resistant coatings is highly fragmented as a result of the large range of products and formulations that numerous companies offer.
Resin Type Insights
Epoxy segment is dominating the market with the largest market share over the forecast period
On the basis of resin type, the global fire resistant coatings market is segmented into Acrylic, Epoxy, Silicone, and Others. Among these, epoxy segment is dominating the market with the largest market share over the forecast period. Governments and regulatory organisations have increased the standards for fire safety in a number of industries. These regulations usually require the use of fire-resistant materials, such as coatings, in building projects, industrial facilities, and transportation infrastructure. The need to follow these regulations has increased demand for epoxy fire resistant coatings. It is becoming more and more obvious how important fire prevention is for protecting lives, property, and infrastructure.
Coating Type Insights
Water based coatings accounted the largest market share over the forecast period
Based on the coating type, the global fire resistant coatings market is segmented into Water Based, Solvent Based, UV Based, and Others. Among these, water based coatings segment accounted the largest market share over the forecast period. Water-based coatings are frequently easier to handle and apply than solvent-based coatings. They present less of a fire and health danger while being applied, and cleanup is easier because water can be used to clean tools and equipment. Therefore, where application ease and safety are key considerations, water-based fire-resistant coatings are the preferred solution.
Application Insights
Car body frame segment is dominating the market with the largest market share
Based on the application, the global fire resistant coatings market is segmented into Cable Wire, Gas Pipeline, Car and Truck Seating, Car Body Frame, Walls, Ceiling, and Others. Among these, car body frame segment is dominating the market with the largest market share over the forecast period. Steel can be protected from heat and fire by fire resistant coatings, which is how the automobile body frame is often constructed. By slowing down the rate of heat transfer, these coatings can help save the frame's structural integrity from being compromised, retaining its strength and integrity for a longer period of time during a fire disaster.
End User Insights
Construction segment is witnessing the highest market growth over the forecast period
On the basis of end user, the global fire resistant coatings market is segmented into Building and Construction, Power, Automotive, Ship Building, Aerospace, Oil and Gas, and Others. Among these, construction segment is witnessing the highest market growth over the forecast period. For the building sector to increase fire safety, fire resistant coatings are crucial. To protect surfaces, building materials, and structural components from the heat and flames produced by a fire, they are used in a variety of applications. Gypsum boards, insulation materials, and fabrics can all benefit from the application of fire resistant coatings to boost their fire resistance. These coatings help minimise the release of harmful gases during a fire, lessen heat transmission, and stop the spread of flames quickly.
Regional Insights
Asia Pacific is dominating the market over the forecast period
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Among all other regions, Asia Pacific region is dominating the market with the largest market share over the forecast period. Fire resistant coatings are crucial in the Asia Pacific region, where countries are undergoing rapid urbanisation and development. Construction is underway in the region on bridges, tunnels, train stations, airports, and other infrastructure. Fire-resistant coatings are utilised in these projects to increase fire safety and protect important infrastructure elements from fire damage, ensuring the durability of these facilities.
North America, on the other hand is witnessing the fastest market growth over the forecast period. The usage of fire resistant coatings in North America is influenced by numerous factors, including the need for fire safety in many industries, strict legal requirements, an emphasis on technological advancements, and sustainability. Manufacturers, architects, builders, and fire safety professionals collaborate to ensure effective application and adherence to essential regulations and laws as well as to maximise the area's fire protection.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2019 to 2032. Spherical Insights has segmented the global Fire-resistant Coatings Market based on the below-mentioned segments:
Fire-resistant Coatings Market, Resin Type Analysis
- Acrylic
- Epoxy
- Silicone
- Others
Fire-resistant Coatings Market, Coating Type Analysis
- Water Based
- Solvent Based
- UV Based
- Others
Fire-Resistant Coatings Market, Application Analysis
- Cable Wire
- Gas Pipeline
- Car and Truck Seating
- Car Body Frame
- Walls
- Ceiling
- Others
Fire-Resistant Coatings Market, Application Analysis
- Building and Construction
- Power
- Automotive
- Ship Building
- Aerospace
- Oil and Gas
- Others
Fire-resistant Coatings Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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