The global fire-resistant coating market size 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 fire-resistant coating is applied to surfaces to protect them against the fire and to reduce the loss incurred due to fire hazards in buildings & construction as well as in the manufacturing sector. Industrially, intumescent coating and cementitious coatings are applied on the surface of steel, wood, plastics, and other materials to evade the propagation of fire and to maintain structural integrity by resisting fire, which, in turn, helps to save the lives and minimize the damage. The selection of fire-resistant coatings depends on construction types, fire safety norms, international building standards and regulations, and potential fire. These coatings are used in commercial and residential buildings and industrial applications. They are also used for exterior and interior steel applications, walls, and steel frameworks.
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.
Due to the rise in the number of fire accidents at residential, public places, and workplaces, the number of deaths and damage to assets is also increasing. In view of this, end-users are increasingly adopting safety measures to protect people and property. Governmental agencies are also making rules regarding the addition of fire-resistant coatings in buildings to reduce these fire accidents.
