Fire Resistant Paint Market
Fire resistant paint is used numerously in everyday necessities such as homes, cellphones and furniture among others to prevent the damage to the surfaces activated by fire. These paints diminish the products from getting burnt by slowing down the flames in case of emergency. The fire resistant paint find their use mainly in high-end industries and are extensively used in building & construction, electrical & electronics, oil & gas industries and marine accompanied by others.
The fire resistant paints with ideal paint thickness to achieve desired effect are proficient of resisting fire for some time furthering the prevention of life loss and loss of property until being rescued by fire fighters or in some cases, fire sprinkler systems.
The suitable flammable zones that are prone to catch fire such as furniture, wooden floors, pipelines, walls are painted with fire resistant paints so as to avoid sudden accidents that might lead them to catch fire. Due to increasing wakefulness and severe fire safety norms and regulations, the market for fire resistant paint market is anticipated to high growth in coming years.
Market Size and Forecast
Geographically, North America was the largest region in fire resistant paint market in year 2017. The presence of large amount of buildings made of plywood and wood that are vulnerable to fire is anticipated to make North America as the largest growing market for fire resistant paints in the forecast period. With an increase in awareness among fire resistant coatings, North America is followed by Europe and is anticipated to boom fire resistant paint market. However, with emerging growth of new industrial projects and constructions, Asia Pacific region is expected to be the largest manufacturer of fire resistant paints in coming years with China registering an annual increase by 7 %. In developing countries, the participation of large markets and small markets is making the fire resistant paint market as highly proficient, forcing the manufacturers to maintain low prices due to high understanding of consumers.
With global increase in growing number of accidents due to accident fires in closed environments and mounting awareness among urban population with respect to health and safety standards is the foremost reason for the growth of fire resistant paint market and is anticipated to increase market share by the end of forecast period.
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According to a recent study conducted by Research Nester, the global market for fire resistant paints is expected to grow at a moderate CAGR of 5.4 % during the forecast period 2018-2027. Worldwide sales of fire resistant paints are anticipated to generate USD 6.4 Billion in revenue by the end of 2027. Based on product type, the fire resistant paint market is segmented into powder fire-resistant coatings and liquid fire resistant coatings among others where the widely used fire retardant, aluminum hydroxide (ATH) is considered to dominate the market in coming years.
Our in-depth analysis of the fire resistant paint market includes the following segments:
By Product Type
- Powder Fire-Resistant Coatings
- Liquid Fire-Resistant Coatings
By Application Type
- Oil & Gas
- Building & Construction
- Electrical & Electronics
The fire resistant paint market is further classified on the basis of region as follows:
- North America (United States, Canada), Market size, Y-O-Y growth Market size, Y-O-Y growth & Opportunity Analysis, Future forecast & Opportunity Analysis
- Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
- Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX (Belgium, Netherlands, Luxembourg), NORDIC (Norway, Denmark, Sweden, Finland), Poland, Russia, Rest of Europe), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
- Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis.
Growth Drivers and Challenges:
The growth of the market is driven by increasing demand for safety among working population without any compromise of the paint features so as to avoid accidental fires. Demand for economical advancements and innovations in fire resistant coating is driving the manufacturers to collaborate in fire resistant paint market. The wide use of fire resistant coatings in residential and commercial sectors is likely to boom growth of fire resistant paint market in forecast period.
Use of fire resistant coatings in industrial equipment and flammable fluid pipelines is increased in acceptance of fire protection layers due to worldwide accidents caused by accidental fires and is anticipated to see overall growth of fire resistant paint market in developed as well as developing countries.
Moreover, the fire resistant coat market has witnessed several growth opportunities due to efficient coatings and prevalence of product surfaces they can be applied to. Fire resistant paints are extensively used in domestic sector such as residential enclaves where fire resistant paints are applied on walls, furniture and other required surfaces where they prevent the product or appliance surface from catching fire. Increasing awareness among people and their changing lifestyle is anticipated to boom the need of fire resistant paints in methods of manufacturing and construction furthering the growth of fire resistant paint market.
Followed by its continuing progress in the recent past, the growing prominence of the fire resistant paints is anticipated to be the fastest growing section of fire resistant paint market resulting in rising demand for flame resistant paints globally.
However, the hike in prices of fire resistant paints might deter the growth of fire resistant paint market.
Top Featured Companies Dominating The Market
- Company Overview
- Key Product Offerings
- Business Strategy
- SWOT Analysis
- Hempel A/S
- Sherwin-Williams Company
- Akzo Nobel N.V.
- BASF SE
- Contego International Inc.
- Nippon Paint Co. Ltd.
- Jotun AS
- No-Burn Inc.