SAN ANTONIO –November 3, 2021– Frost & Sullivan’s recent analysis, Global Fire Protection Coatings Growth Opportunities, finds that a rise in the stringency of regulations and safety advisory to augment the fire safety of buildings and constructions across sectors—oil and gas, petrochemicals, chemicals, and allied industries—is expediting the demand for fire protection coatings globally. The market is estimated to garner $2.74 billion in revenue by 2027 from $1.94 billion in 2020, an uptick at a compound annual growth rate of 5.1%. Hydrocarbon cementitious and hydrocarbon intumescent are the main product types driving the overall market, followed by cellulosic intumescent and cellulosic cementitious.
Awareness of the benefits of deploying fire safety measurements that protect lives and property is increasing in fast-growing economies like China, India, and Southeast Asia. As a result, the fire protection coatings market will witness the highest growth in Asia-Pacific (APAC). With faster development of the commercial and industrial sectors in Eastern Europe and the surging demand for both coatings—hydrocarbon and cellulosic—due to many offshore installations in Western Europe, Europe will be the second-largest market, followed by the Americas (North America and Latin America) and the Middle East, Africa, and South Asia (MEASA).
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“Fire protection coatings manufacturers are increasingly witnessing demand from key stakeholders of buildings and structures exposed to hydrocarbon and cellulosic fire types for more durable and faster-drying products,” said Ganesh Jayant Dabholkar, Chemicals, Materials and Nutrition Research Analyst at Frost & Sullivan. “A rising need for improved aesthetics (especially for exterior structural members) and reduced volatile organic compound (VOC) emissions will also contribute to increased market penetration for coating manufacturers.”
Dabholkar added: “The rising demand for intumescent and cementitious coatings that form thinner layers, dry faster, and are easier to apply will drive innovation. Further, hybrid, solvent-borne intumescent coatings are increasingly penetrating the cellulosic fire protection market. Similarly, more low-density cementitious coatings will be introduced to the hydrocarbon market during the next 3–5 years.”
Increasingly stringent fire standards and environmental sustainability regulations will influence new product development, presenting lucrative growth prospects for market participants. The following should be considered for continued growth:
- Products with greater durability and curing speeds: Manufacturers should develop coatings that eliminate the need for surface treatment, priming, or the application of topcoats, which will aid end users in optimizing project costs and reducing application times.
- Development of products for wooden substrates: Manufacturers of cellulosic intumescent coatings should leverage the emerging need of end users who use wooden structural components in commercial and residential spaces.
- Hybrid cellulosic intumescent coatings: Market participants should invest in research and development (R&D) and commercialization of hybrid cellulosic intumescent coatings to attain greater market penetration.
- Improved low-density cementitious coatings: Manufacturers of cementitious coatings may greatly benefit from improving the features of their products in terms of coating weights, ease of application, and drying times, as these are the primary concerns of customers who weigh cementitious coatings against intumescent ones.
Global Fire Protection Coatings Growth Opportunities is the latest addition to Frost & Sullivan’s Chemicals, Materials and Nutrition research and analyses available through the Frost & Sullivan Leadership Council, which helps organizations identify a continuous flow of growth opportunities to succeed in an unpredictable future.
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Global Fire Protection Coatings Growth Opportunities
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