The market for fire retardant coatings is expected to grow at a CAGR of more than 5 % during the forecast period. Major factors driving the market studied are increasing construction activities across the globe, and growth in oil & gas exploration activities
- The strong rise in shale gas production is likely to act as an opportunity for the market.
- Asia-Pacific dominated the market across the globe with the largest consumption in a country such as China, India, etc.
Key Market Trends
Intumescent Coatings Segment to Dominate the Market
- Intumescent coatings are mostly used in passive fire protection. Intumescent coatings are typically water-based, solvent-based, or epoxy-based paint-like materials, which expand by many times of their original thickness, when heated to form an insulating char to protect the substrate, such as exposed structural steel or sheetrock in the event of fire accidents.
- Solvent-based or water-based thin film coating systems are used for fire protection in buildings with the resistance requirement of 30, 60, and 90 minutes. The demand for intumescent coatings is majorly dependent on construction spending.
- Non-residential construction spending in the United States continues to increase and outpace residential construction. The total share of the value of construction put in place into non-residential construction in the United States was over 58% in 2018. The average growth in total construction spending in the United States has been over 6% over the past five years.
- Moreover, there is an increasing demand for intumescent coatings in specialty coatings sub-segments, such as marine, onshore/offshore oil and gas production, transportation, and new industrial and commercial construction.
- The changing needs of the building and construction industry are driving the demand for advanced construction materials such as intumescent coatings. With increasing investments in the global construction industry, supported by stringent policies and regulations, the market for intumescent fire retardant coatings.
- Hence, this is expected to in-turn increase the demand for fire retardant coatings across the globe over the forecast period.
United States to Dominate the Market
- The construction industry in the United States has witnessed rapid growth as a result of increased private sector spending on residential construction. Residential construction in the country is projected to have a growth of almost 6% in the forecast period due to an increase in the construction of single and multiple family housing in the country.
- Some of the most expensive construction projects in the United States, which are currently underway are: Hudson’s Development, Detroit (USD 1 billion), One Vanderbilt, New York (USD 3.14 billion), DHS border wall long-term strategy (USD 15 billion), phase 3 of the second avenue subway project – MTA – New York city transit (USD 14.2 billion), gateway hudson tunnel project (USD 12.7 billion), and JFK international airport expansion and renovations (USD 13 billion).
- Furthermore, according to the Federal Aviation Administration (FAA), the total commercial aircraft fleet is expected to reach 8,270 in 2037 owing to the growth in air cargo. Also, the US mainliner carrier fleet is expected to grow at a rate of 54 aircrafts per year due to the existing fleet getting older.
- Hence, with the rapid increase in demand from the various end-users, the demand for fire retardant coatings in United States is expected to increase at a significant rate over the forecast period.
The fire retardant coatings market is consolidated. Some of the major players include 3M, Akzo Nobel N.V., RPM International Inc, PPG Industries, Inc., and The Sherwin-Williams Company, amongst others.
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