Cellulosic Fire Protection Intumescent Coatings Market worth $584 million by 2025 - Exclusive Report by MarketsandMarkets™
CHICAGO, March 10, 2021 /PRNewswire/ -- According to the new market research report "Cellulosic Fire Protection Intumescent Coatings Market by Type (Solvent-borne, Water-borne), End-Use (Residential, Commercial), and Region (North America, Europe, APAC, South America, MEA) - Global Forecast to 2025", published by MarketsandMarkets™, the global Cellulosic Fire Protection Intumescent Coatings Market size is projected to grow from USD 494 million in 2020 to USD 584 million by 2025, at a CAGR of 3.4% between 2020 and 2025. The growth is attributed to the growing residential and non-residential building constructions in the developed countries that are projected to drive the market.
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Increasing usage of the steel in the building construction will led the market growth
In commercial and residential constructions, steel is also used as a building material in framing. The use of steel in construction activities is increasing because of its high tensile and compressive strength, low cost, and recyclable nature. With the rising demand for steel in building and construction activities, the use of intumescent coatings is also expected to increase.
In developed countries, stringent government regulations pertaining to safety from fire are a major factor driving the cellulosic fire protection intumescent coatings market. The international building standards and codes, coupled with the growing preference for the construction of green buildings in developed countries, have supported the growth of the market. In countries, such as the US, EU-5 and Nordic Countries, the demand for eco-friendly, low-VOC, and sustainable products are gaining traction, resulting in increasing demand for waterborne paints and coatings over solvent-borne coatings.
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The growing awareness about fire safety and the increasing demand for high efficacy fire products in residential and non-residential buildings will drive the market. Increasing investments in the housing, commercial, and institutional sectors will support the growth of the construction industry.
The European construction industry has registered a steady growth of 2.8% in 2019, which is mainly driven by new building constructions. However, due to the COVID-19 pandemic, several construction projects have been postponed or suspended for a certain period. Due to this, the demand for intumescent coatings is expected to decline in 2020.
The commercial segment is estimated to maintain ascendancy throughout forecast period
The commercial building construction across the globe is estimated to account for the largest share of the cellulosic fire protection intumescent coatings market in 2019, followed by the residential segment in terms of value. Increasing construction activities, and growing investment in commercial and residential sector in the emerging economies in APAC and MEA, are expected to drive the market demand during the forecast period.
Water-borne coatings segment is estimated to have majority share in market.
Based on type, the water-borne coatings segment is estimated to hold the majority share of the overall cellulosic fire protection intumescent coatings market. The major factor driving this segment is the increasing demand for green products. Water-borne coatings are easier to clean up, reduce the risk of fire, and result in less exposure to VOCs.
North America is projected to account for largest share of the markets during the forecast period
North America is projected to lead the global cellulosic fire protection intumescent coatings market from 2020 to 2025. The US is the largest market for cellulosic fire protection intumescent coatings in North America. In North America, stringent regulations pertaining to fire safety in building and construction to ensure the safety and protection from fire accidents. Owing to this, significant growth in demand for intumescent coatings was registered from the residential, commercial, and institutional sectors. However, in 2019, the construction spending in the housing and commercial sector supported the growth of the industry, which, in turn, resulted in an increasing demand for intumescent coatings.
The COVID-19 pandemic caused suspensions of trade and several industrial activities. According to the IMF, the US GDP is expected to drop by 4.9% in 2020. Also, construction activities in 2020 are anticipated to decline significantly in 2020. Thereby, the demand for intumescent coatings will also slump in 2020.
AkzoNobel (Netherlands), The Sherwin-Williams Company (US), PPG Industries (US), Jotun (Norway), and Hempel (Denmark) are the key players operating in the market. Expansions, acquisitions, joint ventures, and new product developments are some of the major strategies adopted by these key players to enhance their positions in the global Cellulosic Fire Protection Intumescent Coatings Market.
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