CHICAGO, Sept. 20, 2021 /PRNewswire/ — According to the new market research report «Fireproofing Materials Market by Coating Type (Intumescent coatings- Thin film and Thick film, and Cementitious coatings- Cement-based and Gypsum based), End-use (Commercial, Industrial, and Residential) and by Region – Global Forecast to 2026», published by MarketsandMarkets™, the Fireproofing Materials Market is projected to reach USD 1.5 billion by 2026, at a CAGR of 9.8% from USD 0.9 billion in 2021.
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Fireproofing materials are coatings that are used on different structures to make them resistant to fire and prevent the spread of fire. These materials have various fire-resistant properties effective to prevent the spread of fire and minimize the overall impact to the structures due to fire hazards. Fireproofing materials are tailored according to fire safety and building codes. They are majorly used in commercial, industrial and residential construction. Fireproofing materials can be categorized into two types- intumescent coatings and cementitious coatings. Intumescent coatings had a larger share in terms of value in 2020 as compared to cementitious coatings. Intumescent coatings is further sub-segmented into thick film intumescent coatings and thin film intumescent coatings. Whereas cementitious coatings is sub segmented into cement-based cementitious coatings and gypsum-based cementitious coatings.
Commercial segment is the largest end use industry of the fireproofing materials market. North America was the largest market for fireproofing materials in 2020, in terms of value. Factors such as increasing fire safety regulations and increase in fire incidents will drive the fireproofing materials market.
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Intumescent coatings is estimated to be the fastest-growing type in the fireproofing materials market for the forecast period
Intumescent coatings are broadly divided into thin film and thick film coatings. Thin film intumescent coatings are either solvent-based or water-based and consist of three components a primer, a base coat, and a sealer coat. These coatings are majorly used to provide fire resistance in buildings. Thick film intumescent coatings are usually epoxy-based and typically have higher dry film thickness than thin film. Thin film intumescent coatings are preferred for these buildings and for the better protection from cellulosic fires. Whereas, thick film intumescent coatings are majorly used in the industrial end-use segment for hydrocarbon fires coatings. These are majorly used for external steel in high-rise buildings and structures exposed to marine environments. These properties are expected to drive the intumescent coatings during the forecast period.
North America is estimated to be the largest region in fireproofing materials market in 2020.
The North American market accounted for the largest share globally. It is experiencing high growth on account of the increased demand for these materials in new and existing buildings. Major factor that is influencing the growth of this market is the growing construction industry, especially the rise of skyscrapers in emerging economies. The market growth in this region is majorly driven by stricter building codes and policies.
The key market players profiled in the report include 3M (US), Akzo Nobel N.V. (Netherlands), Isolatek International (US), Sika AG (Switzerland), Etex Group (Belgium), PPG Industries, Inc (US), BASF SE (Germany), Carboline (US), RPM International Inc. (US), Jotun Group (Norway), Iris Coatings S.r.l (Italy), Knauf Insulation (US), Hempel Group (Denmark), W.R. Grace & Co.(US), Rolf Kuhn GmbH (Germany), Rockwool International AS (Denmark), No-Burn Inc. (US), The Sherwin-Williams Company (US), Contego International Inc. (US), Den Braven (Netherlands), Encon Insulation Ltd (UK), Ugam Chemicals (India), Intumescent Systems Ltd (UK), PK Companies (US), FlameOFF Coatings Inc.(US).
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