Cellulosic Fire Protection Intumescent Coatings Market worth $584 million by 2025
Jul 21, 2021
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“, 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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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 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% during the forecast year. The growth of this market is attributed to growing residential and non-residential building constructions in the country is projected to drive the market.
The global cellulosic fire protection intumescent coatings market is dominated by large players, such as AkzoNobel (Netherlands), The Sherwin-Williams Company (US), PPG Industries (US), Jotun (Norway), and Hempel (Denmark). These players have adopted various growth strategies, such as expansions, new product developments, and acquisitions, to enhance their market footprint and improve their product portfolios.
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To mitigate the impact of the COVID-19 pandemic, AkzoNobel has started aggressive marketing and sales of its products across globe. Also, the company is developing new products to comply with the changing regulations and standards in the buildings & construction industry. For the intumescent coatings market, the company has a strong foothold in North America and Europe, whereas the company is incessantly focusing on the expansion of its product portfolio. In March 2019, it launched a new fire protection system for the wood building facades in the Europe market to target the residential segment.
The Sherwin-Williams has a strong foothold, and sales activities in North America and Europe markets help to gain a competitive edge over other key players involved in the market. For the past 2-3 years, the company has emphasized strengthening the supply chain and reducing the lead time to customers. Opening new retail stores, online platforms for sale, and strengthening of the distribution channels are few strategies implemented by the company for the same. For instance, the company got a contract for the application of intumescent coatings on the steelwork of a new stadium, having 62,000 seating capacity, at Tottenham, UK, in July 2019. However, due to the COVID-19 pandemic, there has been a significant decline in construction activities across globe, which, in turn, is expected to impact the product demand.
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