Fireproofing Materials Market to Foreseen to Grow Exponentially by 2026
The fireproofing materials market size is estimated to be USD 0.9 billion in 2021 and is projected to reach USD 1.5 billion by 2026, at a CAGR of 9.8% between 2021 and 2026.
Browse 173 market data Tables and 56 Figures spread through 209 Pages and in-depth TOC on "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 "
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The growth of the fireproofing materials market has been largely influenced by new product launches and expansion that were undertaken between 2019 and 2020. RPM International Inc. and Sika AG has adopted organic and inorganic growth to enhance their market position.
RPM International Inc. and Sika AG are two major players in fireproofing materials market. In order to strengthen its position, the companies are focusing on new product launches and acquisition.
RPM International Inc. is a multinational company with subsidiaries, which are world leaders in specialty coatings, building materials, and related services. The company has three segments: industrial, consumer, and specialty. The company has a diverse portfolio with numerous brand names, which are leaders in the market they serve. The company serves government, education, healthcare, commercial, construction, residential, institutional, condominium, industrial, military, and manufacturing clients. The company offers fireproofing materials under the brand names Nullifire and Tremco. These products are widely used in industrial and commercial construction. The company has a good brand influence because of the application of these products in various industries. It has a presence in North America, Europe, South America, Asia Pacific, and the Middle East. In January 2021, Firetherm, a smart passive fire protection company, moved under the brand Nullifire and started delivering across the UK under the same brand name.
Sika AG is a leading specialty chemicals company. The company has two business segments: the construction industry and industrial manufacturing. The company offers solutions and products in bonding, sealing, damping, reinforcing, and protecting sectors for the building and motor vehicle industries. The company has its presence in 100 countries across Europe, the Middle East & Africa, North America, South America, and Asia. Sika AG offers fireproofing materials under the construction industry segment. In June 2020, Sika AG introduced its new production facility in China. It has expanded its capacity in the rapidly growing mortar market in China. In November 2019, Sika AG acquired Adeplast SA in Romania. The company is a leading manufacturer of mortars and thermal insulation solutions in Romania.
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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.
Impact of COVID-19 on Fireproofing materials Market
The global pandemic has affected almost every sector in the world. The fireproofing materials market has shown negative growth as it was affected due to disruptions in the global supply chain and fluctuation in the raw material prices. This situation arised due to fall in demand from the construction sector. The market is highly dependent on the commercial, industrial and residential industries. North America is the largest region in terms of value for the fireproofing materials market.
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