Cellulosic Fire Protection Intumescent Coatings Market worth $671 million by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, Oct. 20, 2021 /PRNewswire/ -- According to the report "Cellulosic Fire Protection Intumescent Coatings Market by Type (Water-borne, Solvent-borne), End-use, Material Type ( Acrylic, Epoxy, Alkyd, VAE), Substrate Type (Structural Steel & Cast Iron, Wood),and Region - Global Forecast to 2026", published by MarketsandMarkets™, the Cellulosic Fire Protection Intumescent Coatings Market size is projected to grow from USD 559 million in 2021 to USD 671 million by 2026, at a CAGR of 3.7% between 2021 and 2026. 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.
The commercial segment is estimated to maintain ascendancy throughout the 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 2021, 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.
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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 the largest share of the markets during the forecast period
North America is projected to lead the cellulosic fire protection intumescent coatings market from 2021 to 2026. 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.
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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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