Global Fire Retardant Coatings Market: Introduction
An event of fire breakout can cause human fatalities and damage of equipment and related property in domestic, commercial or industrial establishments. The protection from the fire inflammation is thus becoming increasingly important for the consumers. In order to fulfill this requirement, fire retardant coatings are mainly utilized to protect the flammable as well as non-flammable products. Fire retardant coatings are convenient to apply and it helps to arrest the subsequent spread of fire on target object. Fire retardant coatings work on the basis of the ability to suppress the production of gases produced at the time of combustion process. Additionally, fire retardant coatings required relatively low maintenance cost – this is one of the superior property of fire retardant coatings for gaining acceptance in several end use industries.
Fire retardant coatings have been formulated in numerous types depending upon base composition and substrate type. According to composition, fire retardant coatings are generally boron-based and phosphorus-based fire retardant coatings. Further, by product type, fire retardant coatings have two types including non-intumescent and intumescent fire retardant coatings. The fire retardant coatings finds a wide range of applications in industrial, residential, and commercial sectors.
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Global Fire Retardant Coatings Market: Market Dynamics
Owing to the growing infrastructure of the industrial and commercial sector and related electric supply and processes including fire place where rate of accident is on the higher probability, the preference of fire retardant coatings has grown in recent times. The equipment used manufacturing facilities such as automotive, construction, and oil & gas industries from past few can be prone to fire break out. Also with mandated HSE (health, safety and environment management) norms, the adoption of fire retardant coatings is rapidly growing among numerous end-use sectors and also helping the end user to benefit from insurance claims on event of severity. Also the need of fire retardant coatings have also finding significantly in electronic and electrical goods whose internal circuitry when exposed high rate of current can cause spark or severe combustion.
Furthermore, fire retardant coatings have been an integral part of protective clothing and equipment market for the end user to safeguard against all types of fire breakouts. Another critical application of fire retardant coatings has been in the area of building materials which needs to be compliant at the basic level of fire breakout for the building establishment to be rated as safe for inhabitation.
The above said factors have been instrumental in driving the global fire retardant coatings market positively since the inception of the product. Currently, the manufacturers of fire retardant coatings have been emphasizing on the research and development activities to launch the innovative solutions to fulfill the specific and high end applications and also undergoing technical marketing consisting of product training and education based activities so as to augment their volume sales and thereby increase market penetration across a higher range of end use industries.
The government agencies of various countries have been developed the rules and regulation to avoid fire accidents worldwide, thus, the adoption of fire retardant coatings is being a priority. For instance, National Fire Protection Agency (NFPA) regularized the rule NFPA 703 – this standard provides fire retardant coatings for building materials
On the flip side, fire retardant coatings swell under the influence of heat to form a multicellular charred layer, which acts as an insulating barrier. Further, extensive inflation in prices of raw materials of fire retardant coatings expected to hamper the global fire retardant coatings market growth. In FY 2018, PPG Industries – manufacturer of fire retardant coatings introduced its new product – PPG PITT-CHAR NX epoxy intumescent coating (a type of fire retardant coatings), having low weight, low coating thickness, etc. for its end-use customer i.e. oil & gas and petrochemical industries. This kind of organic growth across the competition landscape acts as a key trend for global fire retardant coatings market
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Global Fire Retardant Coatings Market: Market Segmentation
The global fire retardant coatings market can be segmented on the basis of product type, material type, End-use Industry, and regions. On the basis of product type, global fire retardant coatings market can be segmented as mentioned below:
- Non-intumescent Fire Retardant Coatings
- Intumescent Fire Coatings
On the basis of materials, the global fire retardant coatings market can be segmented as mentioned below:
- Boron-based Fire Retardant Coatings
- Phosphorus-based Fire Retardant Coatings
On the basis of end-user industry, global fire retardant coatings market can be segmented as mentioned below:
- Oil & Gas
- Electrical & Electronics
Global Fire Retardant Coatings Market: Regional Outlook
Geographically, the global fire retardant coatings market can be segmented into seven key regions. Rapid industrialization and modernization will continue to drive market growth in developed economies. The regions like the Asia Pacific, Latin America, and MEA anticipated propelling the demand for fire retardant coatings in near future, due to increasing industrial infrastructure and concern towards the protecting property and safeguards across the regions.
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Global Fire Retardant Coatings Market: Industry Participants
The global fire retardant coatings market has a number of small as well as international manufacturers at a regional level. Few key players are identified across the value chain of global fire retardant coatings market which has been listed below –
- NIPPON PAINT Co. Ltd.S
- Noble Paints
- Akzo Nobel
- PPG Industries
- Kansai Paints
- Promat International
- GCC Applied Technologies