Every year, a significant amount of people die due to fire breakouts. According to National Fire Protection Association (NFPA), in 2014, every day seven people die due to home fires in the U.S. Such home fires have turned the focus on paints that do not contain any fire retardants. In fact, they are inflammable. That is why fire retardant paints have been in demand in the recent past, due to their ability to slow down fires. Although modern buildings are equipped with fire alerts and sprinklers, to suppress the unexpected fire, paints with fire retardants are crucial. Moreover, fire-resistant paints are used in high-end industries where expensive machinery is present.
Global fire resistant paints market size is projected to expand significantly and is expected to register a CAGR of 6.67% over the forecast period (2019-2027). Growing adoption of fire-resistant paints in industrial buildings is expected to drive growth of the market during the forecast period. Fire-resistant paints applied on wall, wooden surfaces and other materials and surfaces help to suppress the fire in case of any breakout. This is expected to boost market growth in the near future. Furthermore, an increasing number of fire accidents around the world has made fire-resistant paints a primary requirement. This is expected to increase the demand for fire-resistant paints and thereby support the market growth during the forecast period. Moreover, rising awareness regarding safety and health in urban areas is expected the major factor driving growth of the market in the near future. As there are no specific standards that have yet been established to determine the efficiency of products offered by manufacturers, there are plenty of opportunities in the global market.
However, rise in prices of fire-resistant paints is expected to restrain growth of global fire resistant paints market during the forecast period.
Market Regional Analysis
North America is projected to account for the largest market share in the global fire resistant paints market during the forecast period. This is owing to high presence of buildings with plywood and wood as a major building material, which is highly susceptible to fire. This is expected to increase the demand for fire-resistant paints and thereby drive growth of the market. Europe is also expected to witness significant growth in the market, owing to increasing demand for fire-resistant paints in the region. Furthermore, Asia Pacific is expected to have high market opportunities, owing to growing building and construction activities in the region.
Key manufacturers operating in the global fire resistant paints market include Satya Firotech India Pvt. Ltd., Flame Control Coatings, LLC, Contego Industries, Inc., and Retardants, Inc.