between 2021 and 2026. The market has witnessed growth primarily due to growing residential and non-residential building constructions across the globe is projected to drive the market. Moreover, the increasing number of fire accidents, which result in injuries, loss of life, and damage to property, has led to the implementation of various codes, regulations, and standards for fire safety and fire protection.
New York, Oct. 27, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Cellulosic Fire Protection Intumescent Coatings Market by Type, End-use, Material Type, Substrate Type And Region - Global Forecast to 2026" - https://www.reportlinker.com/p05982688/?utm_source=GNW
In this regard, North America and Europe has the highest number of safety codes and regulations as compared to other regions.
• In the US, the International Code Council (ICC) and the National Fire Protection Association (NFPA) had recommended several standards and norms pertaining to fire safety and protection in buildings, infrastructure, and industrial sector.
• In the UK and Germany, under British standard 476 and ETA & DIN 4102 standard, several regulations were imposed related to fire safety and standard in building construction steelwork.
However, the COVID-19 pandemic had severely impacted EU-5 countries, the US, Russia, Poland, and Nordic countries.As a preventive measure, construction activities have been suspended.
Several construction projects in Europe and North America have been suspended, which has resulted in a decline in demand for the cellulosic fire protection intumescent coatings. Also, the disruption in the supply chain has been a major issue faced by the paints and coatings industry, which is expected to lead to a rise in the price of raw materials and other products.
The commercial segment is estimated to maintain ascendancy throughout forecast period
The commercial building construction across the globe is estimated to account for the largest share of the global cellulosic fire protection intumescent coatings market in 2021, followed by the residential segment in terms of value. Increasing construction activities, along with increasing investment in commercial sector development in the emerging economies in APAC and MEA, are expected to drive the market demand during the forecast period.
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 global 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.
However, in 2019, the construction spending in the housing and commercial sector supported the growth of the industry, which, in turn, resulted in an increasing demand for intumescent coatings.
The COVID-19 pandemic caused suspensions of trade and several industrial activities. According to the IMF, the US GDP dropped by 3.5 % in 2020. Also, construction activities declined significantly in 2020. Thereby, the demand for intumescent coatings also decreased in 2020.
In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, innovation and technology directors, and other executives from various key organizations operating in the cellulosic fire protection intumescent coatings market.
• By Company Type: Tier 1: 40%, Tier 2: 20%, and Tier 3: 40%
• By Designation: C-level Executives: 20%, Directors: 20%, and Others: 60%
• By Region: North America: 40%, Europe: 40%, APAC: 15%, and Rest of World: 5%
The cellulosic fire protection intumescent coatings market comprises major manufacturers such as AkzoNobel (Netherlands), The Sherwin-Williams Company (US), PPG Industries (US), Sika (Norway), RPM International Inc. (Japan), Jotun (Norway), and Hempel (Denmark).
The market study covers the cellulosic fire protection intumescent coatings market across various segment.It aims at estimating the market size and the growth potential of this market across different segments based on type, end-use, and region.
The study also includes an in-depth competitive analysis of key players in the market, along with their company profiles, key observations related to their products and business offerings, recent developments undertaken by them, and key growth strategies adopted by them to enhance their position in global cellulosic fire protection intumescent coatings market.
Key Benefits of Buying the Report
The report is expected to help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers of the overall global market.This report is projected to help stakeholders understand the competitive landscape of the market and gain insights to improve the position of their businesses and plan suitable go-to-market strategies.
The report also aims at helping stakeholders understand the pulse of the market and provides them with information on the key market drivers, challenges, and opportunities.
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