In a recent published report, Kenneth Research has updated the market report for Fire Resistant Paint Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Fire Resistant Paint Market products.
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Moreover, amongst all the continents that used pesticides, Asia registered as the largest user of pesticides by attaining a share of 52.4% in the year 2018. It was followed by the Americas, Europe, Africa and Oceania with 32.3%, 11.6%, 2% and 1.7% respectively. The statistics also stated that China was the largest user of pesticides amongst all the nations worldwide, utilizing 1,763,000 tonnes of pesticides for agricultural use.
Fire Resistant Paint Market
Fire resistant paint is used numerously in everyday necessities such as homes, cellphones and furniture among others to prevent the damage to the surfaces activated by fire. These paints diminish the products from getting burnt by slowing down the flames in case of emergency. The fire resistant paint find their use mainly in high-end industries and are extensively used in building & construction, electrical & electronics, oil & gas industries and marine accompanied by others.
The fire resistant paints with ideal paint thickness to achieve desired effect are proficient of resisting fire for some time furthering the prevention of life loss and loss of property until being rescued by fire fighters or in some cases, fire sprinkler systems.
The suitable flammable zones that are prone to catch fire such as furniture, wooden floors, pipelines, walls are painted with fire resistant paints so as to avoid sudden accidents that might lead them to catch fire. Due to increasing wakefulness and severe fire safety norms and regulations, the market for fire resistant paint market is anticipated to high growth in coming years.
Market Size and Forecast
Geographically, North America was the largest region in fire resistant paint market in year 2017. The presence of large amount of buildings made of plywood and wood that are vulnerable to fire is anticipated to make North America as the largest growing market for fire resistant paints in the forecast period. With an increase in awareness among fire resistant coatings, North America is followed by Europe and is anticipated to boom fire resistant paint market. However, with emerging growth of new industrial projects and constructions, Asia Pacific region is expected to be the largest manufacturer of fire resistant paints in coming years with China registering an annual increase by 7 %. In developing countries, the participation of large markets and small markets is making the fire resistant paint market as highly proficient, forcing the manufacturers to maintain low prices due to high understanding of consumers.
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With global increase in growing number of accidents due to accident fires in closed environments and mounting awareness among urban population with respect to health and safety standards is the foremost reason for the growth of fire resistant paint market and is anticipated to increase market share by the end of forecast period.
According to a recent study conducted by Research Nester, the global market for fire resistant paints is expected to grow at a moderate CAGR of 5.4 % during the forecast period 2018-2027. Worldwide sales of fire resistant paints are anticipated to generate USD 6.4 Billion in revenue by the end of 2027. Based on product type, the fire resistant paint market is segmented into powder fire-resistant coatings and liquid fire resistant coatings among others where the widely used fire retardant, aluminum hydroxide (ATH) is considered to dominate the market in coming years.
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Market Segmentation:
Our in-depth analysis of the fire resistant paint market includes the following segments:
By Product Type
Powder Fire-Resistant Coatings
Liquid Fire-Resistant Coatings
Others
By Application Type
Oil & Gas
Building & Construction
Electrical & Electronics
Aerospace
Automotive
Textiles
Marine
Furniture
Others
By Region
The fire resistant paint market is further classified on the basis of region as follows:
North America (United States, Canada), Market size, Y-O-Y growth Market size, Y-O-Y growth & Opportunity Analysis, Future forecast & Opportunity Analysis
Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX (Belgium, Netherlands, Luxembourg), NORDIC (Norway, Denmark, Sweden, Finland), Poland, Russia, Rest of Europe), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis.
Growth Drivers and Challenges:
The growth of the market is driven by increasing demand for safety among working population without any compromise of the paint features so as to avoid accidental fires. Demand for economical advancements and innovations in fire resistant coating is driving the manufacturers to collaborate in fire resistant paint market. The wide use of fire resistant coatings in residential and commercial sectors is likely to boom growth of fire resistant paint market in forecast period.
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Use of fire resistant coatings in industrial equipment and flammable fluid pipelines is increased in acceptance of fire protection layers due to worldwide accidents caused by accidental fires and is anticipated to see overall growth of fire resistant paint market in developed as well as developing countries.
Moreover, the fire resistant coat market has witnessed several growth opportunities due to efficient coatings and prevalence of product surfaces they can be applied to. Fire resistant paints are extensively used in domestic sector such as residential enclaves where fire resistant paints are applied on walls, furniture and other required surfaces where they prevent the product or appliance surface from catching fire. Increasing awareness among people and their changing lifestyle is anticipated to boom the need of fire resistant paints in methods of manufacturing and construction furthering the growth of fire resistant paint market.
Followed by its continuing progress in the recent past, the growing prominence of the fire resistant paints is anticipated to be the fastest growing section of fire resistant paint market resulting in rising demand for flame resistant paints globally.
However, the hike in prices of fire resistant paints might deter the growth of fire resistant paint market.
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Key Players
Pyrotech
Company Overview
Key Product Offerings
Business Strategy
SWOT Analysis
Financials
Hempel A/S
Sherwin-Williams Company
Akzo Nobel N.V.
BASF SE
Nullifire
Contego International Inc.
Nippon Paint Co. Ltd.
Jotun AS
No-Burn Inc.
Scope and Context
Overview of the Parent Market
Analyst View
Segmentation
The fire resistant paint market is segmented as follows:
By Product Type Market Size & Y-O-Y Growth Analysis
By Distribution Channel Market Size & Y-O-Y Growth Analysis
By Price Range Market Size & Y-O-Y Growth Analysis
By Region Market Size & Y-O-Y Growth Analysis
Market Dynamics
Supply & Demand Risk
Competitive Landscape
Porter’s Five Force Model
Geographical Economic Activity
Key Players (respective SWOT Analysis) and their Strategies and Product Portfolio
Recent Trends and Developments
Industry Growth Drivers and Challenges
Key Information for Players to establish themselves in current dynamic environment.
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About Kenneth Research
Kenneth Research is a reselling agency providing market research solutions in different verticals such as Automotive and Transportation, Chemicals and Materials, Healthcare, Food & Beverage and Consumer Packaged Goods, Semiconductors, Electronics & ICT, Packaging, and Others. Our portfolio includes set of market research insights such as market sizing and market forecasting, market share analysis and key positioning of the players (manufacturers, deals and distributors, etc), understanding the competitive landscape and their business at a ground level and many more. Our research experts deliver the offerings efficiently and effectively within a stipulated time. The market study provided by Kenneth Research helps the Industry veterans/investors to think and to act wisely in their overall strategy formulation
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