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. In this regard, Europe and North America have 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.
In Russia, Federal Law No. 123-03 and GOST R 53295-2009 were imposed in July 2008, wherein technical regulation related to fire safety in building and construction activities was mandated to ensure safety and protection from fire accidents.
The implementation of stringent regulations and norms is driving the demand for fire-resistant coatings, as newly constructed buildings and processing plants need to meet the required safety and fire resistance standards. Considering the growth opportunities, market players are focusing on developing new and innovative products that comply with the stringent safety and fire protection standards.
Thus, as a preventive measure, governments, builders, and construction industries are using fire-resistant coatings to ensure the utmost safety at housing, commercial, institutional, and industrial places. These factors are thereby supporting market growth.
The fire-resistant coatings market was USD 933 million in 2020 and is projected to reach USD 1,106 million by 2025, at a CAGR of 3.5% from 2020. Increasing awareness and emphasis on safety measures and preference for lightweight materials, which require additional protection, are expected to drive the market. Increasing urbanization and the growing building & construction industry are expected to provide growth opportunities in the market during the forecast period. The use of low-cost cementitious coatings in developing countries and in dry environments is expected to support market growth.
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