Developing countries in Asia-Pacific prove the biggest markets for fire protection coatings, finds Frost & Sullivan's Visionary Science team
LONDON, April 25, 2017 /PRNewswire/ -- The rapid urbanization in Asia-Pacific and increasing investments in residential and commercial construction in North America are creating a vast market for fire protection coatings, especially water-borne cellulosic intumescent coatings. While cementitious coatings are inherently fire resistant and provide adequate fire insulation for a period, intumescent coatings are proving more reliable and efficient. Their superior protection and aesthetic properties, along with the rising adoption of international fire standards by governments and insurance companies in the Middle East and Asia-Pacific, are accelerating the uptake of the higher-priced intumescent coatings. Additionally, a continued rise in the use of exposed steel in commercial architecture in developed countries of North America and Europe, which are preferably protected by cellulosic intumescent coatings, contributes significantly to the growth prospects of these products.
"There is huge demand for water-borne coatings in the cellulosic fire protection market with environmental bodies such as the US Environmental Protection Agency (US EPA) and Registration, Evaluation, Authorization & restriction of Chemicals (REACH) of the European Union mandating the use of low volatile organic compound coatings. However, solvent-borne or water-borne coatings are susceptible to humidity and varying climatic conditions and, hence, are relatively ineffective in external applications as compared to high solids epoxy coatings," said Frost & Sullivan Visionary Science Research Analyst Christeena Thomas. "Manufacturers are responding to this product shortcoming with hybrid intumescent coatings that are solvent-borne and epoxy based. This new breed of coatings can not only withstand weather changes, but also provide effective fire protection to the substrates."
Global Fire Protection Coatings Market, Forecast to 2023, is recent research from Frost & Sullivan's Future of Chemicals & Materials in Infrastructure & Mobility Growth Partnership Service programme. The detailed study segments the market into hydrocarbon (intumescent and cementitious) coatings and cellulosic (intumescent and cementitious) coatings.
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The crowded fire protection coatings market is highly competitive, which compels manufacturers to price their products attractively. This is an important strategy in the price-sensitive, developing countries of Asia-Pacific, which is the largest market for the overall fire protection coatings industry. Companies will also do well to offer value through demonstrations, testing and validation at customers' facilities. These value additions will enhance adoption of coatings without compromising margins.
"While land-based commercial and industrial constructions are the biggest markets for cellulosic fire protection coatings, hydrocarbon fire protection coatings find wide application in the oil & gas, chemical & petrochemicals, marine and power industries," noted Thomas. "There is a growing preference for cementitious coatings in the onshore hydrocarbon segment, especially in Asia-Pacific and Eastern Europe, where raw materials and products are locally produced and, therefore, affordable."
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Global Fire Protection Coatings Market, Forecast to 2023
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SOURCE Frost & Sullivan