iCrowd Newswire – Jul 21, 2020
Fireproofing Coatings for Wood Market size is forecast to reach $1.4 billion by 2025 after growing at a CAGR of 5% during 2020-2025. Fireproofing Coatings for wood swells to form a protective foam layer, which partially uses energy during foaming and partially insulates the underlying wood from fire. The growth of the market is expected to be driven by the high demand for wood products from the building and construction industry.
By Resin Type – Segment Analysis
The Epoxy segment held the largest share in the fireproofing coatings market in 2019 due to its high thermal resistance. Epoxy coatings are widely used due to their exceptional chemical resistance, low porosity, durability, and bond strength. Wood surfaces protected with coatings of epoxy cannot become saturated with water. Paint adheres better, with less cracking and lifting, than it does on substrates without the benefit of an epoxy coating. Epoxy coatings are often used in industrial and wood and timber coatings applications since they are more heat resistant than latex-based and alkyd-based coating. Epoxy coating films are strongly resistant to most chemicals and make excellent anticorrosion coatings. They are one of the principal materials used to control corrosion in the marine environment.
By Coating Type – Segment Analysis
The water-based Coating held the largest share in the fireproofing coating for wood market in 2019. Water-based coating make up about 80 percent of household coating sold today according to the Paint Quality Institute, a paint advising and testing organization. Water based coating is typically a fluid composite used to protect a surface. When dry, the coating leaves a continuous protective film over the treated surface which is thin, strong and elastic. The use of water-based coatings for exteriors is now well-established. The advantages of water based coating are reduction of solvent emissions into the atmosphere, short processing times, excellent elasticity, resistance of the coating film to temperature shift, ease of over coating, and no risk of spontaneous combustion of the overspray dust. Water-based wood coatings maintain a high degree of elasticity over time, which allows the paint film to follow the movements of the wood without being damaged. Solvent based coating held the second largest share in the fireproofing coating market. Solvent-based coatings are made up of liquefying agents that are meant to evaporate via a chemical reaction with oxygen. Typically, moving air surrounding a solvent-based coating will help to speed up the reaction, reducing drying times. Solvent based coating are less susceptible to environmental conditions such as temperature and humidity during the curing phase.
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By Application – Segment Analysis
The false celling segment held the held the largest share in the fireproofing coating for wood market in terms of application. The topside of a false ceiling is very susceptible to a fire, since it is in close proximity to the electrical wiring and ducting which it conceals. A short – circuit above the false ceiling is not detected until the fire has spread considerably. Therefore, fireproofing coating for wood is done to protect false celling from fire. A residential and commercial building is incomplete without a proper roof. A roof is the topmost and an important part of the building offering protection from the elements such as wind, high or low temperatures, sunlight, snow and rain. Besides providing protection, the bottom of the roof serves as a place where occupants of a building can exhibit their aesthetic sense by creating attractive false ceilings using decorative ceiling panels that can please the eye. False ceilings also offer functional features that enhance their utility in more ways than one. For instance, false ceilings provide good acoustics where required sounds can be enhanced and at the same time unwanted sounds can be minimized. They provide space for housing electric wires, pipes, and air-conditioning ducts. False ceilings can reflect and diffuse light obviating the need for unnecessary artificial lighting thus lowering energy consumption. These ceiling panels offer fire safety and moisture resistance features as well. This segment will derive the growth of the fireproofing coatings for wood market in the forecast period.
By End use Industry – Segment Analysis
Construction sector is the primary market for the fireproofing coatings for wood in 2019 and is growing at a CAGR of 7.5%. Fireproofing coating is used in the coating of doors, windows, and furniture’s. Fireproofing coating for wood are highly durable and weather able, and protect the wood materials for thirty minutes from any fire incident. Moreover, the coating can’t protect the wood material permanently. The Interior segment is primarily has the largest share in the construction Industry. The companies who manufacture furniture are using these fireproofing coating to their product. The exterior segment is used in the coating of outer wood material of a building. China’s real estate sector has been growing rapidly with increased investment by the government. In India, the infrastructure sector has become one of the major focus areas for the government. Hence, all such construction activities and favorable government measures are likely to boost the construction activities in the region. Globally, the maximum consumption of fireproof coatings for wood goes into manufacturing sites. Government buildings and public institutions are other major consumers of fireproof coatings, which is further projected to boost the market of fireproofing coating for wood. By 2020, construction output is estimated to grow by 70% to $12.7 trillion and will account for 14.6% of the world output with some of the larger emerging markets such as China, India, Russia, Brazil and Poland driving growth, along with U.S. Global GDP growth of 3.5% and 3.6% is expected in 2017 and 2018 respectively however the meteoric growth that outpaces global GDP will be concentrated in countries like China, India and U.S. India will overtake Japan as the third-largest construction market with annual growth averaging 7.4% annually in construction.
Geography – Segment Analysis
Asia-Pacific (APAC) dominated the fireproofing coatings for wood market with a share of more than 38% followed by North America and Europe. The economy of APAC is mainly influenced by the economic dynamics of countries such as China and India, but with growing foreign direct investment for economic development of South East Asia, the current scenario is changing. Countries in South East Asia are witnessing high growth in Building and Construction industry which ultimately beneficial for the fireproofing coatings for wood market. China was the leading regional market, due to the presence of Construction Industries. India is the second major market after China. Indian construction sector market size is of $180 Bn in 2020 according to the government of India. The disruption of COVID-19 has almost certainly impact the prices of construction products and materials. The impact of COVID-19 on construction sector can be spotted till year 2020 followed by which the industry will have persistent growth during forecast period.
Drivers – Fireproofing Coatings for Wood
- Increasing Demand for Architectural Application will drive the market growth
Since ancient times, wood has been widely used in various interior and exterior architectural applications, owing to its unique properties. Fireproofing coatings for wood are used in the interior of the houses to impart stability, durability, and attractive appearance to wooden materials. Their quality and appearance vary, depending upon the type of environment and the room that they are used on. Fireproofing wood coatings are essential here, in order to ensure the safety of house and property. The exterior wood fittings, such as barricade, gates, etc., require flameproof coating, along with weatherproofing, in order to withstand weather fluctuations and changes over the period. These factors will drive the growth of the market in the forecast period.
- Rise in the demand from the manufacturing sector
Countries such as India, China, U.S.A and other which are major economy and manufacturing hub has already established a set of fire safety regulations, about fire prevention and reduction, to specific standards related to the requirements for fire safety facilities and monitoring processes. Being a manufacturing hub, fire safety is given utmost importance and cannot be ignored at manufacturing sites, which are usually labor-intensive. Hence, the maximum consumption of fireproof coatings for wood goes into manufacturing sites. This factor will drive the growth of the market in the forecast period.
Challenges –Fireproofing coatings for wood Market
- Fireproofing Coatings for wood have been found to be toxic to environment
Fireproofing coating for wood are being phased out because they persist and accumulate in the environment. Also they have been found to be toxic to humans, and are associated with neurodevelopmental problems in children and altered thyroid function in pregnant women. These factors can restrain the market growth of fireproofing coatings for wood.
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Technology launches, acquisitions and R&D activities are key strategies adopted by players in the fireproofing coatings for wood market. In 2019, the market of fireproofing coatings for wood market has been consolidated/fragmented by the top five players accounting for xx% of the share. Major players in the fireproofing coatings for wood market are Lonza, Sika Group, Teknos, The Sherwin-Williams Company, RPM international Inc. and Others.
- In March 2019, Akzo Nobel N.V launched new fire protection system for wooden facades. The fast-drying Sikkens system is the company’s latest technological innovation designed to meet the challenges set by the world’s most extreme conditions. It offers exceptional fire resistance, lasting beauty and major improvements in production efficiency.
- In March 2020, Akzo Nobel N.V. has completed the acquisition of the remaining 25% stake in Akzo Nobel Boya Sanayi ve Ticaret A.S., a leading powder coatings joint venture in Turkey. The company has now acquired full ownership, having previously held the majority share. Following a successful partnership, the deal will help to consolidate AkzoNobel’s strong position in powder coatings in Turkey.
- Asia-Pacific dominates the fireproofing coatings for wood market owing to increasing demand from growing construction industry.
- Rising demand for UV-cured fire coatings is a major driving forces for the development of fireproofing coatings for wood market near future.
- The absence of international regulatory body that can approve fireproofing coatings are anticipated to be the major restrain in the growth of the global fireproofing coatings market.
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