Fireproofing Coatings Market: By Type (Water-Based Coatings, Solvent-Borne Coatings and Oil-Based Coatings), By Application (Construction, Oil and Gas and Textile) and Geography  

Fireproofing Coatings Market size was valued at USD 8,736.9 million in 2022 and is anticipated to grow at a CAGR of 5.8 % over 2023-2029. Fireproofing coatings are specialized materials applied to surfaces, such as walls, ceilings, columns, steel structures, and other building components, to enhance their fire resistance. The primary purpose of fireproofing coatings is to delay or prevent the spread of fire, minimize heat transfer, and protect structural elements and building occupants in the event of a fire. These coatings are commonly used in industrial facilities, commercial buildings, high-rise structures, and other places where fire safety is a significant concern. Stringent building codes and regulations play a pivotal role in driving the demand for fireproofing coatings in the construction industry. These codes mandate specific fire safety standards for both structural and non-structural elements of buildings. To comply with these regulations, builders and developers are compelled to incorporate fire-resistant materials and coatings into their construction projects. Fireproofing coatings offer a reliable and cost-effective solution to enhance the fire resistance of structural components, such as steel beams and columns, as well as non-structural elements like walls and ceilings. As compliance with these codes is non-negotiable, the demand for fireproofing coatings remains robust, ensuring that buildings meet rigorous fire safety standards.

Moreover, the increased awareness of fire safety is a significant driver for the revenue growth of the fireproofing coatings market. As people become more aware of the devastating consequences of fires in both residential and industrial settings, there is a heightened emphasis on proactive fire safety measures. This awareness leads to greater demand for fireproofing coatings as a critical component of fire protection strategies. Individuals, businesses, and industries recognize the importance of investing in fire-resistant materials to safeguard lives, property, and assets. As a result, the fireproofing coatings market experiences increased demand as stakeholders prioritize fire safety. However, negative impacts on the environment may hamper market growth. In addition, advancements in technologies provide huge growth opportunities for market growth. Key market players are developing innovative solutions to further contribute to the growth of the fireproofing coatings market. For instance, in February 2023, PPG launched an innovative epoxy intumescent fire protection coating, PPG STEELGUARD 951 fire protection coating for the architectural market.

Fireproofing Coatings Market Key Developments:     

• In February 2023, KCC Corp. launched the first organic water-based fire-resistant paint, the Firemask AQ Series which is Fire Mask AQ-1000 and AQ-2000 that can dry four times faster than existing oil-based fire-resistant paints and can be used up to twice a day.
• In April 2022, Sherwin acquired Sika Industrial Coatings in order to enhance its presence in the performance coatings industry.