Most of the traditional paints available in the market lack fire retardant properties, and are in fact some of them are inflammable. According to National Fire Protection Association’s (NFPA) publication in 2014, in U.S. each day seven lives are lost due to fire. On a global level even higher number could be expected due to lack of statistical data and reporting. Fire resistant paints are the need of the hour and several manufacturing companies have started to manufacture and market fire retardant paints. Changing lifestyle and methods of construction are increasingly adopting fire resistant materials and paints for commercial, residential, industrial, and infrastructure development.
Fire retardant paints have enormous opportunity to grow and partially replace the traditional paints market. The main driver of fire resistant paints market is the safety concerns of the people without compromising on the paint quality. Fire resistant paints are extensively used in industrial buildings which house hundreds of people at any given time. Fire resistant paints are applied in walls, wooden surfaces and other materials and surfaces as per requirement. Fire resistant paint when properly coated bulges up to form a solid foam like appearance, when the temperature increases extraordinarily due to flames. The foam thus formed prevents the fire or the flame to intrude the solid foam surface and affect the surface which is coated with fire resistant paint.
This type of paint is capable of resisting fire for some time and helps in preventing loss of life and property until a more capable fire fighting method such as fire fighters, sprinklers etc, is adopted. Fire resistant paints however depend on the coating thickness. Optimum paint thickness is needed to be achieved so that the desired effect is realized in case of fire. The growing number of accidents worldwide due to accidental fires in closed environment is a primary reason for the growth in this market. Growing awareness among urban population regarding health and safety is again a factor for the growth of this market. Paints which were earlier conceived as a decorating application have evolved into safety application as well.
The market for fire resistant paints is limited as the concept in niche. However tremendous opportunity exists for this product in the market. Although no standard has yet been officially established so as to determine the effectiveness of the products offered by different manufacturers, the product could be applied to a variety of surfaces and applications and has endless possibilities, especially in industrial setups which are prone to fire related accidents.
Although manufacturing companies encompassing the globe has developed fire resistant paint products, the majority of application can be witnessed in North America. North America typically has a lot of buildings made of wood and plywood, which render them susceptible to fire. Coating the walls and attics using the fire resistant paint, lowers the risk of the entire house getting engulfed in flames in areas which house most of these type of buildings. North America is followed by Europe by demand for fire resistant paints. However tremendous opportunity exists in Asia Pacific market owing to the high growth of new constructions as well as industrial areas. Although Asia Pacific region is the highest manufacturer of fire resistant paints, the current demand is relatively low.
Some of the companies involved in the manufacturing and marketing of fire resistant paints are Contego Industries, Inc., Satya Firotech India Pvt. Ltd., Retardants, Inc, and Flame Control Coatings, LLC among many others.
The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to categories such as market segments, geographies, types and applications.
The report covers exhaustive analysis on:
Regional analysis includes:
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts, and industry participants across the value chain. The report provides an in-depth analysis of parent market trends, macroeconomic indicators and governing factors, along with market attractiveness within the segments. The report also maps the qualitative impact of various market factors on market segments and various geographies.