According to the new market research report “Cellulosic Fire Protection Intumescent Coatings Market by Type (Water-borne, Solvent-borne), End-use, Material Type ( Acrylic, Epoxy, Alkyd, VAE), Substrate Type (Structural Steel & Cast Iron, Wood),and Region – Global Forecast to 2026“, The cellulosic fire protection intumescent coatings market size is projected to grow from USD 559 million in 2021 to USD 671 million by 2026, at a CAGR of 3.7% between 2021 and 2026. The growth is attributed to the growing residential and non-residential building constructions in the developed countries that are projected to drive the market.
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The commercial building construction across the globe is estimated to account for the largest share of the cellulosic fire protection intumescent coatings market in 2021, followed by the residential segment in terms of value. Increasing construction activities, and growing investment in commercial and residential sector in the emerging economies in APAC and MEA, are expected to drive the market demand during the forecast period.
Based on type, the water-borne coatings segment is estimated to hold the majority share of the overall cellulosic fire protection intumescent coatings market. The major factor driving this segment is the increasing demand for green products. Water-borne coatings are easier to clean up, reduce the risk of fire, and result in less exposure to VOCs.
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The cellulosic fire protection intumescent coatings market size is projected to grow from USD 559 million in 2021 to USD 671 million by 2026, at a CAGR of 3.7% during the forecast period. The growth of this market is attributed to growing residential and non-residential building constructions in the country is projected to drive the market.
The cellulosic fire protection intumescent coatings market is dominated by large players, such as AkzoNobel (Netherlands), The Sherwin-Williams Company (US), PPG Industries (US), Jotun (Norway), and Hempel (Denmark). These players have adopted various growth strategies, such as expansions, new product developments, and acquisitions, to enhance their market footprint and improve their product portfolios.
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To mitigate the impact of the COVID-19 pandemic, AkzoNobel has started aggressive marketing and sales of its products across globe. Also, the company is developing new products to comply with the changing regulations and standards in the buildings & construction industry. For the intumescent coatings market, the company has a strong foothold in North America and Europe, whereas the company is incessantly focusing on the expansion of its product portfolio. In March 2019, it launched a new fire protection system for the wood building facades in the Europe market to target the residential segment.
The Sherwin-Williams has a strong foothold, and sales activities in North America and Europe markets help to gain a competitive edge over other key players involved in the market. For the past 2-3 years, the company has emphasized strengthening the supply chain and reducing the lead time to customers. Opening new retail stores, online platforms for sale, and strengthening of the distribution channels are few strategies implemented by the company for the same. For instance, the company got a contract for the application of intumescent coatings on the steelwork of a new stadium, having 62,000 seating capacity, at Tottenham, UK, in July 2019. However, due to the COVID-19 pandemic, there has been a significant decline in construction activities across globe, which, in turn, impacted the product demand.
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