DUBLIN–(BUSINESS WIRE)–The “Cellulosic Fire Protection in European Building Construction Steelwork Intumescent Coating Market by Country (The UK, Germany, France, Italy, Spain, Benelux, Russia, Sweden, Finland, Poland, Lithuania, Latvia, Estonia, Denmark, Norway) – Forecast to 2025” report has been added to ResearchAndMarkets.com’s offering.
The intumescent coating for cellulosic fire protection in European building construction steelwork market size is projected to grow from EURO 154 million in 2020 to EURO 179 million by 2025, at a compound annual growth rate (CAGR) of 3.0% between 2020 and 2025.
The market has witnessed growth primarily due to growing residential and non-residential building constructions in the country is projected to drive the market.
Moreover, the increasing number of fire accidents, which result in injuries, loss of life, and property damage, has led to the implementation of various codes, regulations, and standards for fire safety and fire protection. In this regard, Europe has the highest number of safety codes and regulations than other regions.
In Russia, Federal Law No. 123-03 and GOST R 53295-2009 were imposed in July 2008, wherein technical regulation related to fire safety in building and construction activities was mandated to ensure safety and protection from fire accidents. In 2014, the Latvian government imposed the Construction Standard LBN 204-14 regulation pertaining to fire safety standards.
However, the COVID-19 pandemic has severely impacted, Russia, Poland, EU-5, and Nordic countries. As a preventive measure, construction and industrial activities have been suspended. Several construction projects in Europe have been suspended, which has resulted in a decline in demand for the cellulosic fire protection intumescent coatings. Also, the disruption in the supply chain has been a significant issue faced by the paints and coatings industry, which is expected to lead to a rise in the price of raw materials and other products.
Germany projected to account for the maximum share of the intumescent coating for cellulosic fire protection in European building construction steelwork markets during the forecast period.
Germany is projected to lead the intumescent coating for cellulosic fire protection in European building construction steelwork market from 2020 to 2025. Germany is the largest market for cellulosic fire protection intumescent coatings in Europe. In Germany, stringent regulations pertaining to fire safety in building and construction to ensure the safety and protection from fire accidents.
Owing to this, significant growth in demand for intumescent coatings was registered from the residential, commercial, and industrial sectors. However, in 2019, the construction spending in the housing and commercial sector supported the growth of the industry, which, in turn, resulted in an increasing demand for intumescent coatings.
The COVID-19 pandemic caused suspensions of trade and several industrial activities. According to the IMF, Germany’s GDP is expected to decline by 7% in 2020. Also, construction activities in 2020 are anticipated to decline by double digits. Thereby, the demand for intumescent coatings will also slump in 2020.
Market Dynamics
Drivers
- Increasing Awareness, Changing Regulations, and Rising Emphasis on Safety Measures in European Countries
- Increasing Preference for Lightweight Materials in Building & Construction Industry
- Increasing Number of Fire Accidents in Europe
- New Rules for Green and Smart Buildings and Growing Focus on Obtaining Green Certifications
Restraints
- Economic Slowdown and Impact of COVID-19 on the Construction Industry
Opportunities
- Growing Demand for Intumescent Coatings in Renovation Projects
- Rising Demand for Water-Based Intumescent Coatings
Challenges
- Concerns Related to Coating Application and Durability
Industry Trends
- Consolidation and Expansion of Production Facilities
- Development of New Products
Companies Mentioned
- Akzonobel N.V.
- Bollom Fire Protection
- Contego International Inc.
- Dekoterm
- Hempel A/S
- J.F. Amonn Srl
- Jotun Group
- PPG Industries, Inc.
- RPM International Inc.
- Rudolf Hensel GmbH
- Sika Ag
- Tecresa Proteccion Pasiva, S.L.
- The Sherwin-Williams Company
- Thermoguard UK Ltd
For more information about this report visit https://www.researchandmarkets.com/r/fpjag7
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