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The fireproofing coatings for the wood market is expected to register a CAGR of over 5% during the forecast period. The major factors driving the market studied include the growing construction industry, predominantly in Asia-Pacific, the surge in demand for furniture, and stringent fire norms. Environmental regulations related to the usage of wood coatings are expected to significantly hinder the growth of the market studied.
- Architectural application is expected to dominate the global market, during the forecast period.
- Rising demand for UV-cured fire coatings is likely to act as opportunities in the future.
Key Market Trends
Increasing Demand for Architectural Application
- Since ancient times, wood has been widely used in various interior and exterior architectural applications, owing to its unique properties.
- Fireproofing wood coatings 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.
- For example, due to moisture, bathroom doors, and shelf and partitions need to have wooden material.
- 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.
- Therefore, from the above-mentioned factors, the growth of fireproofing coatings for wood is expected to, increase during the forecast period.
China to Dominate the Demand in the Asia-Pacific Region
- Although the rate of China’s economic growth is slowing, the country’s economy and its construction market continue to grow. China is expected to maintain its position as the world’s largest construction market over the forecast period and is expected to account for a significant share of all new global construction between now and 2020. All these factors are expected to augment the rising demand for fire retardant coatings in China
- China has already established a set of fire safety regulations, from policy-based 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. Government buildings and public institutions are other major consumers of fireproof coatings.
- Moreover, China is a cost-sensitive market. Hence, coatings alternatives are generally adopted in areas that do not apply stringent regulations.
- Therefore, with increasing demand from various applications, the demand for fireproofing coatings for wood is expected to rapidly increase.
The fireproofing coatings for wood market is consolidated in nature. The major players of the market studied include Lonza, Nordtreat, Sika AG, Teknos, and the Sherwin-Williams Company, among others.
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