Fireproofing Coatings for Wood Market size is forecast to reach $1.4 billion by 2025 after growing at a CAGR of 5% during 2020-2025. Fireproofing Coatings for wood swells to form a protective foam layer, which partially uses energy during foaming and partially insulates the underlying wood from fire. The growth of the market is expected to be driven by the high demand for wood products from the building and construction industry.
- Asia-Pacific dominates the fireproofing coatings for wood market owing to increasing demand from growing construction industry.
- Rising demand for UV-cured fire coatings is a major driving forces for the development of fireproofing coatings for wood market near future.
- The absence of international regulatory body that can approve fireproofing coatings are anticipated to be the major restrain in the growth of the global fireproofing coatings market.
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Geography – Segment Analysis
Asia-Pacific (APAC) dominated the fireproofing coatings for wood market with a share of more than 38% followed by North America and Europe. The economy of APAC is mainly influenced by the economic dynamics of countries such as China and India, but with growing foreign direct investment for economic development of South East Asia, the current scenario is changing.
Drivers – Fireproofing Coatings for Wood
- Increasing Demand for Architectural Application will drive the market growth
- Rise in the demand from the manufacturing sector
Market Landscape : Major players in the fireproofing coatings for wood market are Lonza, Sika Group, Teknos, The Sherwin-Williams Company, RPM international Inc. and Others.
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