CHICAGO, Oct. 28, 2020 /PRNewswire/ -- According to the new market research report "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", published by MarketsandMarkets, the market size is projected to grow from EURO 154 million in 2020 to EURO 179 million by 2025, at a CAGR of 3.0%.
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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 CAGR of 3.0% between 2020 and 2025. The growth is attributed to the growing residential and non-residential building constructions in the developed countries that are projected to drive the market.
Increasing usage of steel in the building construction will lead to the market growth
In commercial and residential constructions, steel is also used as a building material in framing. The use of steel in construction activities is increasing because of its high tensile and compressive strength, low cost, and recyclable nature. With the rising demand for steel in building and construction activities, the use of intumescent coatings is also expected to increase.
In developed countries, stringent government regulations pertaining to safety from fire are a major factor driving the cellulosic fire protection intumescent coatings market for steel framework. The international building standards and codes, coupled with the growing preference for the construction of green buildings in developed countries, have supported the growth of the market. In countries such as EU-5, and Nordic Countries, the demand for eco-friendly, low-VOC, and sustainable products are gaining traction, resulting in increasing demand for waterborne paints and coatings over solvent-borne coatings.
The growing awareness about fire safety and the increasing demand for high efficacy fire products in residential and non-residential buildings will drive the market. Increasing investments in the housing, commercial, and institutional sectors will support the growth of the construction industry.
The European construction industry has registered a growth of 2.8% in 2019, mainly driven by new building constructions. However, due to the COVID-19 pandemic, several construction projects have been postponed or suspended for a certain period. Due to this, the demand for intumescent coatings is expected to decline in 2020.
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Germany is projected to account for the largest share of the market during the forecast period
Germany is projected to have the largest share in the Europe market, in terms of both value and volume, from 2020 to 2025. In Germany, stringent regulation was imposed, wherein technical regulations pertaining to fire safety in building & construction were enforced to ensure 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.
The COVID-19 pandemic caused suspensions of trade and several industrial activities. Most European countries, especially Russia, Italy, Spain, the UK, France, and Germany, are severely impacted by the COVID-19 pandemic. The suspension of operations in several manufacturing sectors has resulted in a decline in the GDP of these countries. According to the OECD, the European Union (EU) GDP reduced by 3.3% in the first quarter of 2020. Due to economic losses, several large construction projects were halted and suspended until the economys recovery. This decline in the construction spending in Europe will, in turn, result in a reduction in the demand for intumescent coatings.
AkzoNobel (Netherlands), The Sherwin-Williams Company (US), PPG Industries (US), Jotun (Norway), and Hempel (Denmark) are the key players operating in the market. Expansions, acquisitions, joint ventures, and new product developments are some of the major strategies adopted by these key players to enhance their positions in the intumescent coating for cellulosic fire protection in European building construction steelwork market.
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