Fire Retardant Coatings Market Analysis by Sales, Demand, Growth, 2032
During the projected period, the fire retardant coatings market is expected to grow at a CAGR of 6%, reaching a market share of US$ 9.17 billion in 2032, up from US$ 4.83 billion in 2021. There is a substantial demand for fire retardant coatings due to the clear expanding infrastructure of the industrial and commercial sectors, as well as associated electric supplies and operations, such as fireplaces, where the risk of accidents is higher. Fire retardant coatings work on the basis of the ability to suppress the production of gases produced at the time of combustion process. Additionally, fire retardant coatings required relatively low maintenance cost – this is one of the superior property of fire retardant coatings for gaining acceptance in several end use industries. Fire retardant coatings have been formulated in numerous types depending upon base composition and substrate type. According to composition, fire retardant coatings are generally boron-based and phosphorus-based