Intumescent Coatings Market size worth over $1.3 billion by 2026
Published Date: March 13, 2020 Authors: Kunal Ahuja, Kritika Mamtani
According to a new research report by Global Market Insights, Inc., the Intumescent Coatings Market size is set to surpass USD 1.3 billion by 2026. Growing exploration activities coupled with increasing investments and technological developments in the oil & gas sector are the major factors likely to boost the market share
Intumescent coatings are paint like materials which are inert at low temperatures but react quickly with rapid rise in temperature. Intumescent coatings are commonly used and tested for protecting buildings and applied to structural membranes as an aesthetically fireproofing product. Intumescent coatings are passive fire-retardant materials which helps significant spread of fire to the substrate and it is widely used in oil & gas, automotive and construction applications.
Rising awareness on fire safety and strict regulations to reduce fire related fatalities to boost the intumescent coatings market share
Positive application outlook in construction industry & increasing investments from private and government sector is likely to boost market demand. Rapid construction of roads, railways and transportation modes is likely to boost construction spending thereby stimulating industry growth. Intumescent coatings are easy to apply, dry and offer optimum fire protection for passive fire. These are available in various forms such as spray, paints and films and can be used for various construction applications which should boost intumescent coatings market.
Strict government regulations & standards regarding the use of fire-resistant materials and compliances such as international building and fire codes is likely to encourage consumption. Also, these coatings have low VOC emissions which is likely to drive the intumescent coatings market owing to norms and guidelines regarding harmful emissions and the rising environmental concerns.
Rising construction & renovation activities along with changing consumer perceptions on safety is making industry players to rapidly adopt intumescent coatings. These not only aid in preventing fire & corrosion but also provide minimalistic aesthetic appearance along with high protection from environmental susceptibilities. Rapid construction of skyscrapers along with increasing investment in construction industry is likely to boost the intumescent coatings market value.
Browse key industry insights spread across 220pages with 204 market data tables and 20 figures & charts from the report, “Intumescent Coatings Market Size By Technology (Solvent Based, Water Based, Epoxy Based), By Application (Hydrocarbons, Cellulosic), By End-user (Construction, Oil & Gas, Automotive), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents: https://www.gminsights.com/industry-analysis/intumescent-coatings-market
Increasing safety concerns in automobile industry and rapid adoption of hydrocarbon intumescent coatings to propel market demand
Rising automobile industry owing to easy availability of automotive loans and increasing disposable income is likely to boost market demand. Intumescent coatings are widely used to prevent fire hazard in vehicles caused by overheating, CNG leak, and sparking. These coatings are used for the protection of non-combustible and combustible surfaces which reacts to heat or flame at high temperatures such as plastics, wood laminations, rubber, and steel which should boost intumescent coatings market.
Hydrocarbon based intumescent coatings have faster drying time, high build capacity, good weather ability, humidity, and high resistance to humidity. They are also used to line interior and exterior parts of automobiles. Industry players are rapidly adopting these coatings to reduce the risk of fire in case of accidents by lining automobiles by intumescent coatings which is likely to boost intumescent coatings market.
“As per industry forecasts, intumescent coatings market is forecasted to witness substantial growth with CAGR of over 4.5% at the end of 2026 owing to rising automobile industry and increasing awareness on fire safety standards.”
Increasing investment in high rise residential and commercial buildings in Asia Pacific to propel the market share
Rising disposable income and modernization trends in Asia Pacific along with increasing government and private sector investment is likely to boost market demand. Intumescent coatings are widely used in constructing high rise buildings to ensure strict fire safety norms and quality standards. Furthermore, they also aid in providing resistance against corrosion to structural steel columns and bars which is likely to boost intumescent coatings market.
Positive outlook towards construction industry due to cost effective and quality infrastructure demand in Asia Pacific is likely to boost market demand. They are widely used for coating structural steel beams, bars, and columns owing to high thermal stability and corrosion resistance. It also finds application in fire retardant paint owing to increasing consumer awareness regarding fire safety and technological developments which should boost the intumescent coatings market share.
“As per industry forecasts, Asia Pacific is forecas to witness substantial growth with CAGR of over 5% at the end of 2026 owing to increasing commercial and residential construction activities”
Industry players are rapidly investing in new product development catering to different end industries to gain unique selling point in market. They are engaged in expanding production facilities, marketing initiatives, and acquisitions to gain brand recognition and maximum market share. Some key players in intumescent coatings industry include AkzoNobel, PPG Industries, SIKA AG, 3M Company, Albi Manufacturing, PPG Industries, Crown Paints, Flame Control Coatings, Sherwin-Williams, Jotun Group, Isolatek International, and Hempel.
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