The global Intumescent Coatings Market is anticipated to exhibit a healthy CAGR during the forecast period, according to a report available on Million Insights. Intumescent coating refers to fire-resistant paint that is used in buildings to make them withstand high temperatures. The paint is inert at low temperatures and acts as an excellent insulator at high temperatures ranging from 200 to 250 degrees Celsius. In addition, it provides a pleasing finish to the infrastructure by enhancing the appearance of structural steel.
Growing safety concerns in residential and commercial buildings to prevent major damages due to accidents are anticipated to propel intumescent coating market growth. Every year, hundreds of innocent humans die in sudden fire accidents due to suffocation and rampage. Thereby, it is essential to take all precautionary measures while constructing residential and commercial buildings. Intumescent coatings are able to make these buildings fireproof, which makes them suitable for humans. In addition, the increasing use of lightweight materials in the aerospace and construction industry is expected to impel intumescent coatings industry growth. Moreover, stringent regulations being imposed by governments across various nations regarding the protection of buildings from the fire will drive the market over the forecast period.
To cater to the rising demand for technologically advanced paints, manufacturing companies are investing in R&D to develop innovative products. For instance, in December 2018 Hempel launched a passive fire protection coating called Hempafire Pro 315. This coating is aimed to protect steel structures during fire accidents. The paint offers advanced properties such as fast drying, low loadings, and improved efficiency.
Based on technology, the intumescent coatings market can be categorized into water-based, solvent-based, and epoxy-based coatings. The water-based segment is anticipated to witness fast growth over the forecast period. This is attributed to the rising demand for paints that are free from volatile organic compounds (VOCs) to protect the environment from harmful emissions. In addition, positive characteristics including superior finish, fire resistance, and faster drying will drive the segment’s growth over the forecast period.
In terms of application, the intumescent coatings market can be bifurcated into hydrocarbons and cellulosic. The hydrocarbons segment is expected to hold the largest market share over the forecast period owing to increasing use in the energy and oil and gas industries. The growing adoption of international standards in certification and testing of these products can drive the segment’s growth. In addition, the growing number of oil and gas exploration activities and high product demand in the construction industry will segment growth.
On the basis of end-use, the intumescent coating industry can be classified into oil & gas, automotive, construction, and others. The oil and gas segment is predicted to hold the largest market share over the forecast period. This is attributed to increasing investments in deepwater projects, exploration activities, marginal fields, and refining capacity expansion.
On the contrary, the automotive sector is likely to witness significant growth in the coming years. Growing awareness among people regarding the benefits of fire protection systems in buildings will drive the segment’s growth.
Regional segmentation includes Asia Pacific, North America, Europe, Central & South America, and Middle East & Africa. In the Asia Pacific, the market is predicted to dominate and hold the largest market share during the forecast period. The rising number of construction activities in emerging economies including China and India can drive product demand in coming years. In addition, the growth of the automotive and aerospace sectors will drive regional market growth.
Europe, on the other hand, is anticipated to witness significant growth in coming years owing to the highest number of safety regulations regarding fire protection and fire safety. Such regulations are likely to drive demand for fireproof paints.
Some of the key players in the intumescent coating market are Jotun, Sherwin-Williams, AkzoNobel, Contego International, and Hempel Marine Paints. Companies are adopting business strategies such as mergers and acquisitions to expand their product portfolio. In addition, companies are using advanced technology for production to gain a competitive edge over others.
Intumescent Coatings Technology Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)
Intumescent Coatings Application Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)
Intumescent Coatings End-Use Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)
• Oil & Gas
Intumescent Coatings Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)
• North America
• the Asia Pacific
• Central & South America
• Middle East & Africa
• Saudi Arabia
• South Africa
Research Support Specialist, USA
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