Construction was the fastest growing end-use segment at a CAGR of 5.2% from 2014 to 2022. Stringent regulations regarding fire safety in buildings coupled with growing emphasis on building aesthetics is expected to drive demand for intumescent coatings in the construction segment.
Further key findings from the study suggest:
•Hydrocarbons dominated the application segment, accounting for 50.2% of global market revenue in 2014. Rising shale gas explorations coupled with increasing oil & gas refinery plants in expected to drive demand for hydrocarbon coatings over the forecast period.
•Rising demand for cellulosic coatings in automotive segment on account of superior fire protection and better aesthetics is expected to have a positive impact on the global market.
•Asia Pacific was the largest market, accounting for 33.3% of market revenue in 2014. Growing housing sector in China and India in light of increasing urbanization and population growth is expected to fuel intumescent coatings market over the forecast period.
•Europe is expected to witness sluggish growth at a CAGR of 3.9% between 2015 and 2022 owing to slump in the construction industry in the region. However, moderate growth in the region is expected to be fuelled by development of Eastern European countries.
•North America intumescent coatings market accounted for over 18% of global revenue in 2014 and is expected to grow at a CAGR of 4.8% over the forecast period. Rising demand for hydrocarbon intumescent coatings on account of growing shale gas exploration & production in the region is expected to augment market growth over the next seven years.
•Major intumescent coatings manufacturers include companies such AkzoNobel, Jotun Group, Contego International Inc., Hempel Marine Paints, No-Burn Inc., Null Fire, Sherwin-Williams, Carboline, Albi Manufacturing and Leighs Paints. Expansion of refining capacity in Middle East coupled with growing shale gas production in U.S is expected to ensure demand for intumescent coatings over the projected period.