Global Market Insights09.29.20
Increasing investments in shale gas exploration and rapid demand for lightweight & advanced thin film coatings are the major factors stimulating the market demand.
An intumescent is a substance that swells on exposure to heat, thus increasing in density and are widely used in fire protection for various end industries such as automotive, oil & gas, and construction.
It is a layer of protective substance that works by a chemical reaction triggered by heat resulting from an insulating layer without the release of water.
Stringent safety regulations along with increasing demand for cost-effective and high-performance solution for fire and corrosion protection is likely to boost the intumescent coatings market share.
Increasing investment in shale gas exploration along with rising demand for advanced lightweight and thin-film coatings is likely to boost the global intumescent coatings market. Industry players are rapidly investing in R&D & capitalizing on emerging sustainability and safety trends which is increasing the adoption of intumescent coatings.
Increasing crude oil demand in the automotive and petrochemical industry accompanied by rising natural gas should increase oil & gas exploration thereby favoring the intumescent paint demand. Companies are also focusing on providing and offering high-grade fire protection coatings that align with strict fire safety standards which are likely to stimulate the intumescent coatings market.
U.S. regulation NFPA 251 standards specify tests to check fire resistance of the materials used in the oil & gas and construction industry to provide fire safety. Intumescent coatings manufactured have to be tested under this standard for fire protection.
This regulation is increasing competition among industry players to gain maximum market share by rapidly developing new product lines which are likely to boost regional intumescent coatings market share.
This regulation is increasing competition among industry players to gain maximum market share by rapidly developing new product lines which are likely to boost regional intumescent coatings market share.
Epoxy intumescent coatings are forecasted to grow at a CAGR of over 4.5% by the end of the forecast period. These coatings are widely used for structural steelwork such as frames, beam, and columns owing to high thermal stability, quick response time, and smooth and minimalistic appearance. Strict government compliances & norms towards fire safety codes and the use of high quality & tested materials accompanied by growing construction projects should boost the intumescent coatings market growth.
The market for hydrocarbon intumescent paint is likely to surpass $695 million by 2026.
The automotive segment will surpass $105 million by the end of 2026.
North America is likely to register over 4.5% gains by 2026. Increasing construction & renovation activities in the U.S and Canada supported by rapid urbanization trends is likely to support intumescent demand.
Asia Pacific intumescent coatings market is anticipated to register a commendable growth rate of over 5% CAGR through 2026, as a result of rising construction activities, both residential and commercial.
