The
global IntumescentCoatings 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 excellent insulator at high temperature ranging 200 to 250 degree
Celsius. In addition, it provides 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 is 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 fire proof, which makes
it suitable for humans. In addition, increasing use of lightweight materials in
aerospace and construction industry is expected to impel intumescent coatings
industry growth. Moreover, stringent regulations being imposed by government
across various nations regarding protection of buildings from fire will drive
the market over the forecast period.
To
cater to rising demand for technologically advanced paints, manufacturing
companies are investing in R&D to develop innovative products. For
instance, in December 2018 Hempel launched 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.
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Technology Insights:
Based
on technology, the intumescent coatings market can be categorized into water
based, solvent based, and epoxy based coatings. Water based segment is
anticipated to witness fast growth over the forecast period. This is attributed
to rising demand for paints that are free from volatile organic compounds
(VOCs) to protect environment from harmful emissions. In addition, positive
characteristics including superior finish, fire resistance, and faster drying
will drive segment’s growth over the forecast period.
Application Insights:
In terms
of application, the intumescent coatings market can be bifurcated into
hydrocarbons and cellulosic. Hydrocarbons segment is expected to hold largest
market share over the forecast period owing to increasing use in energy and oil
and gas industries. Growing adoption of international standards in
certification and testing of these products can drive segment’s growth. In
addition, growing number of oil and gas exploration activities and high product
demand in construction industry will segment’s growth.
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End-Use Insights:
On
the basis of end-use, the intumescent coating industry can be classified into
oil & gas, automotive, construction, and others. Oil and gas segment is
predicted to hold largest market share over the forecast period. This is
attributed to increasing investments in deep water projects, exploration
activities, marginal fields, and refining capacity expansion.
On
the contrary, automotive sector is likely to witness significant growth in the
coming years. Growing awareness among people regarding benefits of fire
protection systems in buildings will drive segment’s growth.
Regional Insights:
Regional
segmentation includes Asia Pacific, North America, Europe, Central & South
America, and Middle East & Africa. In Asia Pacific, the market is predicted
to dominate and hold largest market share during the forecast period. Rising
number of construction activities in emerging economies including China and
India can drive product demand in coming years. In addition, growth of
automotive and aerospace sector will drive regional market growth.
Europe,
on the other hand is anticipated to witness significant growth in coming years
owing to highest number of safety regulations regarding fire protection and
fire safety. Such regulations are likely to drive demand for fire proof 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 competitive edge over others.
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Time
to know about future of Intumescent Coatings industry
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Contact Person:
Ryan Manuel
Research Support Specialist, USA
Email: ryan@millioninsights.com
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