The augmenting population, urbanization, and new technological advancement in coatings have a positive impact in terms of growth prospects in the intumescent coatings market. The rising population is creating a demand influx in the construction sector due to which there is an expected rise in the demand for intumescent coatings. The analyst of IndustryARC has valued the global intumescent coating market size at $900 million as of 2018, and the demand is estimated to grow at a compound annual growth rate (CAGR) of 4.10% during the forecast period of 2019 to 2025.
IndustryARC’s latest market research report is titled Intumescent Coatings Market. This report covers Intumescent Coatings Market Size by Product and applications, Intumescent Coatings Market share by top 5 companies and also the market share by start-ups during the forecast period. The report also documents that demand for the intumescent coatings market is expected to grow due to imposed fire safety regulations by the governments globally.
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Global Intumescent Coatings Market: Demand Analysis
Intumescent paints are the fire-proofing and fire-stopping coatings that are used in buildings, steel, iron, and wood. Ablative coatings and cable coatings are two different types of intumescent coatings. The ablative coating is mostly used in the aerospace and defense industries. Cable coating is widely used in the building and residential sector. Furthermore, passive fire protection is the component of structural fire protection and fire safety in buildings.
Global Intumescent Coatings Market: Leading Segments
The growth of APAC in the global intumescent coatings market is attributable to the contribution of APAC countries such as China, India, the Philippines, and Vietnam that have the most potential market for automobiles due to numerous manufacturing and assembly plants as well as huge consumer base. In addition, the fastest developing economies such as India and China in construction is expected to create consistent demand for the intumescent coatings product. APAC contributed around 25% of regional share in 2018 as it is the largest revenue-generating the region in the intumescent coatings market.
The key application segment in the intumescent coatings market is the oil and gas sector, as cited by the IndustryARC’s analyst in the report. The opportunities for growth in this application is projected to observe a healthy CAGR of 4.50% during the forecast period of 2019 to 2025.
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Global Intumescent Coatings Market: Market Trend and Growth Drivers
Increasing Fire Accidents –
The fire can spread rapidly depending upon its cause which results in life and properties losses. This has led to the implementation of stringent safety regulations and fire protection codes. This is the most important growth driver responsible for the intumescent coatings market.
The Demand for Lightweight Materials –
The major factor that is driving growth in the intumescent coating market is the increasing demand for lightweight materials that are used in the buildings and construction industry. The usage of intumescent coatings materials is more advantageous as it reduces the overall weight of the structure.
Eco-Friendly Coatings –
There is the emergence of advanced coating technologies. The advanced intumescent coatings don’t produce volatile organic compound or VOCs, which makes the coatings an eco-friendly alternative for a various sector.
Water-Based Coatings –
It is quite evident that water-based products showcase major benefits. The trend is that the thousands of steel are successfully fire protected with water-based coatings. One of such products is ISOLATEK WB3 that is safer to use and imparts faster drying. Moreover, it reduces over-coating intervals, which happens to be the reason the product is gaining prominence in the market.
Amalgamation With Carbon Fiber Composites –
Fire protection with carbon fiber composites has been driving the market trend in recent years. The widely used carbon fiber intumescent coatings in the oil and gas industry are easy to handle and lightweight.
Global Intumescent Coatings Market: Competitive Landscape
Some of the key companies identified in the report that are currently holding majority shares in the global intumescent coatings market are Sherwin Williams, PPG Industries Inc., AkzoNobel NV, Jotun, Kansai Paint, Teknos Group, 3M, BASF, Carboline, Demilec USA, Contego International, and Sika AG.
Related Reports:
A. Passive Fire Protection Coatings Market
https://www.industryarc.com/Research/Passive-Fire-Protection-Coatings-Market-Research-500087
B. Fire Retardant Coatings Market
https://www.industryarc.com/Research/Fire-Retardant-Coatings-Market-Research-503049
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