How much will the Intumescent Coatings industry be worth in the Future????Posted by Mrudula Anil Karmarkar on January 15th, 2021 The global intumescent coating market size is expected to reach USD 1.45 billion by 2027, according to a new study by Grand View Research, Inc., expanding at a CAGR of 4.6% from 2020 to 2027. Extensive usage of passive fire protection for steel structures used in offshore and onshore extraction and purification and refining in the oil & gas industry is the key factor in boosting the market growth. In addition, rising shale gas exploration, coupled with the expanding oil & gas industry in North America, is expected to propel the product demand over the forecast period. The market is characterized by the presence of a large number of raw material suppliers, leading to an increase in the switching ability of the manufacturers and a boost in the bargaining power. The prevailing pandemic situation has led to weakened demand for paints and coatings in automotive, construction, electronics, and white goods. The path to recovery of growth for the industry is highly dependent on the duration of restrictions imposed and their influence on economic activity across the globe. Contrary to the trend prevalent in the industry in general, certain segments of the market such as antimicrobial coatings are witnessing a surge in demand in healthcare and food industries. The report will account for Covid19 as a key market contributor. However, volatile prices of raw materials such as epoxy resins are expected to restrain the growth of the market to some extent. Moreover, several regulations limiting the presence of Volatile Organic Compounds (VOCs) in the formulation are expected to hinder market growth. On the other hand, the development of advanced products that are compliant with the regulations set by the European Commission is expected to drive the demand over the next seven years. The market in Asia Pacific witnessed significant expansion owing to increased oil & gas exploration activities, particularly in the South China Sea. Furthermore, infrastructure development in emerging economies including India, Indonesia, and Vietnam is likely to contribute to the market growth over the forecast period. However, the recent outbreak of COVID-19 has disrupted supply chains and sharply curtailed product demand. Restriction in transportation and supply due to slowdown or halting of factories, partial or nationwide lockdowns in several countries, and a slowdown in construction activities in order to restrain the spread of the pandemic are expected to negatively impact the market growth. The water-based intumescent coatings segment is anticipated to expand at a substantial growth rate during the forecast period. Water-based intumescent coatings are primarily used where solvent-based coatings are expected to react with the substrate. They are ideal primers owing to properties such as excellent thermal and corrosion resistance. In addition, they are flame resistant and have low toxicity owing to their low VOC content and low hazardous air pollutant emissions. The use of water-based coatings is projected to increase during the forecast period due to stringent legislation regarding the solvents present in paints and coatings in the U.S. and other mature European countries. Several companies in the market are working towards the development of new fast-drying intumescent coatings. Companies such as Alfa Laval and Hellenic Petroleum are using fast-drying water-based intumescent coatings for heat exchangers, train wagons, piping, and tanks. These coatings comply with strict VOC regulations and are suitable for shorter production turnaround time. Intumescent Coating Market Report Highlights
The demand for intumescent coatings is expected to be driven by the rising consumption by the rapidly developing construction industry. The demand is also expected to be driven by the stringent regulations pertaining to fire safety, mandated by the regulatory bodies across the globe. The success of shale gas in the U.S has led to rapid development of the application market in North America. In addition, rising demand oil as fuel is expected to propel the growth of oil & gas industry in Asia Pacific. Increasing explorations in shale gas coupled with the rise of the oil & gas industry is expected to augment demand for intumescent coatings by 2027. The demand for intumescent coatings is expected to be driven by the growing use by the automotive industry. The demand is expected to be driven by the use of the product in automotive engines as a passive fire protection. Furthermore, rising demand for automobiles, primarily in Asia Pacific and Central & South America due to increased spending is expected to benefit the market growth. Asia Pacific accounted for the major consumption share to increasing investments, particularly in the aerospace segment. Furthermore, infrastructure developments planned over the next few years by various governments particularly in aerospace and marine segment are expected to propel demand for intumescent coatings over the forecast period. The demand for intumescent coatings in Europe is expected to be driven by the presence of stringent regulations pertaining to safety against fires in commercial, industrial, and residential buildings. In addition, the presence of committees and alliances such as Fire Safe Europe (FSEU) aimed at improvement of the safety standards is expected to drive the market growth. The market in Germany is expected to grow on account of the initiatives undertaken by the manufacturers to increase the durability of the water-based coatings. In addition, rising demand for advanced coatings such as self-cleaning and biocidal coatings is expected to benefit the market. Have a Query? Ask Our Expert: https://www.grandviewresearch.com/inquiry/82/ibb The global players face intense competition from each other as well as from the regional players who have well-established supply chain networks and are well aware of the regulations and suppliers in their market. Market players are focusing on strengthening their positions by adopting strategic initiatives, such as geographical expansion, mergers & acquisitions, and partnerships. For instance, in January 2020, PPG Industries, Inc. expanded its manufacturing facility in Kunshan, China by investing USD 1.7 million to meet the increasing demand for fire protective coatings in Asia Pacific. Some of the prominent players in the intumescent coating market include:
Grand View Research has segmented the global intumescent coating market on the basis of technology, application, end-use, and region: Intumescent Coatings Technology Outlook (Volume, Tons; Revenue, USD Million, 2016 - 2027)
Intumescent Coatings Application Outlook (Volume, Tons; Revenue, USD Million, 2016 - 2027)
Intumescent Coatings End-use Outlook (Volume, Tons; Revenue, USD Million, 2016 - 2027)
About Grand View Research Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare. For More Information:www.grandviewresearch.com
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