Intumescent Coatings Market To Hit Value .73 Billion By 2030 |Grand View Research, Inc.Posted by Mrudula Anil Karmarkar on October 30th, 2023 San Francisco, 30 October 2023: The ReportIntumescent Coatings MarketSize, Share & Trends Analysis Report By Type (Water-based, Solvent-based, Epoxy-based), By Application (Hydrocarbon, Cellulosic), By End-use (Construction, Oil & Gas, Automotive), By Region, And Segment Forecasts, 2023 - 2030 The global intumescent coatings market size is expected to reach USD 1.73 billion by 2030 to expand at a CAGR of 5.3% from 2023 to 2030 according to a new study by Grand View Research, Inc. Extensive usage of passive fire protection for steel structures used in offshore & onshore extraction and purification & refining in the oil & gas industry is the key factor boosting the market growth. In addition, rising shale gas exploration coupled with 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 boost the bargaining power. However, volatile prices of the raw materials, such as epoxy resins is expected to restrain the growth to some extent. Moreover, several regulations limiting the presence of Volatile Organic Compounds (VOCs) in the formulation is further expected to hinder market growth. On the other hand, 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 a 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 development 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 slowdown in construction activities in order to restrain the spread of the pandemic is expected to negatively impact market growth. Water-based intumescent coatings segment is anticipated to progress at 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 & coatings in the U.S. and other mature European countries. Several companies in the market are working towards the development of new fast-drying coatings product. Companies such as Alfa Laval and Hellenic Petroleum are using fast-drying water-based coatings for heat exchangers, train wagons, piping, and tanks. These coatings comply with strict VOC regulations and are suitable for shorter production turnaround time. Request sample report of Intumescent Coatings Market@https://www.grandviewresearch.com/industry-analysis/intumescent-coatings-industry/request/rs1 High product demand in the oil & gas sector owing to stringent regulations coupled with rise in exploration activities across the globe is likely to propel the market growth. Moreover, demand from the construction segment is expected to fuel market growth over the forecast period. Intumescent coatings are used in oil & gas industry to provide fire protection to onshore and offshore steel structures at high temperatures of 1,100°C and above. They are also used to protect structural steel from moisture and chemical exposures, which make the steel brittle. These coatings provide protection against pool fires and jet fires. Increasing energy demand is expected to fuel oil & gas industry, which, in turn, is expected to drive the demand in the forecast period. Intumescent Coatings Market Report Highlights
Ascending demand for energy, shale gas, tight gas, and coal bed methane (CBM) on account of the maturity of conventional oil & gas resources market is expected to emerge as a major driving factor for the growth of intumescent coatings market. Increased global investments in the maintenance and repair of oil & gas drilling devices and platforms are also anticipated to drive the demand for intumescent coatings. In addition, increasing investments for shale gas exploration in the U.S. is also likely to propel the product demand over the next seven years. Intumescent Coatings Market Report Scope
However, volatility in the prices of raw materials is expected to restrain product demand to some extent. In addition, the recent outbreak of COVID-19 across the globe has led to weakened product demand in automotive, construction, oil & gas and others end-use industries. Factors such as stoppage of construction projects, movement restriction,labor shortage; reduction in discretionary spending by consumers, weak consumer sentiment, halt or slowdown in production activities, and disruption across the supply chain aimed COVID-19 is negatively impacting the growth of end-use industries especially automotive and construction. This in turn is further expected to hamper the demand of intumescent coatings. List of Key Players of Intumescent Coatings Market
Like it? Share it! More by this author |