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Intumescent Coatings Market is Expected to Witness Rapid Growth till 2024
Intumescent coatings have the capability to protect materials from fire and its resulting damage. These coatings, when exposed to fire produce a separate layer called ‘char’ to protect the material by cutting off the oxygen. Its applications include fire-stopping pillows, window casings, and gasketing.
The Intumescent Coatings Market is poised to grow due to demand from various industries. It is estimated to exhibit a 4.6% CAGR over the forecast period (2016-2024). A common regulatory standard is an effective barrier against market players attempting to invest in other regions.
The global market is segmented according to raw material, end-users, and regions. Raw materials dependent on producing these coatings are hydrocarbon or cellulosic based. The former have large market shares, while the latter will exhibit a high growth rate due to its application across marine, automotive, and construction industries. Hydrocarbon coatings have significant returns in terms of revenue due to their increased use in oil & gas sector.
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End-users entail automotive, construction, and oil & gas sectors. Oil & gas led the intumescent coatings market due to the exploration & production activities of shale gas and other fossil fuels. Construction sector will see an upsurge due to the increase in infrastructure projects in South America and Asia Pacific. Car safety laws are likely to augment market demand in the automotive sector in the next seven years.
Intumescent Coatings Market is Expected to Witness Rapid Growt
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