Intumescent Coatings Market to Hit US$ 2.20 Billion By 2030: CoherentMI
BURLINGAME, Calif, Jan. 15, 2024 /PRNewswire/ -- CoherentMI published a report, titled, Intumescent Coatings Market is estimated to value at US$ 1.29 Billion in the year 2023 and is anticipated to reach US$ 2.20 Billion by 2030, at a CAGR of 7.9% during forecast period 2023-2030.
The Intumescent Coatings Market is driven by two key factors. Firstly, the growing demand from the building and construction industry is expected to significantly contribute to the market growth. Intumescent coatings are extensively used in the construction sector for fire protection purposes, as they have the ability to expand and form a protective char layer when exposed to heat or flames. The stringent regulations and standards regarding fire safety in buildings are driving the adoption of intumescent coatings, thus boosting the market growth.
Secondly, the increasing focus on industrial safety across various sectors such as oil and gas, automotive, and aerospace is also driving the demand for intumescent coatings. These coatings provide effective fire protection for structural components, equipment, and machinery, ensuring the safety of personnel and assets. The risk of fire accidents and the need for fire protection measures in hazardous environments are creating a significant demand for intumescent coatings.
Market Takeaways:
- The Intumescent Coatings Market is anticipated to witness a CAGR of 7.9% during the forecast period 2023-2030, owing to the increasing demand for fire protection measures in various industries.
- On the basis of type, the cellulose segment is expected to hold a dominant position due to its compatibility with different substrates and cost-effectiveness.
- In terms of substrate, steel is expected to be the dominating material due to its widespread use in the building and construction industry.
- The building and construction industry is expected to be the largest end-user of intumescent coatings, owing to the growing awareness regarding fire safety regulations.
- Water-based technology is projected to dominate the market due to its ease of application and environmental friendliness.
- In terms of region, North America is expected to hold a dominant position over the forecast period, due to the stringent fire safety regulations and the presence of key players in the region.
- Key players operating in the Intumescent Coatings Market include AkzoNobel, PPG Industries, Jotun, Sherwin-Williams, Hempel, BASF, Contego International, No-Burn Inc., Nullifire, Carboline, Leigh's Paints, 3M, Rudolf Hensel GmbH, Thermakraft, Isolatek International, Flame Control Coatings LLC, Firefree Coatings Inc., Den Braven, Teknos Group, and Bollom Fire Protection.
- These key players have a strong presence in the global market and are actively focusing on research and development activities to introduce innovative products and strengthen their market position.
Market Trends:
The Intumescent Coatings Market is witnessing two key trends. Firstly, the development of advanced intumescent coatings with enhanced performance properties is gaining traction in the market. Manufacturers are investing in research and development activities to improve the fire resistance, durability, and environmental sustainability of intumescent coatings. This trend is driven by the increasing demand for high-performance coatings that meet the specific requirements of different end-use applications.
Secondly, the adoption of water-based intumescent coatings is gaining momentum in the market. Water-based coatings offer various benefits such as low VOC emissions, ease of application, and faster drying times compared to solvent-based coatings. Additionally, water-based coatings are more environmentally friendly and comply with stringent regulations. The growing focus on sustainability and the increasing preference for eco-friendly coatings are driving the adoption of water-based intumescent coatings in various end-use industries.
Recent development:
- In January 2022, PPG Industries introduced their steel structure PPG AMERCOAT passive fire protection coating line.
- In September 2022. BASF purchased the fledgling fire protection paint company owned by SOLVAY.
Read complete market research report, "Intumescent Coatings Market Size And Share Analysis - Growth Trends And Forecasts (2023 - 2030)", Published by CoherentMI.
Market Opportunities:
Growing Demand for Intumescent Coatings in the Building and Construction Industry
The building and construction industry is one of the major end-users of intumescent coatings. These coatings are used to provide fire protection to structural elements, such as steel beams and columns, in commercial and residential buildings. With the increasing focus on fire safety regulations and the need for passive fire protection measures, the demand for intumescent coatings in the building and construction industry is expected to witness significant growth.
According to market research, the building and construction segment is expected to dominate the intumescent coatings market. In this segment, steel substrates are the most commonly used, thus making steel the dominating substrate in the market. The use of steel in construction offers strength and durability, and intumescent coatings provide the necessary fire protection.
Rising Awareness Regarding Fire Safety in the Oil and Gas Sector
The oil and gas industry deals with highly flammable materials, making it crucial to implement effective fire protection measures. Intumescent coatings are increasingly being used in this industry to provide fire resistance to structural components and equipment, such as storage tanks, pipelines, and offshore platforms. The rising awareness regarding fire safety in the oil and gas sector is expected to drive the demand for intumescent coatings.
In terms of technology, water-based intumescent coatings are projected to dominate the market. Water-based coatings offer several advantages, such as ease of application, low VOC content, and environmental friendliness. These factors contribute to their popularity in various industries, including oil and gas.
Intumescent Coatings Market Segmentation:
- By Type
- Cellulose
- Hydrocarbon
- Inorganic
- Others
- By Substrate
- Steel
- Wood
- Concrete
- Others
- By End-use Industry
- Building & Construction
- Oil & Gas
- Transportation
- Others
- By Technology
- Water-based
- Solvent-based
- Powder-based
- By Application
- Hydrocarbons
- Cellulosic
- By Region
- North America
- U.S.
- Canada
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Europe
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- GCC Countries
- Rest of Middle East & Africa
- North America
In conclusion, the Intumescent Coatings Market is expected to witness significant growth opportunities in the building and construction industry and the oil and gas sector. The demand for fire protection measures and growing awareness regarding fire safety regulations are driving the market growth. With the dominance of cellulose coatings, steel substrates, and water-based technology, key players in the market are continuously striving to offer advanced products and expand their presence in the global market.
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Top Questions Answered in this Report:
- What factors are impeding the growth of the Intumescent Coatings Market?
- What are the primary drivers fueling the growth of the Intumescent Coatings Market?
- Which segment stands out as the leading component in the Intumescent Coatings Market?
- Who are the key players actively participating in the Intumescent Coatings Market?
- Which region is poised to take the lead in the Intumescent Coatings Market?
- What is the projected CAGR for the Intumescent Coatings Market?
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