As per the report by Global Market Insights Inc. “Worldwide intumescent coatings Market was valued at over USD 995 billion in 2021 and will surpass a revenue collection of USD 1.56 billion by 2028 with an annual growth rate of 6.5% from 2022 to 2028.”
Intumescent coatings are widely used in multiple end-use industries including oil & gas, construction, automotive among several others. Increasing application scope of intumescent coating in construction industry with rising public and private investment in construction industry is projected to fuel market growth over the forecast period. Moreover, increasing investments along with technological innovations pertaining to exploration techniques has resulted in growing oil & gas exploration activities worldwide supporting the market expansion.
Automotive end-use segment surpassed USD 90 million in 2021 and is set to register a CAGR of over 5% between 2022 and 2028. Intumescent coatings are applied under the hood and car bottoms to protect the vehicle from various hazards such as over heating or corrosion. Fireproofing and heat resistance are the key characteristics to drive intumescent coatings demand.
Epoxy-based intumescent coating market surpassed USD 485 million in 2021 and is expected to register 6.5% CAGR through 2028. Epoxy intumescent coating provides variety of beneficial properties which includes durability, versatility, low thickness, and low weight coatings for a wide variety of structures which will escalate product demand in the coming years.
Intumescent coatings market from oil & gas application surpassed USD 550 million in 2021 and is poised to register 6.5% CAGR through 2028. Intumescent coatings have higher viscosity machines than specialist machines and conventional paints which is essential for oil & gas industry. Steel frameworks are breakable under extreme heats, produced by carbohydrates-powered fires on oil & gas rigs. Intumescent coatings insulate steel from heat of fire, so that the structure will stand for a longer period.
Solvent-based coatings segment exceeded USD 400 million in 2021 and is anticipated to show a CAGR over 6% through 2028. Solvent based coatings are more resistance to weather conditions including temperature changes and humidity. They are easy to apply, fast drying and provides excellent aesthetic results which will fuel product demand thus boosting intumescent coatings market outlook.
The hydrocarbons application segment is projected to surpass USD 790 million by 2028. Gas leaks, liquid leaks or both oil & gas leaks may lead to hydrocarbon fires. Pool fires and jet fires are most likely to occur in hydrocarbon complexes. These coatings protect steel framework from getting too hot by charring and swelling in fire breakout, which further drives the market growth in hydrocarbon application.
Europe intumescent coatings market is anticipated to reach over USD 340 million by 2028 at a CAGR of 5.5%. The European market is driven by automotive industry with continues advancement in the industry. Automotive companies using industrial grade steel for
manufacturing chassis and other parts should comply the set of standards to prevent combustion and corrosion, hence requiring intumescent coatings.
Intumescent coatings market is consolidated in nature with strong hold of major players includes AkzoNobel, Jotun, Sherwin-Williams, Carboline, PPG Industries, and Hempel. Key players are implementing numerous strategies such as investment to launch new products and enhance their product offerings. For instance, In March 2019, Flame Control Coatings launched a Class-A varnish system. The new varnish system provided a great fire-retardant
option for interior decorative wood. The strategic initiative was intended to improve the company’s product offering and increase the company’s revenue.
Credit: Source link