According to a report by Grand View Research, Inc.; the global intumescent coatings market is anticipated to reach USD 1.31 billion by 2025.Intumescent coatings offer superior properties such as aesthetic appeal and lower weight. Growing demand for fire retardants in commercial and industrial structures is anticipated to drive the market in coming years. Intumescent coatings are used in multiple end-use industries such as construction, automotive, and aerospace.
Growing demand for shale gas in multiple end-use industries owing to advanced techniques including horizontal and hydraulic drilling can augment growth. In addition, rising demand for water-based intumescent coatings in interior applications is likely to propel the growth of the segment. Properties like superior finish of the coating, absence of VOCs, and faster drying time can contribute to growth.
On the other hand, solvent-based intumescent coatings are facing significant demand from off-site applications, where humidity and heat resistance are key parameters for selectionof various coatings. Rising awareness among consumers regarding personal safety in residential buildings is expected to bode well for growth. Moreover, rigorous fire safety norms from regulatory authorities are likely to increase the demand for advanced coatings. To cater to the rising demand, most manufacturing companies are investing in R&D to create better products for industrial use.
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U.S. intumescent coatings market, by end-use, 2014 – 2025 (USD Million)
For instance, a team of scientists from Nanyang Technological University (NTU) and engineers from JTC Corporation has designed a new coating called Firoshield. The coating is made from a combination of chemical additives such as endothermic chemicals and polymer-based synthetic resins. The combination allows this coating to protect steel from corrosion and fire. Unlike typical fire coatings, Firoshield keeps a hold on the steel for a long time under high temperatures. In addition, this new coating is durable and water resistant under normal temperature conditions. Moreover, the coating offers assorted colors through pigments.
Globally, there are many raw material suppliersthat cater to the manufacturingof intumescent coatings. Manufacturing companies can easily switch among suppliers for purchasing raw material. However, high fluctuation in the price of raw materials such as epoxy resins is likely to obstruct growth.
The intumescent coatings market can be divided on the basis of product, application, enduse, and region. Based on product, the market can be segmented into water-based, solvent-based, and epoxy-based coatings. Based on application, the market can be bifurcated into hydrocarbons and cellulosic. On the basis of enduse, the market can be segregated into construction, automotive, and oil & gas.Demand in the automotive industry is likely to expand at a CAGR of 4% during the forecast period.
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Global intumescent coatings market share, by application, 2015 (%)
Regional segmentation includes North America, Europe, Asia Pacific, Central & South America &Middle East and Africa (MEA). In the global arena, Asia Pacific is anticipated to dominate the market over the forecast period. Market growth in this region is attributed to rapid development of the oil andgas industry. Rise in construction activities in India and China is likely to increase the demand for intumescent coatings. In China, the market is anticipated to propel at a CAGR of 6% during the forecast period (2017-2025). India and Japan are also facing high demand for intumescent coatings.
Continuous development of advanced products can augment the market in Europe in the coming years. Furthermore, automotive manufacturers in the region have shown rising preference for intumescent coatings, which is expected to contribute well to the market.North America is also facing a highdemand for intumescent coatings in multiple industries such as automotive and construction. The demand is attributed to use of such coatings in automobileengines for passive fire protection.
Some of the prominent companies operating in the market for intumescent coatings areAkzo Nobel N.V; RPM International Inc; PPG Industries Inc.; OMNOVA Solutions Inc.;and Sherwin Williams Company.New product development and business strategies such as mergers and acquisitions are likely to create more opportunities for key players in the market.
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