Intumescent coatings market size in 2024 will surpass $1 billion, as per a new research report by Global Market Insights, Inc.
Strong growth indicators in the construction industry are analyzed to be the prime factor propelling the global intumescent coatings market size by 2024. These coatings are extensively used in the civil structures due to swelling characteristics on contact with high temperature, where product volume increases and density subsides. This product characteristic makes it appropriate for fireproofing applications in the construction business. In 2015, the overall construction expenditure across the globe was roughly around $ 7 and is likely to surpass $13 trillion by 2024.
Offshore petrochemical, chemical and steel are prominent industries where product is widely used for fire protection, as environment in these sectors are potently exposed to heat. Increasing fire protection and safety requirement across these industry sectors will significantly boost the product demand across the globe. Furthermore, the global oil and gas consumed in 2015 was 550 quadrillion units, up from around 450 quadrillion units in 2005. This elevation will substantially boost the product demand. Additionally, upcoming shale gas industry in China, Russia and the United States will further complement the market size.
Graphite, sodium silicate and epoxy resins are primary raw materials in the market share, bottleneck supply dynamics of raw materials in the industry owing to high demand across other industries including construction and automotive may obstruct business growth.
Click here to browse key industry insights in the report, “Intumescent Coatings Market Size.”
The water-based intumescent coatings industry is forecast to witness highest growth by 2024, particularly due to its eco-friendly characteristics. Favoring government regulations for the technology on account of low VOC levels will fuel the demand over the projected period.
The solvent based intumescent coatings industry size was more than $110 million in 2015. The industry will see modest gains by 2024 due to due to stringent environmental norms. The cellulosic intumescent coatings market size will see growth of around 4.5 percent over the projected time frame. Increasing demand in the construction business will drive growth by 2024.
The hydrocarbon intumescent coatings industry share is likely to witness maximum growth in the coming years. These are extensively used in the petrochemical and energy sector, where fire protection and insulation is essentially required.
The overall industry revenue from oil and gas applications was approximately $400 million in 2015. Increasing product requirement in the business for fireproofing and fire protection applications due to prevalence of fire safety norms will substantially elevate the product demand by 2024.
In 2015, the North American industry was close to $150 million. The regional industry is primarily driven by strong oil and gas industry and shale gas exploration. The global intumescent coatings industry size was led by Asia Pacific in 2015. Robust construction industry growth in China and India is the major factor driving regional growth.
In 2015, the intumescent coatings market was comprised of six major industry players contributing more 50 percent of the global share. Key companies include 3M, Sherwin-Williams, Carboline, Albi Manufacturing, AkzoNobel, PPG Industries Inc., Hempel Rudolf Hensel, Null Fire, Flame Control, Contego International, Jotun, Albi Manufacturing, Leighs Paints and Crown Paints.
Intumescent coatings market research report includes in-depth coverage of the industry with estimates and forecast in terms of volume in kilo tons and revenue in millions from 2013 to 2024, for the following segments.
Intumescent coatings market by technology
- Water-based
- Solvent-based
- Epoxy-based
Intumescent coatings market by application
- Hydrocarbons
- Cellulosic
Intumescent coatings market by end-user
- Construction
- Oil and gas
- Automotive
