Global Intumescent Coatings Market

Global Intumescent Coatings Market Size, Share, Growth Analysis, By Technology(Water-based, Solvent-based), By Application(Hydrocarbon and Cellulosic), By End User(Construction, Oil & Gas) - Industry Forecast 2024-2031

Report ID: SQMIG15A2115 | Region: Global | Published Date: February, 2024
Pages: 254 | Tables: 89 | Figures: 78

Global Intumescent Coatings Market Insights

Intumescent Coatings Market size was valued at around USD 1.18 billion in 2019 and is expected to reach a value of USD 1.64 billion by 2031, at a CAGR of 5.64% over the forecast period (2024-2031).

The increase in product demand in the oil and gas sector is expected to drive market expansion due to severe restrictions and a rise in exploration activities globally. Furthermore, it is anticipated the demand from the construction sector will fuel market growth during the anticipated period. In the oil and gas industry, intumescent coatings are used to protect structural steel against fire at temperatures of 1,100°C and higher on land and at sea. Furthermore, they protect structural steel from moisture and chemical exposure that could corrode the metal. These coatings offer safety against jet and pool flames. Rising energy consumption is likely to support the oil and gas sector throughout the forecasted period, which will boost demand for intumescent coating.

The introduction of trying to cut thin-film, lightweight intumescent coatings is expected to significantly increase demand. Throughout the forecast period, rising consumer awareness of residential building fireproofing is likely to drive market growth. The market is also anticipated to increase during the forecast period due to the rising demand for cellulosic intumescent coatings to protect the structural integrity of reinforced steel in buildings.

US Intumescent Coatings Market is poised to grow at a sustainable CAGR for the next forecast year.

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Intumescent Coatings Market size was valued at around USD 1.18 billion in 2019 and is expected to reach a value of USD 1.64 billion by 2031, at a CAGR of 5.64% over the forecast period (2024-2031).

The regional players, who have well-established distribution networks and are familiar with the laws and suppliers in their market, directly compete against the global players as well as with each other. By adopting strategic initiatives like global expansion, new product launches, mergers and acquisitions, and collaborations, market participants are concentrating on securing their positions. For instance, Jotun introduced Steel Master 1200HPE, a high-performance epoxy intumescent coating, in April 2022. For up to 120 minutes, the new intumescent coating shields infrastructure structures from cellulosic fire. 'Akzo Nobel N.V.', 'Jotun', 'Contego International Inc.', 'Hempel A/S', 'No-Burn Inc.', 'Nullifire', 'The Sherwin-Williams Company', 'Carboline', 'Albi Protective Coatings', 'Isolatek International', 'Flame Control Coatings', 'Rudolf Hensel GmbH', 'PPG Industries, Inc.', '3M', 'Sika AG', 'Tor Coatings', 'PPG Industries, Inc', 'Etex Group', 'Kansai Paint Co.,Ltd.', 'Teknos Group', 'BASF SE', 'Contego International Inc'

A significant growth driver for the intumescent coatings market is predicted to be the increase in demand for energy, shale gas, tight gas, and coal bed methane (CBM) as a result of the conventional oil and gas resources market's maturation. It is expected that increasing worldwide investments in oil and gas drilling platforms and equipment maintenance and repair would increase demand for intumescent coatings. In addition, rising shale gas exploration expenses in the US are expected to boost product demand over the next seven years.

The steel structure is protected from corrosion and fire by an intumescent coating. As a consequence, it helps in reducing labor demand and raising component output. Also, one of the options for fire protection is the advancement in coatings' ability to keep excellent adhesion under extreme temps, which increases building safety. The growth of the intumescent market is closely correlated with the growing demand for such coatings. One of the market's largest end users for intumescent coatings is the oil and gas sector. Due to a high temperature environment in its business operations, including horizontal drilling and refining, the sector essentially needs fire protection and fireproofing. In addition to safeguarding from fire, the product protects from chemical and corrosion harm to metal and steel structures that are exposed to moist and damp conditions. Some of the most challenging work environments are found in offshore oil and gas production. Thus, it is essential for coating systems used in production to be appropriately equipped. Offshore, the necessity for intumescent coatings is exacerbated by constant contact with choppy seawater and prolonged exposure to penetrating UV rays.

Asia Pacific dominated the global market owing to the presence of numerous end customers, near proximity to raw material suppliers, expanding industrialization, and urbanization, notably in China and India, the region's demand for intumescent coatings is anticipated to rise. Numerous international investors have chosen to situate their manufacturing operations in the developing nations of Asia due to the region's low labor costs. Because of this, there is a decent possibility that the growth of manufacturing facilities will boost regional construction activity, which would ultimately enhance demand for intumescent coatings over the course of the forecasted period.

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