LOS ANGELES, May 29, 2019 (GLOBE NEWSWIRE) -- Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Intumescent Coatings Market (By Technology: Solvent-based, Water-based, Epoxy-based; By Application: Cellulosic, Hydrocarbons; By End-use: Oil & Gas, Automotive, Construction, Others) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 - 2026”.
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The extensive use of passive fire protection for offshore and onshore extraction and cleaning and refinement of steel structures in the oil and gas industry is the key driver of the growth of the market. Additionally, increased shale gas exploration and expanding Asia Pacific oil and gas industries are expected to boost demand during the forecast period. The industry is characterized by a large number of suppliers of raw materials which lead to an increase in manufacturer's switching capacity and a high level of negotiating power.
However, volatile commodity prices, including epoxy resins, are expected to some degree to restrain growth. In addition, several regulations limiting the presence in the formulation of Volatile Organic Compounds (VOCs) will also impede market growth. On the contrary, in the next nine years, the development of advanced products in line with the regulations set by the European Commission will drive demand. The Asia Pacific market has experienced significant expansion due to the increased activity for oil and gas exploration in the South China Sea in particular. In addition, the development of infrastructure will probably contribute to the development of the market over the predicted period in emerging economies, including India, Indonesia and Vietnam.
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Increasing shale gas exploration investment in the United States is also expected to boost demand for the product during the next nine years. The launch of advanced thin film and light-weight intumescent coatings should further drive demand. Due to the high characteristics of intumescent coatings, the industry faces little threat of substitution with alternatives, including vermiculite fire protection. Increased awareness of residential buildings fireproofing will probably drive market growth throughout the projected period.
The market in intumescent coatings in the automotive segment is expected to dominate public transport and freight vehicles. Also contributing to the product demand will be rigorous fire safety regulations laid down by various authorities around the world. The rapid growth of the aerospace and automotive industries and the growing demand for residential and trade fire-proof structures will have a positive effect on the US market.
Regional Snapshots
Asia Pacific was the world's largest share in 2018 and will expand during the forecast years at the highest CAGR. The fast industrialization and the growth of the building sector in the region can be attributed to this growth. Increased awareness of fire safety is expected to increase product demand as well. Because of the high market maturity, Europe is expected to see a limited growth. The development of advanced products and the increasing demand of car manufacturers in the car industry should, however, be a driving factor in the market.
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Market Snapshots
The fastest growing technology segment on the global intumescent coating market is projected to be water-based coatings from 2019 to 2026.
In 2018 the segment of end-use oil and gas has the largest share of the market and its dominance over the forecasted period is expected to remain.
Asia-Pacific was the biggest market in 2018 and will continue to grow during the forecast years at the highest CAGR.
The biggest and the fastest-growing segment of applications in the next few years is projected to be cellulosic.
Key Players & Strategies
There are some key companies on the market, such as AkzoNobel N.V., Jotun Group, Hempel Marine Paints, Null Fire, and Sherwin-Williams Company, and regional medium or small companies, such as Carboline; No-Burn, Inc.; and Albi Manufacturing. The market is fragmented. The market is highly competitive and producers compete based on product quality and production technology. They also stress price differentiation as an important strategy for increasing market share and following an integrated approach for cost reduction and profit maximisation.
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