Newark, March 05, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 1.3 billion intumescent coatings market will reach USD 2.3 billion by 2033. A protective coating layer used to insulate steel substrates exposed to fire is known as an intumescent coating. The demand created by the construction industry directly relates to the need for intumescent coatings. The primary uses of intumescent coating are for fire prevention, fire retardancy, and window casings on ships, aircraft, marine, offshore structures, and coastal buildings. One of the key elements predicted to drive the global intumescent coatings market is rising consumer awareness of intumescent coatings and their fire-retardant qualities. Furthermore, the market is anticipated to be driven by developments in new coatings technologies and strict safety requirements for protective equipment in sectors like oil and gas, where the likelihood of a fire breaking out is highest due to combustible materials. Moreover, in the upcoming years, the market will benefit from the building and construction sector's growing need for lightweight materials. Some obstacles and limitations can prevent the market from growing. The market for intumescent coatings may grow more slowly with less expensive alternatives.
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Key Insights on Intumescent Coatings Market
Asia Pacific will account for the largest market size during the forecast period.
The demand for intumescent coatings in the Asia-Pacific region is anticipated to rise due to several factors, including many end users, the region's proximity to raw material suppliers, and the region's expanding industrialisation and urbanisation rates, particularly in China and India. Due to the installation of new production facilities and the thriving building and construction sector in this region, Asia Pacific will hold the highest share of the market. When it came to intumescent coating consumption, China held the biggest proportion.
The thin-film segment dominated the market with the most significant revenue of USD 0.76 billion.
The thin-film segment dominated the market with the most significant revenue of USD 0.76 billion. These coatings are often used in industries with problematic weight or space restrictions, such as commercial buildings or transportation. Even with a thinner coating, the thin film protects against fire by expanding and forming an insulating layer when exposed to heat. One example of a product corporations sell is the thin film intumescent coating line of Sherwin-William FIRETEX FX. They provide outstanding fire protection for structural steel and are well-known for their thin-film applications.
The wood segment dominated the market with the most significant revenue of USD 0.55 billion.
The wood segment dominated the market with the most significant revenue of USD 0.55 billion. Improved fire resistance of wood, a substrate commonly used in many building applications, requires intumescent coatings. Incendiary coatings are applied to wood, designed to expand and form a protective char layer in response to elevated temperatures, impeding fire spread. Typically, these coatings improve a timber building's beam, column, and wall fire resistance ratings.
The epoxy-based segment dominated the market with the most significant revenue of USD 0.58 billion.
The epoxy-based segment dominated the market with the most significant revenue of USD 0.58 billion. During the forecast period, the market for epoxy-based intumescent coatings is expected to grow due to its outstanding passive fire protection, which acts as an insulation barrier in the event of a fire.
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Market Dynamics:
Drivers: Rising preference for lightweight materials in the building and construction
The worldwide building and construction industry's growing preference for lightweight materials, the enormous amounts of money invested in creating cutting-edge and improved infrastructure, the expansion of oil and gas exploration activities, the prevalence of shale gas outlook, and the speed at which cities are growing. They also protect structural steel from moisture and chemicals, which can corrode the metal. These coatings protect swimming pools and jet fires.
Restraint: Fluctuating raw materials price
The rising cost of raw materials is one important factor preventing the market from expanding. For instance, a rise in oil prices may result in higher costs for epoxy agents, one of the essential ingredients, and consequently higher costs for intumescent coatings.
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Some of the major players operating in the intumescent coatings market are:
● Jotun
● Hempel A/S
● Nullifire
● Carboline
● Isolatek International
● PPG Industries, Inc.
● Sika AG
● Akzo Nobel N.V.
● Contego International Inc.
● No-Burn Inc.
● The Sherwin-Williams Company
● Albi Protective Coatings
● Rudolf Hensel GmbH
● 3M
● Tor Coatings
Key Segments cover in the market:
By Type:
● Thin-Film
● Thick-Film
By Substrate:
● Structural Steel & Iron
● Wood
● Others
By Technology:
● Epoxy-Based
● Solvent-Based
● Water-Based
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About the report:
The global intumescent coatings market is analyzed based on value (USD billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes Porter's five forces model, attractiveness analysis, raw material analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirement whether they are looking to expand or planning to launch a new product in the global market.
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