Westford, USA, April 24, 2023 (GLOBE NEWSWIRE) -- SkyQuest projects that the Intumescent Coatings Market will attain a value of USD 1.64 billion by 2030, with a CAGR of 5.64% over the forecast period (2022-2030). The market expansion in the oil and gas sector is anticipated to be driven by the rise in product demand due to severe constraints and increased international exploration operations. Also, it is predicted that demand from the construction sector will drive market expansion throughout the forecast period. Intumescent coatings are employed in the oil and gas sector to safeguard structural steel from the fire at temperatures of 1,100°C and higher on land and sea. They also shield structural steel from exposure to moisture and chemicals that can cause the metal to rust. In addition, these coatings provide protection from pool and jet fires. Rising energy consumption is predicted to assist the oil and gas industry throughout the forecast period, which is expected to increase the demand.
According to the SkyQuest, the rising demand for energy, shale gas, tight gas, and coal bed methane (CBM) due to the maturing of the conventional oil and gas resources industry is anticipated to be a significant growth driver for the Intumescent Coatings market. The need for intumescent coatings is expected to rise as global investments in oil and gas drilling platforms and equipment maintenance and repair rise. For the next seven years, growing shale gas exploration costs will also increase product demand.
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- Pages - 254
- Tables - 89
- Figures – 78
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A type of fire-retardant coating known as an intumescent coating enlarges when exposed to high temperatures, creating a thick char layer shielding the substrate from heat and fire. Buildings, industrial facilities, and vehicles frequently use these coatings to offer passive fire protection and slows the fire spread. Steel, wood, and concrete can all be coated with intumescent layers, which come in various forms, including paints, varnishes, and sprays. They can aid in lowering heat transfer in structures and machinery by serving as thermal insulation.
Prominent Players in Intumescent Coatings Market
- 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
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Cellulosic Segment in the Intumescent Coatings Market is Expected to Grow Rapidly Due to its Eco-Friendly Properties
The cellulosic segment dominated in 2021. Cellulosic intumescent coatings are mostly used in the building sector to protect exposed steel structures and facilitate escape during fire occurrences by providing heat-resistant layers. Therefore, the need for intumescent coatings in the construction industry, particularly in industrial and commercial structures is anticipated to fuel market expansion.
North America is predicted to grow at the fastest rate due to the region's expanding spectrum of end-use industries, including the automotive, maritime, and construction sectors. The region's well-established construction sector is responsible for a sizeable portion of market demand. Furthermore, it is anticipated that the presence of significant competitors and their emphasis on product innovation and development will further fuel the market expansion in North America.
End-use Segment is Expected to Witness a Significant Growth Due to Increasing Awareness and Stringent Safety Regulations
The oil and gas end-use segment led the market with more than 46.0% of global revenue in 2021. Rising investments in exploration projects, deep-water initiatives, marginal fields, and increased refining capacity are anticipated to have an impact on the product demand. Additionally, it is expected that during the forecast period, the market would develop as a result of rising exploration activities in the sector and increased government emphasis on adherence to stringent fire safety laws.
Asia Pacific dominates the market due to the region's large number of end users, proximity to raw material suppliers, growing industrialization, and urbanization, particularly in China and India. Many foreign investors have chosen to locate their manufacturing businesses in Asia's developing countries due to the region's low labor costs. As a result, the expansion of manufacturing facilities will likely increase local construction activity, ultimately increasing demand for intumescent coatings.
A comprehensive analysis of the major players in the intumescent coatings market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavours to develop innovative solutions to cater to the growing demand.
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Key Developments in Intumescent Coatings Market
- In October 2021, Huntsman Building Solutions were able to market a variety of No-intumescent Burn's coatings to contractors across the nation due to a collaboration recently announced between No-Burn Inc. and the company. This collaboration is scheduled to begin. Clients have better access to No-fire-resistant Burn coating options to the collaboration (contractors).
- In September 2021, The relationship between No-Burn Inc. and Huntsman Building Solutions, which was announced, enables Huntsman Building Solutions to sell a variety of No-intumescent Burn coatings to contractor customers across the US. In addition, the collaboration makes No-fire Burn's protection coating products easily accessible to customers (contractors).
Key Questions Answered in Intumescent Coatings Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how these differences shape the market's future growth?
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