Intumescent Coatings Market Growth & Trends
The global intumescent coatings market size is expected to reach USD 1.73 billion by 2030 to expand at a CAGR of 5.3% from 2023 to 2030 according to a new study by Grand View Research, Inc. Extensive usage of passive fire protection for steel structures used in offshore & onshore extraction and purification & refining in the oil & gas industry is the key factor boosting the market growth. In addition, rising shale gas exploration coupled with expanding oil & gas industry in North America is expected to propel the product demand over the forecast period. The market is characterized by the presence of a large number of raw material suppliers leading to an increase in the switching ability of the manufacturers and boost the bargaining power.
However, volatile prices of the raw materials, such as epoxy resins is expected to restrain the growth to some extent. Moreover, several regulations limiting the presence of Volatile Organic Compounds (VOCs) in the formulation is further expected to hinder market growth. On the other hand, development of advanced products that are compliant with the regulations set by the European Commission is expected to drive the demand over the next seven years. The market in Asia Pacific witnessed a significant expansion owing to increased oil & gas exploration activities, particularly in the South China Sea.
Furthermore, infrastructure development in emerging economies including India, Indonesia, and Vietnam is likely to contribute to the market development over the forecast period. However, the recent outbreak of COVID-19 has disrupted supply chains and sharply curtailed product demand. Restriction in transportation and supply due to slowdown or halting of factories, partial or nationwide lockdowns in several countries and slowdown in construction activities in order to restrain the spread of the pandemic is expected to negatively impact market growth.
Water-based intumescent coatings segment is anticipated to progress at substantial growth rate during the forecast period. Water-based intumescent coatings are primarily used where solvent-based coatings are expected to react with the substrate. They are ideal primers owing to properties such as excellent thermal and corrosion resistance. In addition, they are flame resistant and have low toxicity owing to their low VOC content and low hazardous air pollutant emissions. The use of water-based coatings is projected to increase during the forecast period due to stringent legislation regarding the solvents present in paints & coatings in the U.S. and other mature European countries. Several companies in the market are working towards the development of new fast-drying coatings product. Companies such as Alfa Laval and Hellenic Petroleum are using fast-drying water-based coatings for heat exchangers, train wagons, piping, and tanks. These coatings comply with strict VOC regulations and are suitable for shorter production turnaround time.
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Intumescent Coatings Market Report
Intumescent Coatings Market Report Highlights
- Asia Pacific dominated the overall market and is expected to maintain its dominance over the forecast period
- The oil & gas segment witnessed the fastest growth rate with a CAGR of 5.4% due to rising investments in exploration activities, deep-water projects, marginal fields, and refining capacity expansion
- The water-based coatings segment witnessed the fastest growth rate with a CAGR of 5.5%
- In September 2022, PPG Industries, Inc. introduced new PPG PITT-CHAR NX intumescent coating, which offers additional properties of lightness and thinness, specifically in onshore and offshore environments. The new product is expected to bring increased value to the customers
Key Intumescent Coating Companies:
- 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
- Rudolf Hensel GmbH
- PPG Industries, Inc.
- 3M
- Sika AG
- Tor Coatings
