Intumescent Coatings Market size to exceed $1.56bn by 2028

Intumescent Coatings Market size is set to surpass USD 1.56 billion by 2028, according to a new research report by Global Market Insights Inc.
 

Intumescent coatings are widely used in multiple end-use industries including oil & gas, construction, automotive among several others. Increasing application scope of intumescent coating in construction industry with rising public and private investment in construction industry is projected to fuel market growth over the forecast period. Moreover, increasing investments along with technological innovations pertaining to exploration techniques has resulted in growing oil & gas exploration activities worldwide supporting the market expansion.
 

Beneficial properties of epoxy intumescent coating such as durability and versatility is anticipated to support its market demand

Epoxy-based intumescent coating market surpassed USD 485 million in 2021 and is expected to register 6.5% CAGR through 2028. Epoxy intumescent coating provides variety of beneficial properties which includes durability, versatility, low thickness, and low weight coatings for a wide variety of structures which will escalate product demand in the coming years.
 

Epoxy-based intumescent coating is widely used in petrochemical, marine, and offshore industries to provide fire protection for steel structures such as oil drilling ships, oil & gas vessels, pipe works, blast walls, tankers & naval vessels, and liquid gas carriers due to durable fire resistance and corrosion protection. Wide application scope of epoxy intumescent coating is anticipated to fuel its market expansion over the forecast period.
 

Growing petrochemical and hydrocarbon complexes in oil and gas industry is anticipated to drive the intumescent coating demand in hydrocarbons application

Intumescent coatings market from hydrocarbons application is projected to exceed USD 790 million by 2028, growing at a CAGR of 6%. Coatings are used at proper thickness for onshore production which avoids the collapse of steel framework for a certain period. Rise in hydrocarbon and petrochemical complexes in oil and gas industry will enhance hydrocarbons application demand.
 

In addition, the onshore and offshore energy and petrochemical industries have varying requirements that can fulfil the required level of safety which will escalate the intumescent coatings demand for hydrocarbon application thus fostering business landscape. Furthermore, development of new coatings which are compliant with the latest environmental exposure and fire standards along with demand for the intumescent coating with high durability in extreme environment will fuel these coatings demand for hydrocarbon application.
 

Growing fire safety norms by the government in the oil and gas industry should boost intumescent coatings demand from the oil and gas end-use segment

Intumescent coatings market from oil & gas application USD 550 million in 2021 and is poised to register 6.5% CAGR through 2028. Intumescent coatings have higher viscosity machines than specialist machines and conventional paints which is essential for oil & gas industry. Steel frameworks are breakable under extreme heats, produced by carbohydrates-powered fires on oil & gas rigs. Intumescent coatings insulate steel from heat of fire, so that the structure will stand for a longer period.

Increasing awareness about fire safety norms along with investment in oil & gas industry by several oil & gas industry players will fuel product demand. Investment in intumescent coating in likely to be more prevalent in the U.S. and China as the industry players are more focused on protection of facilities caused by unknown accidents or fire outbreaks which will create business opportunities.
 

Browse key industry insights spread across 255 pages with 215 market data tables and 48 figures & charts from the report, “Intumescent Coatings Market Statistics by Technology (Solvent-Based, Water-Based, Epoxy-Based), Application (Hydrocarbons, Cellulosic), By End-User (Construction, Oil & Gas, Automotive), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2022 – 2028” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/intumescent-coatings-market
 

Growing construction, oil & gas, and automotive industry in the North America should fuel market statistics

North America intumescent coatings market is set to surpass USD 305 million by 2028, growing at a CAGR of 6.5% owing to its growing construction, oil & gas, and automotive industry. Intumescent coatings are extensively used in fire protection of structural steel, wood and other components which are prone to fire hazards in residential and commercial construction industry.
 

The outbreak of shale gas extracting technology in North American region during the last decade have increased the competitiveness between companies’ production rates, which proportionally also increased the risk of fire hazards and other exploration related accidents. Strong government norms supporting safety and precaution for human and ecological life will invariably increase demand for intumescent coatings in machineries and other structures.
 

Intumescent coatings market is consolidated in nature with strong hold of major players includes AkzoNobel, Jotun, Sherwin-Williams, Carboline, PPG Industries, and Hempel. Key players are implementing numerous strategies such as investment to launch new products and enhance their product offerings. For instance, In March 2019, Flame Control Coatings launched a Class-A varnish system. The new varnish system provided a great fire-retardant option for interior decorative wood. The strategic initiative was intended to improve the company’s product offering and increase the company’s revenue.