Intumescent Coating Market Worth $1.45 Billion By 2027

The global intumescent coating market size is expected to reach USD 1.45 billion by 2027, according to a new study by Grand View Research, Inc., expanding at a CAGR of 4.6% from 2020 to 2027. Extensive usage of passive fire protection for steel structures used in offshore and onshore extraction and purification and refining in the oil & gas industry is the key factor in boosting the market growth. In addition, rising shale gas exploration, coupled with the 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 a boost in the bargaining power.

However, volatile prices of raw materials such as epoxy resins are expected to restrain the growth of the market to some extent. Moreover, several regulations limiting the presence of Volatile Organic Compounds (VOCs) in the formulation are expected to hinder market growth. On the other hand, the 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 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 growth 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 a slowdown in construction activities in order to restrain the spread of the pandemic are expected to negatively impact the market growth.

The water-based intumescent coatings segment is anticipated to expand at a 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 and coatings in the U.S. and other mature European countries. Several companies in the market are working towards the development of new fast-drying intumescent coatings. Companies such as Alfa Laval and Hellenic Petroleum are using fast-drying water-based intumescent coatings for heat exchangers, train wagons, piping, and tanks. These coatings comply with strict VOC regulations and are suitable for shorter production turnaround time.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/intumescent-coatings-industry

Further key findings from the study suggest:

  • Asia Pacific dominated the overall market in 2019 and is expected to maintain its lead over the forecast period
  • The water-based coatings segment is expected to be the fastest-growing technology segment from 2020 to 2027
  • Oil & gas was the largest end-use segment in 2019 and is projected to expand at the highest CAGR during the forecast period
  • In September 2019, PPG Industries, Inc. introduced the new PPG PITT-CHAR NX intumescent coating, which offers additional properties of lightness and thinness, specifically in the onshore and offshore environments. The new product is expected to bring increased value to the customers.
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