Top 3 trends favoring intumescent coatings market growth
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Intumescent coatings or intumescent paint are used in buildings as a passive fire resistance measure. The key feature of these coatings is that they expand considerably when exposed to high temperatures. Certain varieties of these coatings can expand up to100-times of their original thickness. Intumescent coatings are widely used as an insulator since their volume increases and density decreases considerably when exposed to high temperatures.
As per the estimates of Global Market Insights, Inc., worldwide Intumescent coatings market size is forecast to cross the USD 1 billion mark by 2024.
1. Utilization in fire prone sectors
Working environments in offshore petrochemical, steel, and chemical industries are potently exposed to heat and essentially require fire insulation. Moreover, intumescent coatings are highly demanded within these industries to ensure compliance with industry-specific strict fire protection and safety laws. Growing product adoption in these industries will significantly boost intumescent coating industry expansion.
Oil & gas industry generates substantial intumescent coatings market demand as extraction areas are prone to serious risks of fires and explosions. To prevent fire mishaps at these worksites, these coatings are almost invariably used. In 2015, the global oil & gas industry intumescent coatings consumption was 550 quadrillion, which had raised up from around 450 quadrillion units in 2005. Besides, extensive utilization of hydrocarbon intumescent coatings in petrochemical and energy sector for fire protection and insulation will also change business landscape.
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2. Increasing deployment of water-based intumescent coatings
Favorable government regulations for the use of water based intumescent coatings technology on account of low VOC levels is likely to fuel the product demand over the coming years. Water based intumescent coatings render a smooth finish in lesser time than other methods. Also, given the ecofriendly characteristics of water-based coatings, they have become a preferred choice among specifiers and applicators alike. In 2015, solvent based intumescent coatings market size surpassed USD 110 million. Strict environment conservation norms will further favor the use of solvent based intumescent coatings, hence favoring industry growth.
3. Demand from expanding oil & gas industry
Developing shale gas industry in China, Russia and the U.S. will positively impact intumescent coatings market size. From the beginning of twenty-first century, shale gas has become an increasingly important source of natural gas in the U.S. In 2015, the North America intumescent coatings industry accounted for nearly USD 150 million of the global share. The regional industry is driven by thriving oil & gas industry, specifically by shale gas exploration. For the record, in 2015, intumescent coatings market share from oil & gas applications was approximately USD 400 million.
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