Intumescent Coatings Market (Covid-19 Impact) Growth, 2020-2026 | AkzoNobel, Jotun, Hempel A/S, Sherwin-Williams, Carboline Company, 3M, PPG Industries , Crown Paints
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The construction sector is observing a period of tremendous growth over the past few years and is likely to see this growth trend continue over the coming years owing to the increasing population and the rising middle-class across the world.
Growing renovation and construction activities, which are supported by rapidly increasing investments towards the modernization of existing infrastructure would further complement the intumescent coatings market size. Intumescent coatings are utilized to strengthen bars, steel columns, and standings while also providing high resistance to a plethora of environmental susceptibilities like air, chemicals, and moisture.
Additionally, an upsurge in the construction of high rise buildings coupled with strict regulatory norms that focus on decreasing the overall number of fatalities caused by fire breakout would further accelerate the intumescent coatings market size growth.
Major key players in the intumescent coatings market are 3M Company, AkzoNobel, Albi Manufacturing, Bollom Fire Protection, Carboline, Contego International Inc., Crown Paints Ltd., Firetherm, Flame Control Coatings, Hempel, Isolatek International, Jotun Group, No – Burn, Inc, Nullifire, PPG Industries, Rudolf Hensel GmbH, Sherwin-Williams, and Sika AG.
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Increasing prevalence of fire hazards coupled with stringent regulations imposed by governments to improve fire safety in buildings will accelerate industry trends throughout the forecast timeframe. The solvent based technology of the global intumescent coatings market accounted for over USD 124 million in 2016 and is further expected to surge owing to the growing awareness about the effectiveness of these materials.
Constant fluctuations in prices of raw materials have resulted in price crisis in paints and coatings industry. In addition to this, volatile oil prices that are leading to huge increase in prices of raw materials, are urging manufacturers to increase prices of intumescent coatings. This, in turn, is a primary challenge that the intumescent coatings market is currently facing.
Intumescent coatings improve the resilience of steel against elements such as corrosion, heat, chemical and fire. UK boasts of a significant automotive industry due to the presence of prominent auto manufacturers. Growing product consumption across the automotive industry in order to protect vehicle structures from the known vulnerabilities will drive the intumescent coatings market demand over the forecast timeframe.
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