Press release
Demand for Epoxy-Based Intumescent Coatings to Surge at a CAGR of 4% by 2031
Award-winning consulting firm Fact.MR’s global report on intumescent coatings forecasts a positive outlook, projecting a CAGR of approximately 3%, to be valued at a little over US$ 1 billion by 2031. Growth is majorly expected to be pivoted by extensive application across industries such as oil & gas, construction, and automotive manufacturing.Click Here to Get Complete Synopsis of this Report https://www.factmr.com/report/intumescent-coatings-market
The market accrued impressive gains in recent years, being valued at just over US$ 900 million in 2020. Increasing awareness, regulations, and emphasis regarding safety measures for the building & construction as well as rising preference for lightweight materials are driving market growth. Moreover, increasing episodes of fire hazards are prompting industries to invest in high-grade fire safety solutions.
According to the World Health Organization (W.H.O), an estimated 180,000 deaths occur each year from fires alone, with more deaths from scalds, electrical burns, and other forms of burning. Over 90% of these deaths occur across low- and middle-income countries. While a lot burns are a result of accidents across residential settings, fire hazards across industrial settings are rampant, comprising most of all burn injuries and accidents. Hence, key end users are increasing uptake of intumescent coatings to mitigate these tragedies.
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Key Takeaways from Market Study
Intumescent coatings for oil & gas to generate more than 40% revenue through 2031
By resin, epoxy intumescent coatings to surpass US$ 175 million valuation by 2031
Polyurethane-based intumescent coatings to record CAGR of nearly 4% throughout the forecast period
Demand across the U.S. surpassed US$ 240 million in 2020, amid extensive uptake to reduce fire hazards
Market in China to expand at over 5% CAGR and reach more than US$ 220 million by 2031, amid growing presence of independent oil & gas exploration ventures
“Increasing demand for enforcing fire safety norms is escalating uptake of advanced grade intumescent coatings across key end-use industries, stimulating market growth and widening revenue prospects,” remarks a Fact.MR analyst.
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Competitive Landscape
Major intumescent coating manufacturers are majorly reliant on forging strategic collaborative agreements, mergers & acquisitions, product launches, and acquiring certifications for existing their product lines to secure a firm footing across the international marketplace.
In October 2020, BASF SE initiated a study to investigate and develop a unique technology furthering intumescent coatings manufacturing which can dramatically decrease application times and preclude the need for a topcoat, expected to yield significant benefits to key end-users.
In May 2020, Rudolf Hensel GmbH introduced its patented HENSOTHERM® 820 KS fire protection system which serves in lieu of concrete coverings or reinforced concrete parts, and is applied across flat floors and walls of reinforced concrete.
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Report Also Addresses:
Market Estimates and Forecasts (2016-2031)
Key Drivers and Restraints Shaping Market Growth
Segment-wise, Country-wise, and Region-wise Analysis
Competition Mapping and Benchmarking
Brand Share and Market Share Analysis
Key Product Innovations and Regulatory Climate
COVID-19 Impact on Intumescent Coatings and How to Navigate
Recommendation on Key Winning Strategies
More Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the intumescent coatings market, presenting historical demand data (2016-2020) and forecast statistics for the period of 2021-2031. The study divulges essential insights on the market on the basis of resin (epoxy, acrylic, polyurethane, alkyd, and other resin types) and end-use industry (building & construction, automotive, oil & gas, and other end-use industries), across five major regions of the world (North America, Europe, Latin America, Asia Pacific, and the Middle East & Africa).
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