Intumescent Coatings Market is projected to reach the value of USD 1.75 Billion by 2030

According to the report published by Virtue Market Research, the Global Intumescent Coatings Market was valued at USD 1.06 Billion in 2022 and is projected to reach a market capitalization of USD 1.75 Billion by 2030. Over the forecast period of 2023-2030, the market is estimated to grow at a CAGR of 6.5% owing to rising fire safety awareness and regulations.

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An intumescent is a substance that works by a chemical reaction caused by heat, resulting in swelling and a protective layer formation on the surface. This substance increases in volume and decreases in viscosity when exposed to heat. Intumescent coatings are passive fire retardants that protect steel surfaces and provide additional thermal insulation. It provides a practical and cost-effective solution for protection against fire and corrosion of structures made of alloys and steel. The increasing consumer awareness regarding intumescent coating and its fire-resistant properties is projected to fuel the global intumescent coatings market. Intumescent coatings are becoming popular in the modern architectural design of both industrial and commercial buildings. Intumescent coatings are known for their longevity and durability. They can last for many years without requiring to be reapplied. They are resistant to damage from moisture and ultraviolet (UV) radiation. These qualities make it an attractive solution for property owners who want to protect their buildings from fire damage without incurring high maintenance expenses. Intumescent coatings are also used in industrial and commercial applications to protect equipment, machinery, and other materials from fire. Moreover, Governments and regulatory bodies have started to recognize the significance of passive fire protection measures in preventing the spread of fire and are increasingly decreeing the intumescent usage in buildings to comply with safety regulations, thus augmenting its demand worldwide.

The outbreak of the COVID-19 pandemic negatively affected the automotive, aerospace construction, and oil & gas industries and led to a decrease in demand for intumescent coatings for fireproofing and spray-applied fire-resistive materials. There were disruptions in the supply chains and construction schedules of the buildings and construction market. Manufacturers of intumescent coatings for fireproofing and spray-applied fire-resistive materials incurred huge losses. Various construction projects were delayed or cancelled, which led to a decline in demand for intumescent coatings in the short-term. However, the COVID-19 pandemic has also created new opportunities for growth in the intumescent coatings market. Heightened focus on hygiene and safety resulted in increased demand for fire-resistant and antimicrobial coatings, which expanded the intumescent coatings market's growth. Moreover, there has been an increased demand for intumescent coatings in the healthcare sector, where they provide fire protection in hospitals and other healthcare centres. The development of new and enhanced intumescents that provide increased resistance and durability, and can be applied more quickly, leading to increased efficiency and reduced expenses, is also driving the market growth.

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Segmentation Analysis:
The Global Intumescent Coatings Market includes:

By Technology:
• Water-based
• Solvent-based
• Epoxy-based

In 2022, the epoxy-based technology segment held the maximum market share. Epoxy-based intumescents are intumescents created from epoxy-base material. These coatings are typically applied as a thin layer to the steel's surface and protect steel structures. Their nature makes them highly durable and resistant. They are suitable for use in harsh environments due to these properties. Coatings made of epoxy are used in a variety of applications, like oil and gas facilities, industrial and commercial buildings, and transportation.

By Application:
• Hydrocarbon
• Cellulosic

In 2022, the cellulosic application segment held the highest market share. Cellulosic intumescents provide protection against fire for cellulosic substrates such as paper, cardboard, and wood. These coatings are specifically formulated to protect these materials from fire damage by forming a thick, protective layer when exposed to high temperatures. Cellulosic coatings are used in applications like the packaging of goods, construction of buildings, and transportation of hazardous materials, where there is a requirement for fire protection for cellulosic substrates.

By End-User:
• Automotive
• Construction
• Oil & Gas
• Others

In 2022, the oil & gas end-use segment held the highest market share. The oil & gas industry uses intumescents to provide protection to equipment and structures from fire and explosions. Intumescents are applied to the equipment and structures of drilling rigs to prevent their exposure to high temperatures. They are also applied to the pipeline's surface to prevent it from rupturing and leaking caused due to the high temperatures. They are also applied to the steel surfaces of the platform to prevent them from reaching high temperatures and weakening in the event of a fire. Additionally, these coatings are used on equipment such as distillation columns, storage tanks, and heat exchangers.

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Regional Analysis:

The Asia Pacific region dominates the global intumescent coatings market, accounting for more than 35% of the market share. Asia-Pacific held the largest market share with the help of rapid industrialization and urbanization, ease of availability of raw materials, and the prevalence of low stringent laws regarding volatile organic compounds (VOC) emissions in the region. Low labor costs attracted a number of foreign investors to establish manufacturing facilities in Asia-Pacific's emerging nations. As a result, the region's construction activity is projected to rise due to the growing number of manufacturing facilities, which is anticipated to increase demand for intumescent coatings over the forecasted period.
The regions of North America and Europe are estimated to hold the highest growth rate due to the rising growth of the various end-use industries such as automotive, marine, and construction.

The region of South America is anticipated to witness growth in the intumescent coating market over the forecasted period owing to the growing construction activities.
The Middle East & Africa is projected to witness growth in the market due to the increasing oil & gas exploration activities.

Latest Industry Developments:

• In December 2022, AkzoNobel completed the acquisition of the aluminum wheel liquid coatings of Lankwitzer Lackfabrik GmbH. It will help to bolster the company's performance coatings portfolio.

• In November 2022, Sherwin-Williams announced the acquisition of german-based wood coating businesses, namely Oskar Nolte GmbH and Klumpp Coatings GmBH.

• In July 2021, StanChem Polymers' wholly-owned subsidiary, Albi Protective Coatings, acquired DuxPaint and its sister companies, Hawthorne Coating and Hood Products.

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Virtue Market Research is a strategic management firm helping companies to tackle most of their strategic issues and make informed decisions for their future growth. We offer syndicated reports and consulting services. Our reports are designed to provide insights on the constant flux in the global demand-supply gap of markets.

This release was published on openPR.