Intumescent Coatings Market Demand for Improved Fire Safety to Fuel Growth By 2024
While expanding operations across emerging nations has become a mainstay strategy, they are also exploring opportunities via strategic collaborations and joint ventures. However, such persisting efforts to gain edge over rivals has made the prevailing competition in the global intumescent coatings market even fiercer.
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The strategies adopted by the players have a profound impact on the overall intumescent coatings market, which according to TMR will exhibit a CAGR of 7.0% between 2016 and 2024. At this pace, the market is expected to reach US$675.6 mn by the end of 2024, from its valuation of US$372.9 mn in 2015.
Among the segments in terms of application, the building and construction sector has exhibited the highest demand for intumescent coatings. While the segment will remain at the market’s fore through the forecast period, the oil and gas industry will emerge as a key consumer during this time as well. Regionally, Asia Pacific emerged dominant with a share of 40% in the global intumescent coatings market in 2015. Against the backdrop of rising construction activities across emerging nations, the demand for intumescent coatings will continue pacing up through the forecast period in 2015. China will leading the intumescent coatings market in Asia Pacific. Besides this, the market is likely to witness lucrative opportunities in Japan and India over the forthcoming years.
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Expansion in Building and Construction Industry Fuels Demand for Intumescent Coatings
The global intumescent coatings market is chiefly driven by the expansion of the building and construction industry worldwide. Besides this, the soaring population and urbanization witnessed especially in developing nations have enabled the market exhibit strong growth over the last few years. Safety of buildings from unforeseen hazards such as fire and excessive heat is the chief concern among consumers. Capitalizing on this, contractors are adopting intumescent coatings, since they foster greater strength and stretch the longevity of structural steel, thereby preventing the building from collapsing. In addition, implementation of stringent norms by government intended at improving fire safety across buildings will act as a key market driver.
Scarcity in Supply of Raw Materials to Emerge as Key Restraint
On the downside, the scarcity of titanium oxide will pose threat to the market. Also bottlenecks in supply dynamics of raw materials will emerge as a key hindrance in the coming years. Nevertheless the rising application in steel, chemical, and petrochemical sector will give impetus to the market in the near future. Intumescent coatings offer excellent fireproofing, which is why their demand in business operations that are exposed to elevated temperature is considerably high. On the back of these factors, the global intumescent coatings market will continue exhibiting a positive trajectory through the report’s forecast period.
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insights for decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, TMR employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.
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