Press release
Intumescent Coatings Market Trends,Outlook and Opportunity Report 2024
Thanks to the significant rise in the building and construction activities, fueled by the swift increase in the urbanization, the demand for intumescent coatings has bolstered across the world. The implementation of various regulations concerning the emission of volatile organic compounds is also influencing the sales of these coatings globally.
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Going forward, the increasing awareness among consumers regarding fire protection coatings is likely to boost the worldwide market for intumescent coatings substantially in the years come. The opportunity in this market is likely to rise at a CAGR of 7.0% between 2016 and 2024 and progress from a value of US$372.9 mn in 2015 to US$675.5 mn by the end of 2024.
Epoxy-based Intumescent Coatings to Witness Strong Demand
Based on the type of resin, the global intumescent coatings market has been classified as acrylic, epoxy, and polyurethane. Epoxy-based intumescent coatings are the most common resin across the world. Over the coming years, the demand for epoxy-based coatings is likely to increase remarkably, establishing their continued lead on this market. Among others, the acrylic-based intumescent coatings segment has been performing better compared to polyurethane-based ones. However, polyurethane resins are recently introduced into the market and are expected to have a positive influence in the near future.
In terms of the type of fire, the market has been classified into cellulosic coatings and hydrocarbon coatings. The rise in the overall construction and building sector has created a significant demand for cellulosic coatings. Hydrocarbon coatings are preferred in the petrochemical industry and the demand for these coatings is expected to augment in the upcoming years.
Asia Pacific to Remain Dominant
Geographically, Asia Pacific leads the global market for intumescent coatings. In 2015, it held more than 40% of the overall market. The increase in construction activities and the growth in population are considered as the key driving force behind the progress of the Asia Pacific market for intumescent coatings. China has emerged as a hub for the intumescent coatings market in this region. Apart from China, the ASEAN region and several nations, such as India and Japan, are also reporting a high demand for intumescent coatings. Asia Pacific is expected to retain its lead in the global intumescent coatings market over the forthcoming years.
Europe acquired the second position in the global market in 2015 and is expected to remain seated in this position over the next few years. The domestic markets for intumescent coatings in the U.K., Germany, and France are leading the European market. Although moderately mature, the demand for intumescent coatings for fire protection is likely to propel the market in this region. Germany is a massive hub for intumescent coatings with operating unit, mainly in Berlin.
The building and construction sector is the dominant end user of intumescent coatings in Europe. The demand for fire protection in the transportation and consumer electronics industries is anticipated to fuel the demand for intumescent coatings in Europe over the forthcoming years. The demand for polyurethane-based technology is estimated to increase in the region due to technological advancements in the near future.
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Akzo Nobel N.V., Jotun, PPG Industries, Sherwin-Williams Co., Albi Manufacturing, Flame Control Coatings LLC, 3M, OMNOVA Solutions Inc., RPM International Inc., Sherwin-Williams Co., Wacker Chemie AG, BASF SE, PPG Industries Inc., Sika AG, Contego International Inc., and Benjamin Moore & Co. are the prime vendors of intumescent coatings across the world.
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