Intumescent Coatings Market Size Forecast To 2031

(MENAFN- Straits Research) Introduction

The global Intumescent Coatings market was valued at USD 1.12 billion in 2021 and is projected to reach USD 1.94 billion by 2030 at a CAGR of 5.67% from 2022 to 2030.

As a result of a chemical reaction, an intumescent coating produces a layer of a protective substance that forms an insulating layer on the surface. As an aesthetically pleasing fireproofing product, intumescent coatings are frequently applied to structural membranes for the purpose of protecting buildings and undergoing testing. It is commonly referred to as intumescent paint and is used as a passive fire retardant in buildings.

Market Dynamics Stringent regulations and rising demand for oil and gas are driving the market

High product demand in the oil & gas industry, as a result of stringent regulations and an increase in exploration activities across the globe, is expected to drive market growth. In addition, demand from the construction industry is anticipated to drive market expansion over the forecast period. In the oil and gas industry, intumescent coatings are utilised to provide fire protection for onshore and offshore steel structures at temperatures exceeding 1,100°C. In addition, they are used to protect structural steel from exposure to moisture and chemicals, which can cause it to become brittle. These coatings protect against fires in pools and jets. Throughout the forecast period, rising energy demand is anticipated to fuel the oil & gas industry, which will, in turn, drive the demand for intumescent coating.

Rising demand for energy, shale gas, tight gas, and coal bed methane (CBM) as a result of the maturation of the conventional oil & gas resources market is anticipated to be a major growth driver for the intumescent coatings market. Increased global investments in the maintenance and repair of oil and gas drilling equipment and platforms are also expected to drive demand for intumescent coatings. In addition, rising exploration expenditures for shale gas in the United States are likely to spur product demand over the next seven years.

In addition, it has a quicker drying time, a high build capacity, resistance to moisture, good weather ability, and decreased overcoating intervals. Widespread use of water-based coatings for cellulosic applications such as paper, wood, and textiles in construction and infrastructure. The advantage of water-based intumescent coatings is that they are less expensive and emit less chemical odour, which will increase demand for the product.

The introduction of advanced, lightweight, intumescent thin-film coatings is anticipated to increase demand. During the forecast period, the market expansion is anticipated to be propelled by a rise in consumer awareness regarding the fireproofing of residential buildings. In addition, the rising demand for cellulosic intumescent coatings to protect the structural integrity of reinforced steel in buildings is anticipated to fuel market expansion over the forecast period.

Regional Analysis

In 2021, Asia Pacific dominated the market for intumescent coatings, accounting for more than 34 per cent of the global revenue. Numerous end-users, proximity to raw material suppliers, and rapid industrialisation & urbanisation, particularly in India and China, are anticipated to drive demand for intumescent coatings in the region. The availability of raw materials coupled with less stringent regulations regarding volatile organic compound (VOC) emissions in comparison to North America and Europe has provided enormous opportunities for the development of end-use sectors such as construction, automotive, and marine in the region.

As a result of the low labour costs in Asia-emerging Pacific's economies, a number of foreign investors have established production facilities in the region. Consequently, the increasing number of manufacturing facilities is anticipated to increase construction activity in the region, which in turn is anticipated to boost demand for intumescent coatings over the forecast period.

Key Highlights

• The global Intumescent Coatings Market was valued at USD 1.12 billion in 2021 and is projected to reach USD 1.94 billion by 2030 at a CAGR of 5.67% from 2022 to 2030.
• Stringent regulations, rising demand for oil and gas and increased investments are driving the market for intumescent coatings.
• This market can be segmented on the basis of technology, application, end-users, regions and competitors.
• By 2030, the Asia Pacific is anticipated to have the largest market share, with North America emerging as the fastest-growing market.