Intumescent Coatings Market Overview
For the ongoing forecast period of 2021-2028, the Intumescent Coatings Market is expected to reach a market value that accounts for USD 1,110 million. The expected growth rate that is CAGR for the market stands at 4.3%.
Intumescent coatings are layers of protective substance that work by chemical reaction generated by heat, resulting in swelling and formation of an insulating layer on the surface, with or without the release of water. They act as a protective barrier for substrates against fire to provide rescue and evacuation time in the event of a fire.
Regulatory Framework
The US regulation NFPA 251 standards specify tests to check fire resistance of the oil & gas and construction industry materials to provide fire safety. There are various other regulations in Europe for Intumescent Coatings Market Size
Segmentation
By Application
This segment is bifurcated into hydrocarbon and cellulosic.
Hydrocarbon intumescent coatings reduce fire risk caused by oil & gas leaks because of their high thermal stability and chemical resistance. These coatings form an insulating char in the event of a fire breakout and protect the steel framework from getting too hot, which reduces the spread of fire.
Cellulosic intumescent coatings are used in the construction industry to protect the uncovered steel structures and facilitate escaping at the time of fire accidents by providing heat-resistant layers.
By Region
North America: Market growth is driven by the presence of a large industrial basein the region. Expanding end-use industries, especially aerospace & defense, building & construction, and the energy sector isthe key factor driving the market growth.
Asia-Pacific: This emerged as the fastest-growing region due to the fast-paced industrialization and urbanization in India, Thailand, and South Korea.
Latin America:Rapid industrialization in countries such as Brazil and Mexico is projected to drive market growth during the assessment period.
Middle East & Africa: The presence of large-scale oil reservoirs and infrastructural hubs in the region promotes the demand for intumescent coatings in the global market.
Europe: European region is a well-established market. Increasing demand for intumescent coatings across major end-use industries is expected to propel the market growth. The expanding aerospace andautomotive industry in the region is the key factor driving the demand for intumescent coatings in the region.
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By End Use
This segment is classified into building & construction, oil & gas, automotive & transportation, aerospace, and others.
There is an increasing demand for flame retardants in the building and construction industrydue to rapid industrialization and urbanization across the globe. Emerging countries such as China, India, Thailand, Brazil, etc. invest high amounts in infrastructural development to promote intumescent coatings.
Expanding oil & gas exploration projects in line with the rising demand for energy boosts up the demand for intumescent coatings globally.
In automotive & transportation, intumescent coatings are applied under the hood and car bottoms. There is an increased production and sales of automobiles owing to improved economic conditions of the consumers.
They are used on various components in the aircraft industry, including aviation fuel pumps, hydraulic landing gear parts, interior cabin parts, and engine nacelles.
The others segment includes mining, electrical & electronics, etc.
By Technology
This segment is classified into water-based, solvent-based, and epoxy-based.
The water-based intumescent coatings emerged as the fastest growing and leading segment on account of benefits such as low cost and low VOC contents.
Solvent-based coatings are made up of liquefying agents that evaporate via a chemical reaction with oxygen. These coatings have one significant advantage over water-based coatings, which is less susceptibility to environmental conditions such as temperature and humidity during the curing phase.
Epoxy intumescent coatings are widely used for fire protection and offer versatility, durability, attractiveness, low thickness, and lightweightedness. These coatings are used extensively in the petrochemical, offshore and marine markets.
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