Increasing fire accidents results in loss of currency, property, and life too. Several rules and regulations are derived by fire agencies and governments across the world to ensure the population safety. The safety codes and regulations made by governments have stroked the demand for efficient coating that protects buildings and other materials from fire hazardous. The details indicates the growing opportunities for the vendors of intumescent market. Owning to increasing demand for coatings from different sectors, the market value was $900 million in 2018. Also, with growing usage of intumescent coatings products, the market opportunities will grow with a compound annual growth rate (CAGR) of 4.10% during the forecast period of 2019-2025.
As per the report by International Organization of Motor Vehicles Manufacturers, the increase in automotive sales is registered as 97 million in 2017. [1] The fact surely indicates that the intumescent market growth was influenced by the development in automotive industry. Furthermore, positive growth of construction and automotive industry in APAC region are influencing the market. APAC is positioned as the leading region with market share of 25% in 2018.
Intumescent Coatings Market Outlook
Intumescent are known as the chemical substance which has the ability to expand when it is exposed to extreme heat and fire. Furthermore, it produces char that insulates the material surface from flame by cutting down the oxygen mandatory for combustion. Due to its property the intumescent are widely used as a coating material to protect substances from fire damage and heat which in turn increases the material lifespan. Ablative coatings are type of intumescent coatings, this coating is highly effective towards fire and heat protection and unaffected by oil, moisture, fungus and contains no harmful additives such as VOCs.
The increasing demand for oil and gas coupled with automotive production worldwide has to lead into more production of minerals, oils, and gas which is further accumulating the oil and gas sector offshore. Resultantly, recent released report by Bureau of Safety and Environmental Enforcement evaluated that around 429 incidents are reported in 2017 which included fire and explosion case. [2]Therefore, requires a huge access of intumescent coating in the sector. The growing demand and revenue of intumescent market is due to major share of oil and gas which will grow with a CAGR of 4.50% during the forecast period.
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Intumescent Coatings Market Growth Drivers
· The steel beams are one of the major materials in the construction industry. Steel beams are coated to reduce the risk of fire incidents. The growth of construction industry across the globe is escalating the growth of the intumescent market.
· The growing consumer’s preferences for wooden aesthetics and wooden objects require coating the wood surface with intumescent to prevent them from combusting. The growth of wooden material and flooring is anticipated to enhance the intumescent coating market growth.
· Increasing awareness, regulations and emphasis on safety measures are factors that are attributed with the intumescent market growth.
· Other coating makes the material weight heavy. Intumescent coatings are lighter in weight and do not affect the material charactertics. Due to increasing demand for light weight automotive and construction parts the demand for intumescent coatings are highly preferable by the industries. The intumescent provides better safety, and reduces overall weight of the structure that is boosting the growth of the intumescent market.
Intumescent Coatings Market Trends
· The intumescent coating that is used to protect the steel structure from corrosion and fire. Therefore, it helps to reduce the labor work and improve productivity of the components. Moreover, the advancement in coatings such as capability to sustain the superior adhesion under high temperature which leads to increased building safety has become one of the solutions for fire protection. The increasing demand for such coatings is directly proportional with the growth of the intumescent market.
· The material now used for the intumescent is made out of polymers such as synthetic resins. Furthermore, chemicals including endothermic along with resins provides coating to adhere firmly to the steel.
· The development in intumescent coatings to maintain the assorted colors, further addition of pigments to the mixture to achieve the aesthetic function of normal paints. The development in the process helped the manufacture to incline the coating business into intumescent paint market that helped the in the development of the intumescent coatings market.
· The intumescent coatings are modified by adding the chemical components which is anticipated to increase the lifespan of the materials surface when it is exposed to UV rays and moisture. The advancement in the coating boosting the market growth.
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Intumescent Coatings Market Challenges
The passive fire protection techniques and preventive measures before the hazards are still unknown to major part of the population including construction and factory vendors. Moreover, the fluctuated price of the coating makes it less preferable which leads to consumers finding and using alternative solutions for fire protection such as cementitious coatings. The downfall features of alternative solutions such as loss of adhesion, spalling, and cracking are unable to provide the required level of performance and reliability. Various seminars and instruction from fire department agency and manufactures to aware consumers towards accepting the better methods to reduce fire accident. The growing awareness are now inclining many consumers towards use of intumescent coating. Furthermore, exposure of intumescent coatings with harsh environment reduces the coatings property. Also, improper applications surface treatments results in sagging of the coating and when sag coating comes in contact with the fire it emits smoke which is not either good for the environment and also it affects people to sight while moving out of the hazardous site. Various key industries and manufacturers are focusing on developing coatings that work against fire without emitting smoke. The development in the coating will boost the intumescent market.
Intumescent Coating Market Key Players Prespective
Some of the major players in the market are Sherwin Williams, PPG Industries Inc., AkzoNobel NV, Jotun, Kansai Paint, Teknos Group, 3M, BASF, Carboline, Demilec USA, Contego International, and Sika AG.
Intumescent Coating Market Research Scope:
The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the Intumescent Coating Market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats.
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Intumescent Coating Market Report: Industry Coverage
The report analyses the product demands by the Intumescent Coating Market on the basis of end user that include automotive, construction and industrial. The Intumescent Coating Market report also analyzes the major geographic regions as well as the major countries in these regions. The regions and countries covered in the study include:
North America: The U.S., Canada, Mexico
South America: Brazil, Venezuela, Argentina, Ecuador, Peru, Colombia, Costa Rica
Europe: The U.K., Germany, Italy, France, the Netherlands, Belgium, Spain, Denmark
APAC: China, Japan, Australia, South Korea, India, Taiwan, Malaysia, Hong Kong
Middle East and Africa: Israel, South Africa, Saudi Arabia
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