What is an intumescent coating?
Intumescent coating refers to fire resistant paint that is used in buildings to make them withstand high temperatures. The paint is inert at low temperatures and acts as excellent insulator at high temperature ranging 200 to 250 degree Celsius.
The global Intumescent Coatings Market is anticipated to exhibit a healthy CAGR during the forecast period, according to a report available on Million Insights. Intumescent coating refers to fire resistant paint that is used in buildings to make them withstand high temperatures. The paint is inert at low temperatures and acts as excellent insulator at high temperature ranging 200 to 250 degree Celsius. In addition, it provides pleasing finish to the infrastructure by enhancing the appearance of structural steel.
Growing safety concerns in residential and commercial buildings to prevent major damages due to accidents is anticipated to propel intumescent coating market growth. Every year, hundreds of innocent humans die in sudden fire accidents due to suffocation and rampage. Thereby, it is essential to take all precautionary measures while constructing residential and commercial buildings. Intumescent coatings are able to make these buildings fire proof, which makes it suitable for humans. In addition, increasing use of lightweight materials in aerospace and construction industry is expected to impel intumescent coatings industry growth. Moreover, stringent regulations being imposed by government across various nations regarding protection of buildings from fire will drive the market over the forecast period.
To cater to rising demand for technologically advanced paints, manufacturing companies are investing in R&D to develop innovative products. For instance, in December 2018 Hempel launched passive fire protection coating called Hempafire Pro 315. This coating is aimed to protect steel structures during fire accidents. The paint offers advanced properties such as fast drying, low loadings, and improved efficiency.
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Based on technology, the intumescent coatings market can be categorized into water based, solvent based, and epoxy based coatings. Water based segment is anticipated to witness fast growth over the forecast period. This is attributed to rising demand for paints that are free from volatile organic compounds (VOCs) to protect environment from harmful emissions. In addition, positive characteristics including superior finish, fire resistance, and faster drying will drive segment’s growth over the forecast period.
In terms of application, the intumescent coatings market can be bifurcated into hydrocarbons and cellulosic. Hydrocarbons segment is expected to hold largest market share over the forecast period owing to increasing use in energy and oil and gas industries. Growing adoption of international standards in certification and testing of these products can drive segment’s growth. In addition, growing number of oil and gas exploration activities and high product demand in construction industry will segment’s growth.
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On the basis of end-use, the intumescent coating industry can be classified into oil & gas, automotive, construction, and others. Oil and gas segment is predicted to hold largest market share over the forecast period. This is attributed to increasing investments in deep water projects, exploration activities, marginal fields, and refining capacity expansion.
On the contrary, automotive sector is likely to witness significant growth in the coming years. Growing awareness among people regarding benefits of fire protection systems in buildings will drive segment’s growth.
Regional segmentation includes Asia Pacific, North America, Europe, Central & South America, and Middle East & Africa. In Asia Pacific, the market is predicted to dominate and hold largest market share during the forecast period. Rising number of construction activities in emerging economies including China and India can drive product demand in coming years. In addition, growth of automotive and aerospace sector will drive regional market growth.
Europe, on the other hand is anticipated to witness significant growth in coming years owing to highest number of safety regulations regarding fire protection and fire safety. Such regulations are likely to drive demand for fire proof paints.
Some of the key players in the intumescent coating market are Jotun, Sherwin-Williams, AkzoNobel, Contego International, and Hempel Marine Paints. Companies are adopting business strategies such as mergers and acquisitions to expand their product portfolio. In addition, companies are using advanced technology for production to gain competitive edge over others.
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