ROCKVILLE, Md., Feb. 16, 2022 (GLOBE NEWSWIRE) — According to Fact.MR, global intumescent coating sales are anticipated to increase at approximately 3% CAGR to reach over US$ 1 billion by 2031, with extensive application for passive fire protection acquiring center stage. The oil & gas industry is expected to contribute over 40% of global intumescent coating demand, fuelled by extensive exploration and extraction projects being carried out across prominent geographies.
End-use industry segments such as building & construction, industrial, and aerospace use intumescent coatings for passive fire protection. In the case of a fire, intumescent coatings operate as a fire-resistant barrier for substrates, allowing for faster rescue and evacuation.
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According to the World Health Organization (W.H.O), an estimated 180,000 deaths occur each year from fires alone, with more deaths from scalds, electrical burns, and other forms of burning. Over 90% of these deaths occur across low- and middle-income countries. While a lot burns are a result of accidents across residential settings, fire hazards across industrial settings are rampant, comprising most of all burn injuries and accidents. Hence, key end users are increasing uptake of intumescent coatings to mitigate these tragedies.
Report Also Addresses:
- Market Estimates and Forecasts (2016-2031)
- Key Drivers and Restraints Shaping Market Growth
- Segment-wise, Country-wise, and Region-wise Analysis
- Competition Mapping and Benchmarking
- Brand Share and Market Share Analysis
- Key Product Innovations and Regulatory Climate
- COVID-19 Impact on Intumescent Coatings and How to Navigate
- Recommendation on Key Winning Strategies
Key Market Segments Covered
- Epoxy Intumescent Coatings
- Acrylic Intumescent Coatings
- Polyurethane Intumescent Coatings
- Alkyd Intumescent Coatings
- Other Resin Types Intumescent Coatings
- Intumescent Coatings for Building & Construction
- Intumescent Coatings for Automotive
- Intumescent Coatings for Oil & Gas
- Intumescent Coatings for Other End-Use Industries
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Intumescent Coatings Market – Competitive Landscape
Prominent manufacturers are leveraging such strategic initiatives as geographical expansion, partnerships, mergers & acquisitions, and new product launches to cement their market presence. Some notable developments are as follows:
- In March 2021, Akzo Nobel collaborated with QLayers to acquire a stake in the company’s industrial coatings portfolio, part of the former’s Paint the Future collaborative innovation ecosystem.
- Also, that same month, Hempel A/S inaugurated its new campus in Copenhagen, Denmark, which is an R&D facility expected to provide a hub for international scientists and contribute to accelerating and strengthening development of innovative solutions.
- In January 2021, Albi Protective Coatings obtained the GREENGUARD Gold Certification for four of its products: Albi Clad TF+, Albi Clad TF, Albi Clad FP and Albi Cote FRL-X.
Key Companies Profiled
- Akzo Nobel
- Contego International Inc.
- Hempel A/S
- Albi Protective Coatings
- BASF SE
- Rudolf Hensel GmbH
- The Sherwin Williams Company
- No Burn Inc.
- Demilec Inc.
- Sika AG
- Teknos Group Oy
- Nullifire Ltd.
- PPG Industries Inc.
- 3M Company
- Gangotri Hi-Tec Coatings
- Carboline Company
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Why is the Oil & Gas Industry a Prominent End User of Intumescent Coatings?
By end-use industry, the oil & gas industry is expected to generate over 2/5 of the global revenue share by 2031. Increasing investments in exploration activities, deep-water projects, and refining capacity are pivoting demand.
Demand is especially high as episodes of on-site fire hazards are quite frequent. Intumescent coatings significantly help by offering passive protection to steel structures such as oil rigs and drilling machines, swelling as heat increases.
How are Rising Energy Requirements Accelerating Uptake of Intumescent Coatings?
As the global population expands, fast-paced urbanization and infrastructure development has necessitated increased energy consumption, thereby generating high demand for conventional sources such as oil, gas and shale across several regions.
As per the International Energy Agency (IEA), over 35% of total energy supply comprised of oil as of 2019, mostly from OECD countries, while natural gas comprised nearly 30%. Hence, exploration activities are surging manifold, ascending demand for intumescent coatings to ensure operational safety.
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How Lucrative are Prospects for Intumescent Coating Manufacturers across the U.S.?
The intumescent coatings market in the U.S. was valued at over US$ 240 million as of 2020. This heightened demand is largely a result of an uptick in domestic construction and oil & gas exploration activities in recent years.
Also, as per the U.S Fire Association, annual losses arising out of fire hazards amounted to nearly US$ 15 billion in 2019, representing an increase of nearly three-fourths since 2010. Hence, key industries have been leveraging high-grade intumescent coatings to reduce this burden.
Key Takeaways from Market Study
- Intumescent coatings for oil & gas to generate more than 40% revenue through 2031
- By resin, epoxy intumescent coatings to surpass US$ 175 million valuation by 2031
- Polyurethane-based intumescent coatings to record CAGR of nearly 4% throughout the forecast period
- Demand across the U.S. surpassed US$ 240 million in 2020, amid extensive uptake to reduce fire hazards
- Market in China to expand at over 5% CAGR and reach more than US$ 220 million by 2031, amid growing presence of independent oil & gas exploration ventures
“Increasing demand for enforcing fire safety norms is escalating uptake of advanced grade intumescent coatings across key end-use industries, stimulating market growth and widening revenue prospects,”
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