Intumescent Coatings Market Size, Share & Trends Analysis Report By End Use (Oil & Gas, Construction), By Application (Hydrocarbon, Cellulosic), By Technology (Epoxy-, Water-, Solvent-based), And Segment Forecasts, 2019 - 2025

Industry Insights

The global intumescent coatings market size was valued at USD 927.6 million in 2018 and is anticipated to progress at a CAGR of 5.1% from 2019 to 2025. High product demand in the oil & gas sector owing to stringent regulations coupled with increasing shale gas exploration activities across the globe is likely to propel the market growth. Moreover, demand from the automotive segment is expected to fuel market growth over the forecast period.

Public transport and cargo vehicles are expected to dominate the market for intumescent coatings in the automotive segment. Stringent fire safety regulations set by different authorities across the globe will also contribute to product demand. The rapid growth of aerospace and automotive industries coupled with increasing demand for fireproof residential and commercial structures is expected to have a positive impact on the market in the U.S.

Increasing investments for shale gas exploration in the U.S. is also likely to propel the product demand over the next nine years. Introduction of advanced thin film, light-weight intumescent coatings are expected to drive the demand further. The industry exhibits low threat of substitution by alternatives, such as vermiculite fire protection, on account of superior properties of the intumescent coatings. Increased awareness about the fireproofing of residential buildings is likely to impel market growth over the forecast period.

Rapidly expanding construction sector and large-scale infrastructure developments in developing economies, such as India and Indonesia, are expected to have a positive impact on the product demand. Intumescent coatings have a high potential on account of its properties, such as durability and aesthetic appeal, which make them ideally suited for automotive and construction applications. However, volatility in the prices of raw materials is expected to restrain product demand to some extent.

Technology Insights

Based on technology, the market has been segmented into water-, solvent-, and epoxy-based coatings. Water-based is expected to be the fastest-growing technology segment from 2019 to 2025. Stringent regulations about using fire protection in buildings are likely to boost product demand. Regulations prohibiting the use of VOC paints for interior applications owing to higher toxicity and environmental impact are expected to boost the demand for water-based products. Solvent-based coatings are also anticipated to witness high demand in the coming years. These coatings are used in off-site applications in areas of low heat and high humidity to achieve decorative finish over complex shapes and for improved adhesion and high water resistance.

Application Insights

Based on the application, the market has been segmented into hydrocarbons and cellulosic. Hydrocarbons are expected to be the fastest-growing segment over the forecast period. Increasing the use of hydrocarbon intumescent coatings in industries including oil & gas and energy is likely to drive the product demand. The rapid acceptance of international standards for testing and certification of these products in the offshore market worldwide is also expected to propel the segment growth. Furthermore, high product demand in the construction industry, particularly in industrial and commercial buildings, coupled with increasing oil & gas explorations across the globe will contribute to the segment development.

End-Use Insights

Based on end-use, the market has been segmented into construction, oil & gas, automotive, and others. In 2018, oil & gas held the largest share of the global market and is expected to continue its dominance over the forecast period. Rising investments in exploration activities, deep-water projects, marginal fields, and refining capacity expansion are expected to propel the product demand in this segment.

The construction segment accounted for a significant market share in 2018. It is likely to expand further at a strong CAGR from 2019 to 2025 due to rising awareness regarding personal safety coupled with the growing emphasis by regulatory bodies to implement fire protection systems in buildings.

Regional Insights

Asia Pacific held the largest share of the global market in 2018 and will expand at the highest CAGR during the forecast years. This growth can be attributed to the rapid industrialization coupled with the growing construction sector in the region. Rising awareness regarding fire safety is also anticipated to augment product demand. Europe is expected to witness a limited growth on account of high market maturity. However, the development of advanced products coupled with rising product demand from automotive manufacturers is expected to drive the market in this region.

Intumescent Coatings Market Share Insights

The market is fragmented in nature with the presence of a few key companies, such as AkzoNobel N.V, Jotun Group, Hempel Marine Paints, Null Fire, and Sherwin-Williams Company, and medium- and small-sized regional firms, such as Carboline; No-Burn, Inc.; and Albi Manufacturing. The market is highly competitive and the manufacturers compete based on product quality and the technology used for production. They also emphasize on price differentiation as a major strategy in a bid to increase market share and follow an integrated approach to reduce costs and maximize profits.

Report Scope

Segments Covered in the Report

This report forecasts revenue and volume growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2014 to 2025. For this study, Grand View Research has segmented the global intumescent coatings market report based on technology, application, end-use, and region:

• Technology Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)

  • Water-based

  • Solvent-based

  • Epoxy-based

• Application Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)

  • Hydrocarbons

  • Cellulosic

• End-use Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)

  • Oil & Gas

  • Construction

  • Automotive

  • Others

• Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)

  • North America

    • The U.S.

    • Canada

    • Mexico

  • Europe

    • U.K.

    • Germany

    • France

    • Spain

    • Denmark

    • Finland

    • Italy

    • Belgium

    • Netherlands

    • Russia

    • Sweden

    • Romania

    • Poland

  • Asia Pacific

    • China

    • Japan

    • India

  • Central & South America

    • Brazil

    • Argentina

  • Middle East & Africa

    • Saudi Arabia

    • South Africa