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Intumescent Coatings Market to register extensive growth via oil & gas sector

Author : Ronak Bora | Published Date : 2019-04-04 

The size of Intumescent Coatings Market was anticipated as 800 million in the year 2018 and is predicted to touch 1 billion till 2024, rising with a CAGR of 4% between the years 2018 to 2024 as per the research done by Global Market Insights, Inc.

Intumescent coatings are used for fireproofing and fire protection application in oil & gas, chemical, construction and steel industry. The coating swells during elevated temperature providing protection against fire and rising temperature.

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Intumescent coatings Market is driven by increased global spending on construction industry. It swells when exposed to rising temperature or fire, increasing its volume and decreasing the density.  This characteristic makes it favorable to be used as fire proofing material in civil structures. Construction industry is expected to reach USD 13 trillion by 2024 due to growing population and increased investments in infrastructure by nations.

These coatings are approved by international standardization agencies including American Society for Testing and Materials, German Institute for Standardization and British Standards Institute driving global product demand and boosting industry growth.

Sodium silicate, epoxy resins and graphite are the raw material used in manufacturing intumescent coating, escalating demand for these materials in construction and automotive industry creates a deficit of supply to intumescent coating manufacturers increasing the price trend.

Intumescent coatings have widespread application scope in industries like petrochemical, steel and oil & gas. Increased capital expenditure in renovation, repair and maintenance in these industries should propel market growth during forecast timeframe.

Water based intumescent coatings Market should consume over 91 kilotons by 2024 owing to its low VOC content, environmental friendly traits and application scope over a wide range of climatic conditions. Stringent environmental regulations set forth to reduce emissions should boost industry growth during the period.

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Global solvent based intumescent coatings Market should account growth of over 5%, owing to its elevated surface dry rate and forming a layer over the substrate reducing its accidental damage. This segment is expected to show moderate growth during the forecast timeframe owing to stringent government policies.

Intumescent coatings show the highest growth rate in oil & gas application with CAGR of over 5%, due to increasing risk of fire and need for fire protection. High temperature environment in horizontal drilling and refining coupled with increased need for protecting metal and steel structure from chemical corrosion should drive global industry growth.

APAC intumescent coatings market is estimated to be sizing over USD 435 million by 2024 due to availability of raw material, cheap labor and increasing investment in construction industry should propel regional market growth.

Global intumescent coatings market is highly consolidated by the top companies with over half of the market share. Some key players include Jotun, AkzoNobel, Albi Manufacturing, Null Fire, Flame Control and PPG Industries, Inc.

Browse key industry insights spread across 108 pages with 201 market data tables & 18 figures & charts from the report, “Intumescent Coatings Market” in detail along with the table of contents:

www.gminsights.com/industry-analysis/intumescent-coatings-market

About Global Market Insights

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

 

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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