by Intumescent coatings provide passive fire protection by expanding when exposed to heat and forming an insulating char layer that prevents fire spread. They are widely used in various applications such as architectural coatings, industrial plants, oil and gas platforms, underground transportation tunnels, and others. Intumescent coatings swell up to 60 times their original thickness when exposed to heat and considerably improve the fire resistance of buildings by providing a thermal barrier against the spread of flames. The global construction industry is growing rapidly owing to rising infrastructure development projects and increasing building safety norms. According to statistics, the global construction output is expected to reach $15.2 trillion by 2030. Fire protection has become an integral part of building design and construction activities worldwide. This is anticipated to boost the demand for intumescent coatings that prevent structural failures and loss of lives during fire breakouts.
The global Intumescent Coatings Market was valued at US$ 1.29 Bn in 2023 and is expected to exhibit a CAGR of 7.9% over the forecast period 2023-2030, as highlighted in a new report published by CoherentMI.
Market Key Trends:
Water-based intumescent coatings are gaining popularity as they minimize pollution during application and possess low volatile organic compound content. They provide convenience to workers as they are easy to apply with good workability and can be cleaned with water. Stringent government regulations regarding VOC emissions are propelling the demand for water-based coatings. Rising construction of green buildings along with awareness about environmental protection is a major factor driving the water-based intumescent coatings market. Companies are extensively focusing on developing new water-based and eco-friendly coating solutions to capitalize on the growing market trend.
Porter’s Analysis:
Threat of new entrants: New players find it difficult to enter the intumescent coatings market due to high capital requirements for production and the stringent regulations to be followed.
Bargaging power of buyers: Buyers have moderate bargaining power in the intumescent coatings market owing to the presence of several manufacturers offering similar products.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to the availability of substitute raw materials in the market.
Threat of new substitutes: Threat from substitutes is low due to regulatory policies mandating the use of intumescent coatings in various end-use industries.
Competitive rivalry: The global intumescent coatings market is moderately competitive due to the presence of key players.
Intumescent Coatings Market Segmentation:
- By Type
- Cellulose
- Hydrocarbon
- Inorganic
- Others
- By Substrate
- Steel
- Wood
- Concrete
- Others
- By End-use Industry
- Building & Construction
- Oil & Gas
- Transportation
- Others
- By Technology
- Water-based
- Solvent-based
- Powder-based
- By Application
- Hydrocarbons
- Cellulosic
Key Takeaways:
The global Intumescent Coatings Market Size is expected to witness high growth. The global Intumescent Coatings Market is estimated to be valued at US$ 1.29 Bn in 2023 and is expected to exhibit a CAGR of 7.9% over the forecast period 2023-2030.
The Asia Pacific region is expected to be the fastest growing market for intumescent coatings over the forecast period. This can be attributed to rapid urbanization and industrialization in countries like China and India. The Growing construction industry and stringent fire safety regulations in these countries are expected to drive the demand.
Key players operating in the intumescent coatings market are AkzoNobel, PPG Industries, Jotun, Sherwin-Williams, Hempel, BASF, Contego International, No-Burn Inc., Nullifire, Carboline, Leigh’s Paints, 3M, Rudolf Hensel GmbH, Thermakraft, Isolatek International, Flame Control Coatings LLC, Firefree Coatings Inc., Den Braven, Teknos Group, Bollom Fire Protection. AkzoNobel and PPG Industries are the market leaders in the global intumescent coatings market.
*Note:
1. Source: CoherentMI, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
