ALBANY, New York, October 11, 2018 /PRNewswire/ --
In a recent report by Transparency Market Research (TMR), the vendor landscape of the global intumescent coatings market is expected to increase at a steady pace owing to the recently introduced polyurethane resins in the market. In the coming years the demand for intumescent coatings is likely to increase as major players are emphasizing more on expanding their outreach geographically and distributing their networks in order to gain more profits in the market.
Some of the leading players of the global intumescent coatings market are OMNOVA Solutions Inc., Flame Control Coatings LLC, 3M, Akzo Nobel N.V., Sherwin-Williams Co., and Albi Manufacturing. Leading competitors of the market are focusing more to explore new growth opportunities with the help of mergers and acquisitions. Not only this, they are also applying new strategies in order to hold a strong base in the market all over the world. Apart from collaborations plans, leading vendors are also investing more on research and development activities and increasing them with the aim to give a tough competition to other participants in the market in the future years.
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As per the TMR report, the global intumescent coatings market is projected to earn a US$675.6 mn by the end of 2024. The market is estimated to expand with 7.0% CAGR during the period of 2016 to 2024. Geographically, Asia Pacific is presumed to hold a leading share in the market as it was dominating in the earlier years of 2015 with more than 40% share of the overall market.
Asia Pacific Market to Increase at Faster Rate Owing to Increasing Number of Construction Business
Intumescent coatings are majorly applied across construction and building sector and are to provide lucrative opportunities over the years to come. There has been an increase in demand for intumescent coatings all over the construction and building industries and owing to this there has been numerous growth opportunity for these coatings all around the world.
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The outcome of increase in the number of fire accidents is such that there is injury or loss of both property and most importantly, of life. This has now led to an implementation of different standards, regulations, and codes for fire protection and fire safety. From all around the world, the region having the highest number of fire safety codes of conducts is Europe. This is closely followed by North America. The consumption of intumescent coatings have also increased deliberately due to the implication of these codes. Several countries all around the world have started executing these rules and regulations for fire safety and building protection.
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From a geographical perspective, the global intumescent coatings market is anticipated to be overpowered by the Asia Pacific region. This is due to the fact that there has been massive surge in construction activities especially of infrastructure for both commercial as well as residential sectors.
Lack of Awareness of Fire Safety Hindering Market Growth
Although the intumescent coatings market is experiencing a stable growth, there are certain factors like expensive cost that might hinder the market in the long run. The high cost of the intumescent coatings may bring down the preference level in the market, thus affecting the revenue income altogether. Consumers in developing nations like that of Thailand, India and China are very cost-sensitive, and since they provide more potential for growth, them turning away to cheaper coating systems may not only stagnate the safety measures of building and property but also decelerate the growth rate of the overall market. Besides the higher cost, the market may also be affected by the lack of awareness about fire safety and protection and its remedial measure in most of the countries, thus, hampering the overall growth of the market in the future.
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However, the implication of safety codes are making efforts to create awareness as well as provide protection from fire incidents by opting intumescent coatings and this may turn up the growth rates eventually.
The information presented in this review is based on a TMR report titled, "Intumescent Coatings Market (Resin Type - Acrylic, Epoxy, and Polyurethane; Fire Type - Cellulosic and Hydrocarbon; Technology - Water-based, Solvent-based, and Powder-based; Application - Building & Construction, Oil & Gas, Transportation, and Consumer Electronics) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024"
Global Intumescent Coatings market is segmented as follows:
Global Intumescent Coatings Market by Resin Type
Global Intumescent Coatings Market by Fire Type
Global Intumescent Coatings Market by Technology Type
- Water based
- Solvent Based
- Powder Based
Global Intumescent Coatings Market by Application Type
- Building & Construction
- Oil & gas
- Consumer electronics
Global Intumescent Coatings Market by Region
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
- Latin America
- Rest of Latin America
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