According to the new market research report "Intumescent Coatings Market by Type (Thin-Film, Thick Film), Substrates (Structural Steel & Cast Iron, Wood), Application Technique (Spray, Brush & Roller), End-use Industry (Building & Construction, Industrial), and Region - Global Forecast to 2023", published by MarketsandMarkets™, the market size for intumescent coatings is projected to grow from an estimated USD 900.1 million in 2018 to USD 1,110.0 million by 2023, at a CAGR of 4.3% from 2018 to 2023. This growth can be attributed to the increasing demand for intumescent coatings owing to the growth in the building & construction and industrial end-use industry segments, which are expected to drive the market.
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Thin-film intumescent coatings to lead Intumescent Coatings Market from 2018 to 2023
Thin-film intumescent coating is the most commonly used type for passive fire protection, globally. Thin-film intumescent coatings are either solvent-based or water-based and are mainly used for building & construction fires. The growth in the building & construction industry has propelled the growth of this type segment.
Spray technique projected to grow at highest CAGR between 2017 and 2022
Spray technique is projected to be the fastest growing application technique segment of the Intumescent Coatings Market, globally. Spray is the preferred method of application for most of the coatings. Spraying can be used to coat both thin-film and thick-film intumescent coatings. Coating applicators prefer spray technique as it is faster, has better efficiency, requires less number of coats, and provides smoother finish.
Asia Pacific estimated to be the largest Intumescent Coatings Market between 2018 and 2023
Asia Pacific is projected to be the largest Intumescent Coatings Market between 2018 and 2023. China is the largest market for intumescent coatings in Asia Pacific. The increase in building & construction activities and rise in the number of new manufacturing establishments are expected to act as a prime driver for the growth of the Asia Pacific Intumescent Coatings Market.
Key companies profiled in this research report on the Intumescent Coatings Market include AkzoNobel (Netherlands), PPG (US), Jotun (Japan), The Sherwin-Williams Company (US), and Hempel (Denmark).
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