Global intumescent coatings market is projected to amass significant gains owing to a shift in consumer perception regarding fire safety, stringent regulatory initiatives and burgeoning demand for costings with low VOC emissions, says this report
SELBYVILLE, Delaware, March 16, 2020 /PRNewswire/ -- Based on estimated from a report published by Global Market Insights, Inc., intumescent coatings market was estimated at $985 million in 2019 and is expected to surpass $1.3 billion by 2026, registering a CAGR of 4.8% from 2020 to 2026. The report offers an in-depth analysis of the market size & estimations, drivers & opportunities, wavering market trends, competitive scenario, top winning strategies and major investment pockets.
Surge in renovation and construction activities alongside persistent investment efforts towards infrastructure modernization is likely to accelerate intumescent coatings market growth over the estimated timeframe. The products are used extensively to reinforce steel bars, columns and standings, as well as to offer superior resistance to environmental vulnerabilities including air, moisture and chemicals. Furthermore, increasing high-rise building constructions and strict government mandates to curb fatalities from fire breakouts will add impetus to industry expansion.
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Intumescent coatings industry demand is witnessing a considerable rise on a global scale as a result of stringent regulatory initiatives and mandates for fire safety compliance. Superior resistance characteristics of the product also augment their demand from the oil & gas segment, which is anticipated to exceed $690 million by 2026, due to growing financial interest in exploration activities.
Key reasons for intumescent coatings market growth
- Burgeoning financial interest in exploration activities in oil & gas segment
- Evolving modernization and urbanization trends and rising demand for high-quality fire safety-compliant materials in construction landscape
- Shift in fire safety perceptions alongside proliferating construction of high-rise buildings
2026 forecasts show the automotive segment gaining prominence
Based on end-user, the automotive segment is projected to depict a sizeable CAGR of over 4.5% through 2026. This is owing to the rapid rise in demand for high performance vehicles that comply with stringent security parameters. The use of solvent based intumescent coatings is significantly high in passive fire protection applications, particularly for off-sight applications which require high heat and humidity resistance.
APAC to witness sizeable growth
Based on geography, Asia Pacific intumescent coatings market is anticipated to register a commendable growth rate of over 5% CAGR through 2026, as a result of rising construction activities, both residential and commercial.
Likewise, the rising construction of residential and commercial buildings across Europe, coupled with increasing investment efforts towards refurbishment of old buildings is likely to impel intumescent coatings market share. Furthermore, growing customer propensity towards fire proofing of residential buildings is also expected to foster industry growth in the region.
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Leading market players
Prominent players in the intumescent coatings market include AkzoNobel, Nullifire, Bollom Fire Protection, Carboline, 3M Company and Crown Paints. They have incorporated a number of strategies including partnership, expansion, collaboration, joint ventures, and others to heighten their stand in the industry.
About Global Market Insights, Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
GMIPulse, our business analytics platform offers an online, interactive option of exploring our proprietary industry research data in an easy-to-use and dynamic manner. Clients get to explore market intelligence across 11 top-level categories and hundreds of industry segments within them, covering regional, company level and cross-sectional statistics that make our offering a stand-out for decision-makers.
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SOURCE Global Market Insights, Inc.