The penetration of IoT technology has already reached the chemicals industry, and certain industry leaders are deploying the same to achieve better connectivity between smart devices and equipment. IoT also enables chemical and material manufacturers to monitor real-time gaps in performance.
Award-winning consulting firm Fact.MR’s global report on intumescent coatings forecasts a positive outlook, projecting a CAGR of approximately 3%, to be valued at a little over US$ 1 billion by 2031. Growth is majorly expected to be pivoted by extensive application across industries such as oil & gas, construction, and automotive manufacturing.
The market accrued impressive gains in recent years, being valued at just over US$ 900 million in 2022. Increasing awareness, regulations, and emphasis regarding safety measures for the building & construction as well as rising preference for lightweight materials are driving market growth. Moreover, increasing episodes of fire hazards are prompting industries to invest in high-grade fire safety solutions.
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Key prominent intumescent coating manufacturers include*:
- BASF SE
- Rudolf Hensel GmbH
- The Sherwin Williams Company
- No Burn Inc.
- Demilec Inc.
- Sika AG
- Teknos Group Oy
- Nullifire Ltd.
- PPG Industries Inc.
- 3M Company
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According to the World Health Organization (W.H.O), an estimated 180,000 deaths occur each year from fires alone, with more deaths from scalds, electrical burns, and other forms of burning. Over 90% of these deaths occur across low- and middle-income countries. While a lot burns are a result of accidents across residential settings, fire hazards across industrial settings are rampant, comprising most of all burn injuries and accidents. Hence, key end users are increasing uptake of intumescent coatings to mitigate these tragedies.
“Increasing demand for enforcing fire safety norms is escalating uptake of advanced grade intumescent coatings across key end-use industries, stimulating market growth and widening revenue prospects,” remarks a Fact.MR analyst.
Fact.MR has studied the intumescent coatings market with detailed segmentation on the basis of resin, end-use industry, and region
- Other Resin Types
- Building & Construction
- Oil & Gas
- Other End-use Industries
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- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Key Takeaways from Market Study
- Intumescent coatings for oil & gas to generate more than 40% revenue through 2031
- By resin, epoxy intumescent coatings to surpass US$ 175 million valuation by 2031
- Polyurethane-based intumescent coatings to record CAGR of nearly 4% throughout the forecast period
- Demand across the U.S. surpassed US$ 240 million in 2022, amid extensive uptake to reduce fire hazards
- Market in China to expand at over 5% CAGR and reach more than US$ 220 million by 2031, amid growing presence of independent oil & gas exploration ventures
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Report Also Addresses:
- Market Estimates and Forecasts (2016-2031)
- Key Drivers and Restraints Shaping Market Growth
- Segment-wise, Country-wise, and Region-wise Analysis
- Competition Mapping and Benchmarking
- Brand Share and Market Share Analysis
- Key Product Innovations and Regulatory Climate
- COVID-19 Impact on Intumescent Coatings and How to Navigate
- Recommendation on Key Winning Strategies
Major intumescent coating manufacturers are majorly reliant on forging strategic collaborative agreements, mergers & acquisitions, product launches, and acquiring certifications for existing their product lines to secure a firm footing across the international marketplace.
- In October 2022, BASF SE initiated a study to investigate and develop a unique technology furthering intumescent coatings manufacturing which can dramatically decrease application times and preclude the need for a topcoat, expected to yield significant benefits to key end-users.
- In May 2022, Rudolf Hensel GmbH introduced its patented HENSOTHERM® 820 KS fire protection system which serves in lieu of concrete coverings or reinforced concrete parts, and is applied across flat floors and walls of reinforced concrete.
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