Intumescent Coatings Market Size to Climb to USD 2.4 billion by 2034 with a 7.4% CAGR, Supported by Steel Fabrication Fireproofing Demand | States Transparency Market Research, Inc.
Wilmington, Delaware, United States, Transparency Market Research, Inc., Oct. 03, 2024 (GLOBE NEWSWIRE) -- According to industry estimates, the global market for intumescent coatings was worth US$ 1.1 billion by 2023. A CAGR of 7.4% is projected from 2024 to 2034, reaching US$ 2.4 billion in 2034.
Complying with government standards and production codes is crucial for the proper formulation, distribution, and high-quality performance of intumescent coatings. In order to increase overall sales, manufacturers are concentrating on controlling product prices. There is a strong market for paints, primers, and coatings that are fire retardant and adhere to legal requirements.
Faster cure times without the need for additional coats have been made possible by the introduction of hybrid intumescent coatings, such Nullifire SC902, while maintaining the same level of fire protection and ratings.
The formulation of intumescent coatings using vegetable chemicals and tannins for fire protection is the subject of continuing research and development. The goal of this strategy is to offer more ecologically friendly substitutes for conventional intumescent coatings, which frequently get their carbon from non-renewable sources.
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Key Findings of the Market Report
- Based on resins, acrylic is expected to be the leading segment.
- The cellulosic segment will likely create a market for intumescent coatings.
- Intumescent coatings are expected to benefit from water-based technologies.
- Building & construction accounted for the largest share of the market in 2023
- Building and construction are booming in India, fueling Asia Pacific market statistics.
Global Intumescent Coatings Market: Growth Drivers
- As governments and regulatory agencies around the world enforce fire safety standards and building safety rules, intumescent coatings markets are heavily influenced.
- These coatings slow the spread of fire by expanding in the presence of heat and generating an insulating layer of char. The market for intumescent coatings is being driven by rising awareness of the value of fire safety among customers, building owners, architects, and builders.
- The market is expanding as a result of ongoing research and development initiatives to enhance the effectiveness and performance of intumescent coatings. In order to increase the range of applications for these coatings, manufacturers are concentrating on creating sophisticated formulas with improved environmental sustainability, fire resistance, and durability.
- The need for intumescent coatings that adhere to green building standards is growing as there is a greater focus on environmentally friendly and sustainable building techniques.
- In order to comply with green building efforts and regulations, manufacturers are creating products with low volatile organic compound (VOC) content and ecologically friendly formulations, which is propelling market expansion.
- Buildings must frequently adhere to strict fire safety regulations in order for insurance providers to grant coverage or reduce prices. In order to meet insurance regulations, building owners and developers are therefore more likely to utilize fire-resistant materials, such as intumescent coatings, which fuels market demand.
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Global Intumescent Coatings Market: Regional Landscape
- The intumescent coatings market (Markt für intumeszierende Beschichtungen) will likely lead the market in the coming years. A number of Asia-Pacific nations are implementing stricter fire safety requirements and improving their building safety laws. The development of intumescent coatings as an essential part of passive fire protection measures is fueled by government initiatives to increase fire safety in buildings and infrastructure projects.
- Building projects are placing more focus on using fire-resistant materials and systems as a result of growing consumer, company, and government awareness of the value of fire safety. The Asia Pacific region's need for intumescent coatings has increased as a result of this awareness in a number of end-use sectors.
- Significant developments in coating formulas and technology are occurring in Asia Pacific. The region's manufacturers are devoting resources to research and development in order to create high-performance, more efficient intumescent coatings that are customized to satisfy the unique needs of regional markets. The use of intumescent coatings is being driven by these technological advancements in a variety of industries.
- Sustainable and green building approaches are being used by the Asia Pacific region more and more in an effort to address energy efficiency and environmental issues. As part of sustainable construction activities, intumescent coatings with low volatile organic content, eco-friendly formulas, and compliance with green building regulations are becoming more and more in demand in the region.
Global Intumescent Coatings Market: Competitive Landscape
As a bio-based green filter, adenosine triphosphate (ATP) is being researched by companies operating in the global intumescent coatings market.
Key Players Profiled
- Akzo Nobel N.V.
- Albi Protective Coatings
- Jotun
- Flame Control Coatings LLC
- 3M
- OMNOVA Solutions Inc.
- RPM International Inc.
- Sherwin-Williams
- Wacker Chemie AG
- BASF SE
- PPG Industries Inc.
- Sika AG
- Contego International
- Benjamin Moore & Co.
Key Developments
- In July 2023, Jotun, a leading manufacturer of intumescent fire protection coatings for the infrastructure and energy sectors, completed the expansion of its global intumescent research and development laboratory to advance new products and technology.
- In March 2024, Sherwin-Williams Protective & Marine will introduce their new intumescent thin-film fire protection coating, FIRETEX FX7002, for commercial construction. In addition to protecting structural steel substrates, this solvent-based coating is ideal for on-site applications.
Global Intumescent Coatings Market: Segmentation
Resin
- Acrylic
- Epoxy
- Polyurethane
- Others
Fire Type
- Cellulosic
- Hydrocarbon
Technology
- Water-based
- Solvent-based
- Powder-based
Application
- Building & Construction
- Oil & Gas
- Transportation
- Consumer Electronics
- Others
Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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