The intumescent coatings market 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. Intumescent coatings provide passive fire protection to substrates and help delay structural collapse in case of a fire.
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Investment & expansion was the key strategy adopted by leading players to enhance their presence in the intumescent coatings market between 2014 and April 2018. Apart from investment & expansion, leading players also adopted merger & acquisition and new product launch to enhance their market share in the intumescent coatings market. AkzoNobel (Netherlands), PPG (US), Jotun (Japan), The Sherwin-Williams Company (US), and Hempel (Denmark) are some of the leading players in the intumescent coatings market.
AkzoNobel manufactures products through three business segments, namely, decorative paints, performance coatings, and specialty chemicals. The company manufactures intumescent coatings through the marine and protective coatings subsegment under the performance coatings segment. In May 2017, AkzoNobel opened its new performance coatings facility in Chonburi, Thailand. The new plant is expected to manufacture products for the company’s performance coatings and decorative paints business segments. The expansion adds to the company’s organic growth momentum and provides a continuous sustainable footprint. In 2015, the company launched a new product, Chartek intumescent coating, which is used for offshore oil & gas industry. The new coating provides significant reduction in applied weight of structures.
PPG Industries, Inc. manufactures coatings and specialty materials through its performance coatings and industrial coatings business segments. The company manufactures intumescent coatings through its performance coatings segment under the protective coatings subsegment. The intumescent coating products are marketed under STEELGUARD and PITT-CHAR brands. In July 2017, PPG acquired The Crown Group (US). The latter provides coating application services business. This acquisition helped the company integrate its coatings manufacturing with the coating application services. In addition, the company introduced STEELGUARD 601 and STEELGUARD 651 intumescent coatings. These are waterborne, thin-film coatings which can provide passive fire protection up to 120 minutes in the event of cellulosic fire.
The intumescent coatings market 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. Intumescent coatings provide passive protection to substrates by forming a charred layer which delays the time of structural collapse. Increasing awareness and emphasis on safety measures as well as increasing preference for lightweight materials which require additional protection are expected to drive the market demand for intumescent coatings globally. Intumescent coatings are used in various end-use industries, including building & construction, industrial, and aerospace.
Based on type, the intumescent coatings market is segmented into thin-film intumescent coatings and thick-film intumescent coatings. Thick-film intumescent coatings is projected to be the fastest-growing type segment. The use of thick-film coatings in industrial application for the protection of substrates from hydrocarbon fires is driving the demand for these coatings. These coatings are also modified to be used for cellulosic fires.
Based on substrate, structural steel & cast iron is projected to be the fastest-growing segment of the intumescent coatings market. The high growth of this segment is attributed to the increase in building & construction activities that use steel.
Among application techniques, spray technique is expected to be the largest and the fastest-growing technique segment. Spray technique is faster, has better efficiency, requires less number of coats, and provides smoother finish, which is preferred by coating applicators globally.
Globally, Middle East & Africa is projected to be the fastest-growing market for intumescent coatings during the forecast period. Saudi Arabia accounted for the largest share of the intumescent coatings market in MEA in 2017. The increasing demand for intumescent coatings from various end-use industries such as building & construction, industrial, and aerospace in the region is fueling the growth of the intumescent coatings market. In addition, diversification of the economy to downstream and non-oil sectors is also driving the market for intumescent coatings in the region.
The companies profiled in this market research report include AkzoNobel (Netherlands), PPG (US), Jotun (Japan), The Sherwin-Williams Company (US), and Hempel (Denmark).
