Intumescent Coatings Market

Market Overview

The global intumescent coatings market size was valued at USD 1.12 billion in 2021 and is projected to reach USD 1.94 billion by 2030 at a CAGR of 5.67% from 2022 to 2030.

As a result of a chemical reaction, an intumescent coating produces a layer of a protective substance that forms an insulating layer on the surface. As an aesthetically pleasing fireproofing product, intumescent coatings are frequently applied to structural membranes for the purpose of protecting buildings and undergoing testing. It is commonly referred to as intumescent paint and is used as a passive fire retardant in buildings.

Due to strict restrictions and increased exploration operations worldwide, the oil and gas sector's high product demand is expected to drive market expansion. Additionally, demand from the construction sector is anticipated to drive market expansion during the anticipated period. In the oil and gas sector, intumescent coatings protect steel buildings on the land and at sea against fire at temperatures of 1,100°C or higher. They shield structural steel from exposure to chemicals and moisture, which can weaken the metal. These coatings offer defense against jet and pool fires. Throughout the projected period, rising energy consumption is anticipated to fuel the oil and gas industry, which will, in turn, fuel demand for intumescent coating.

Market Dynamics

Global Intumescent Coatings Market Drivers

Stringent Regulations And Rising Demand For Oil And Gas Are Driving The Market

High product demand in the oil & gas industry, as a result of stringent regulations and an increase in exploration activities across the globe, is expected to drive market growth. In addition, demand from the construction industry is anticipated to drive market expansion over the forecast period. In the oil and gas industry, intumescent coatings are utilized to provide fire protection for onshore and offshore steel structures at temperatures exceeding 1,100°C. In addition, they are used to protect structural steel from exposure to moisture and chemicals, which can cause it to become brittle. These coatings protect against fires in pools and jets. Throughout the forecast period, rising energy demand is anticipated to fuel the oil & gas industry, which will, in turn, drive the demand for intumescent coating.

Increased Investments Are Driving The Market

Rising demand for energy, shale gas, tight gas, and coal bed methane (CBM) as a result of the maturation of the conventional oil & gas resources market is anticipated to be a major growth driver for the intumescent coatings market. Increased global investments in the maintenance and repair of oil and gas drilling equipment and platforms are also expected to drive demand for intumescent coatings. In addition, rising exploration expenditures for shale gas in the United States are likely to spur product demand over the next seven years.

In addition, it has a quicker drying time, a high build capacity, and resistance to moisture, good weather ability, and decreased overcoating intervals. Widespread use of water-based coatings for cellulosic applications such as paper, wood, and textiles in construction and infrastructure. The advantage of water-based intumescent coatings is that they are less expensive and emit less chemical odour, which will increase demand for the product.

Cutting-edge technologies

An increase in cutting-edge technologies, such as intumescent coatings, in the automobile sector may boost market expansion. Additionally, the need for intumescent coatings will be fueled by rising sales of electric passenger vehicles and an increase in the range of these vehicles, which would promote the growth of the intumescent coatings market.

Global Intumescent Coatings Market Restraints

Stringent Regulations And Volatile Pricing Restrict Growth

It is anticipated that volatile prices of raw materials, such as epoxy resins will moderate growth to some degree. In addition, a number of regulations limiting the presence of Volatile Organic Compounds (VOCs) in the formulation are anticipated to impede the growth of the market.

Global Intumescent Coatings Market Opportunities

The Rising Awareness Will Bring In New Opportunities

The introduction of advanced, lightweight, intumescent thin-film coatings is anticipated to increase demand. During the forecast period, the market expansion is anticipated to be propelled by a rise in consumer awareness regarding the fireproofing of residential buildings. In addition, the rising demand for cellulosic intumescent coatings to protect the structural integrity of reinforced steel in buildings is anticipated to fuel market expansion over the forecast period.

Regional Analysis

In 2021, Asia Pacific dominated the market for intumescent coatings, accounting for more than 34 per cent of the global revenue. Numerous end-users, proximity to raw material suppliers, and rapid industrialization & urbanization, particularly in India and China, are anticipated to drive demand for intumescent coatings in the region. The availability of raw materials coupled with less stringent regulations regarding volatile organic compound (VOC) emissions in comparison to North America and Europe has provided enormous opportunities for the development of end-use sectors such as construction, automotive, and marine in the region.

As a result of the low labour costs in Asia-emerging Pacific's economies, a number of foreign investors have established production facilities in the region. Consequently, the increasing number of manufacturing facilities is anticipated to increase construction activity in the region, which in turn is anticipated to boost demand for intumescent coatings over the forecast period.

The market for intumescent coatings in Europe is predicted to grow significantly. The car industry, which is advancing steadily, dominates the European market. To comply with the criteria to avoid corrosion and combustion, automotive firms employing industrial-grade steel to manufacture chassis and other parts must use intumescent coatings.

Segmental Analysis

This intumescent coatings market can be segmented on the basis of technology, application, end-users, regions and competitors.

In 2021, the epoxy-based technology segment dominated the market and accounted for more than 61.0% of the global revenue. In the event of a fire, intumescent coatings based on epoxy offer superior passive fire protection by forming an insulating barrier. These coatings are inert at room temperature, but when subjected to high temperatures, they develop a thick layer of char, which improves the insulation level in the event of a fire.

In low-temperature, high-humidity offshore oil and gas applications, intumescent coatings based on solvents are most commonly employed. Compared to water-based coatings, they can be applied to large surfaces with greater thickness. In addition, solvent-based intumescent coatings are used to achieve decorative finishes on complex shapes and have enhanced adhesion as well as high water resistance. The growth of the segment of solvent-based intumescent coatings is anticipated to be hindered by the segment's high cost and high VOC content.

In 2021, the cellulosic application segment dominated the market and represented over 53.0% of the global revenue. Providing heat-resistant layers, cellulosic intumescent coatings are widely used in the construction industry to protect unprotected steel structures and facilitate egress during fire incidents. The increasing demand for intumescent coatings in the construction industry, especially in industrial and commercial buildings, is anticipated to drive market growth.

In addition, increasing pressure from various health and safety organizations regarding human safety in the workplace is anticipated to contribute to segment growth over the forecast period. Increasing industrialization and rising infrastructure development activities, especially in the Asia-Pacific and Middle East regions, are expected to boost market growth over the forecast period. In addition, stringent regulations for fire protection in buildings imposed by regulatory bodies are anticipated to increase demand for cellulosic intumescent coatings over the forecast period.

In 2021, the oil & gas end-use segment dominated the market, accounting for over 44.0% of the global revenue. Increasing investments in exploration activities, deep-water projects, marginal fields, and the expansion of refining capacity are anticipated to drive product demand in this market segment. In addition, increasing government emphasis on compliance with stringent fire safety regulations and rising exploration activities in the industry are anticipated to fuel market growth over the forecast period.

Increasing gas utilisation in the energy mix and rising shale gas production are anticipated to fuel the growth of the oil & gas industry over the forecast period. In turn, this is anticipated to drive market expansion. Epoxy-based coatings are favored in the oil and gas industry due to their ability to withstand higher temperatures than their alternatives.

Recent Developments

• In December 2022, The liquid coatings division of Lankwitzer Lackfabrik's aluminum wheels was fully acquired by AkzoNobel.
• In September 2022, MegaGloss Metallic topcoat was introduced by Jotun Yachting.
• In December 2022, Hempel gave a B rating by CDP for its effective environmental management.
• In October 2022, Nullifire partnered with CCF, a national distributor for the UK construction industry, to expand its network of regional distributors.