Global sales of intumescent coatings are projected to grow at a compound annual growth rate (CAGR) of approximately 3%, reaching over US$ 1 billion by 2031, as reported by Fact.MR. This growth is largely driven by the increasing emphasis on passive fire protection. The oil and gas sector is anticipated to account for more than 40% of the global demand for intumescent coatings, propelled by significant exploration and extraction initiatives in key regions.
Various end-use industries, including building and construction, industrial applications, and aerospace, utilize intumescent coatings to enhance passive fire protection. These coatings serve as a fire-resistant barrier for substrates during a fire, facilitating quicker rescue and evacuation efforts.
Request a Sample Report:
According to the World Health Organization (W.H.O), fires alone are responsible for an estimated 180,000 fatalities annually, with additional deaths resulting from scalds, electrical burns, and other burn-related incidents. More than 90% of these fatalities occur in low- and middle-income countries. While many burns stem from accidents in residential environments, industrial settings also present significant fire hazards, contributing to a majority of burn injuries and incidents. Consequently, key end users are increasingly adopting intumescent coatings to help prevent such tragedies.
Intumescent Coatings Market - Competitive Landscape:
Prominent manufacturers are leveraging such strategic initiatives as geographical expansion, partnerships, mergers & acquisitions, and new product launches to cement their market presence. Some notable developments are as follows:
- In March 2021, Akzo Nobel collaborated with QLayers to acquire a stake in the company’s industrial coatings portfolio, part of the former’s Paint the Future collaborative innovation ecosystem.
- Also, that same month, Hempel A/S inaugurated its new campus in Copenhagen, Denmark, which is an R&D facility expected to provide a hub for international scientists and contribute to accelerating and strengthening development of innovative solutions.
- In January 2021, Albi Protective Coatings obtained the GREENGUARD Gold Certification for four of its products: Albi Clad TF+, Albi Clad TF, Albi Clad FP and Albi Cote FRL-X.
The Oil & Gas Industry: A Key Consumer of Intumescent Coatings
The oil and gas sector is projected to account for more than 40% of the global revenue share by 2031, making it a significant end-user of intumescent coatings. This anticipated growth is driven by increased investments in exploration initiatives, deep-water projects, and enhancements in refining capacity. The demand for these coatings is particularly pronounced due to the frequent occurrence of fire hazards on-site. Intumescent coatings provide essential passive protection for steel structures, including oil rigs and drilling equipment, by expanding in response to rising temperatures.
How Are Growing Energy Demands Driving the Adoption of Intumescent Coatings?
The expansion of the global population, coupled with rapid urbanization and infrastructure development, has led to a surge in energy consumption. This trend has resulted in heightened demand for traditional energy sources such as oil, gas, and shale across various regions. According to the International Energy Agency (IEA), oil constituted over 35% of the total energy supply in 2019, primarily sourced from OECD countries, while natural gas accounted for nearly 30%. Consequently, there has been a significant increase in exploration activities, further elevating the need for intumescent coatings to maintain operational safety.
Source: https://www.globenewswire.com/news-release/2022/02/16/2386518/0/en/Demand-for-Epoxy-based-Intumescent-Coatings-to-Surge-at-a-CAGR-of-4-and-Reach-a-Valuation-of-over-US-175-Million-by-2031-Fact-MR-Analysis.html
English
Arabic
Français
Español
Português
Türkçe
Dutch
Italiano
Russian
Romaian