Intumescent coatings market size worth EUR 1.02 billion by 2022
Intumescent coatings market size is forecast to be worth EUR 1.02 billion by 2022, as per a new research report by Global Market Insights, Inc.
Increasing applications in the energy sector coupled with stringent government regulations pertaining to health & safety standardisation is likely to drive demand over the forecast period. Features such as fireproofing and heat resistance are anticipated to be among key factors to drive intumescent coatings market growth. Strong shale gas production landscape is also likely to positively impact the industry.
Automobile applications boost growth
Cellulosic intumescent coatings market size was over EUR 350.97 million in 2014 with revenue expectation of over EUR 500.13 million by 2022. Growth in the construction sector and increasing demand for thin film coatings in the marine and automobile applications are expected to boost growth. Hydrocarbon coatings market size is likely to grow faster than the global average to exceed EUR 508.91 million by 2022.
Dominant end-use segment: oil & gas industry
Oil & gas industry was the dominant end-use segment and accounted for over 50% of the global revenue share in 2014, it is further anticipated to gain at 4.8% from 2015 to 2022. Stringent government regulations for safety & health and increasing exploration are expected to boost demand. Construction industry demand was estimated at over 35 kilo tons in 2014, and is expected to grow at CAGR of 5.2% from 2015 to 2022 owing to increasing construction industry in China and India.
Key report insights suggest
- Intumescent coatings market size was projected at 98.1 kilo tons in 2014 and is forecast to reach 145.6 kilo tons by 2022, at a CAGR of 5.1% from 2015 to 2022.
- Asia Pacific intumescent coatings market was the dominant industry and accounted for over 30% of the global share in 2014. Industry expectation is worth over EUR 350.97 million by 2022. Growth in exploration activities in India, Malaysia, and Indonesia are likely to propel demand in the region.
- U.S. intumescent coatings market volume should grow at over 5.2% from 2015 to 2022. This can be attributed to increasing demand from aerospace industry and growth in residential construction.
- Cellulosic coatings applications market volume is projected to grow at a 5% from 2015 to 2022 due to growth in marine and automotive industry. Stringent fire safety standards and demand for fire resistant coatings in oil & gas industry will drive hydrocarbon coating demand.
- Demand from the automotive segment was estimated at over EUR 57.03 million in 2014 with growth expectations set at 4.5% CAGR from 2015 to 2022. Increasing need for thermal barrier and protection from high engine temperature in vehicles accompanied by focus to make vehicles safer is likely to drive growth. Volatile raw material price trend may hamper growth over the next six years.
- Intumescent coatings market share is comprised of Jotun, Sherwin-Williams, Hempel, AkzoNobel, Carboline and PPG Industries. After acquiring Leighs Paints, Sherwin-Williams accounted for over 25% of the overall volume as of 2014.
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