Selbyville, Delaware, March 16, 2022 (GLOBE NEWSWIRE) -- Global intumescent coatings market value is projected to reach USD 1.56 billion by 2028, according to a new research report by Global Market Insights Inc. Growing projects are witnessed in industries such as transport, infrastructure, defence, energy, and government accommodation.
Growth in infrastructure development in emerging economies and thereby drive market expansion. Companies are engaged in producing high quality improved and elevated temperature resistant coating to protect human and property loss thereby contributing towards industry growth.
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Automotive end-use segment surpassed USD 90 million in 2021 and is set to register a CAGR of over 5% between 2022 and 2028. Intumescent coatings are applied under the hood and car bottoms to protect the vehicle from various hazards such as over heating or corrosion. Fireproofing and heat resistance are the key characteristics to drive intumescent coatings demand.
Some major findings of the intumescent coatings market report include:
- Water-based technology is projected to grow at a CAGR of over 7% over the forecast timeframe.
- Construction end-use segment is anticipated to reach USD 480 million by 2028 growing at a CAGR of 7%.
- These coatings are used in interior and exterior application in vehicles for fire protection and passenger safety. Stringent norms regarding pollution and fire safety in vehicles is anticipated to enhance industry outlook.
- Asia Pacific market is anticipated to grow with a CAGR of over 7% owing to rising consumer preferences for fire proofing construction sites and Stringent government regulations for fire safety.
Browse key industry insights spread across 255 pages with 215 market data tables and 48 figures & charts from the report, “Intumescent Coatings Market Statistics by Technology (Solvent-Based, Water-Based, Epoxy-Based), Application (Hydrocarbons, Cellulosic), By End-User (Construction, Oil & Gas, Automotive), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2022 – 2028” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/intumescent-coatings-market
Rise in innovative technologies such as intumescent coatings in the automotive industry may enhance market growth. Moreover, high electric passenger vehicle sales along with increasing range of electric vehicles will fuel these intumescent coating demand thus fostering intumescent coatings market expansion.
Solvent-based coatings segment exceeded USD 400 million in 2021 and is anticipated to show CAGR over 6% through 2028. Solvent based coatings are more resistance to weather conditions including temperature changes and humidity. They are easy to apply, fast drying and provides excellent aesthetic results which will fuel product demand thus boosting intumescent coatings market outlook.
The hydrocarbons application segment is projected to surpass USD 790 million by 2028. Gas leaks, liquid leaks or both oil & gas leaks may lead to hydrocarbon fires. Pool fires and jet fires are most likely to occur in hydrocarbon complexes. These coatings protect steel framework from getting too hot by charring and swelling in fire breakout, which further drives the market growth in hydrocarbon application.
Europe intumescent coatings market is anticipated to reach over USD 340 million by 2028 at a CAGR of 5.5%. The European market is driven by automotive industry with continues advancement in the industry. Automotive companies using industrial grade steel for manufacturing chassis and other parts should comply the set of standards to prevent combustion and corrosion, hence requiring intumescent coatings.
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Additionally, British Coatings Federation (BCF) has introduced Intumescent Coatings Group with active participation of major manufacturers of such coatings, fire testing and certification laboratories and experts from passive fire protection industry. This group commits to quality and performance of such coatings installed in machineries, construction sites and industries. Such third-party certification being made mandatory should propel regional business revenue.
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
