a well regarded consulting firm Fact.MR The intumescent coatings market is expected to grow at a CAGR of almost 3% and reach a value of little over US$ 1 billion by 2031, according to global analysis on the subject. Extensive use across industries including oil & gas, construction, and automobile manufacturing is primarily anticipated to boost growth.
The market has seen significant growth in recent years and is expected to be worth slightly over US$ 900 million in 2020. The market is expanding as a result of increased consumer preference for lightweight materials as well as rising knowledge of, rules for, and emphasis on safety measures for building and construction. Additionally, more frequent fire threats are motivating businesses to spend money on top-notch fire protection measures.
The World Health Organization (W.H.O.) estimates that 180,000 deaths per year are caused only by fires, with additional deaths coming from scalds, electrical burns, and other types of burning. More than 90% of these fatalities take place in low- and middle-income nations. While many burns are caused by mishaps in domestic settings, the majority of burn injuries and accidents occur in industrial settings due to the prevalence of fire dangers. In order to lessen these tragedies, important end users are increasing their use of intumescent coatings.
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| Intumescent Coatings Market (2031) | US$ 175 million |
| Global Market Growth Rate – 2031 | 4% CAGR |
| U.S Intumescent Coatings Market 2020 | US$ 240 million |
| Global Market Growth Rate – 2020 | 5% CAGR |
Key Takeaways from Market Study
- Through 2031, intumescent coatings for oil and gas will provide more than 40% of revenue.
- By resin, the value of epoxy intumescent coatings will top US$ 175 million by 2031.
- Intumescent coatings made of polyurethane are expected to see a CAGR of around 4% throughout the forecast period.
- Demand in the U.S. exceeded US$ 240 million in 2020 due to widespread use to lower fire hazards.
- Due to the increasing number of independent oil and gas exploration companies, the market in China will develop at a rate of over 5% CAGR and surpass US$ 220 million by 2031.
How Lucrative are Prospects for Intumescent Coating Manufacturers across the U.S.?
As of 2020, the U.S. market for intumescent coatings was worth over 240 million dollars. This increased demand is primarily due to recent increases in domestic construction and oil and gas exploration activity.
Additionally, according to the U.S. Fire Association, annual losses due to fire dangers reached almost US$ 15 billion in 2019, an increase of almost three-fourths since 2010. Therefore, to lessen this load, important companies have been using high-grade intumescent coatings.
Competitive Landscape
To establish a solid foothold in the global market, prominent intumescent coating manufacturers heavily rely on forming strategic collaboration partnerships, mergers and acquisitions, new launches, and obtaining certifications for their existing product lines.
- In October 2020, BASF SE initiated a study to investigate and develop a unique technology furthering intumescent coatings manufacturing which can dramatically decrease application times and preclude the need for a topcoat, expected to yield significant benefits to key end-users.
- In May 2020, Rudolf Hensel GmbH introduced its patented HENSOTHERM® 820 KS fire protection system which serves in lieu of concrete coverings or reinforced concrete parts, and is applied across flat floors and walls of reinforced concrete.
