Albany, NY -- (SBWIRE) -- 03/02/2018 -- The global intumescent coatings market has remained moderately concentrated as nearly 45% of its overall share was held by three enterprises in 2015. These companies were Sherwin-Williams Co., PPG Industries Inc., and Nobel N.V., finds Transparency Market Research (TMR) in a new study. These companies, besides other prominent market players are continuously making efforts to expand their regional footprint by establishing new manufacturing units.
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While expanding operations across emerging nations has become a mainstay strategy, they are also exploring opportunities via strategic collaborations and joint ventures. However, such persisting efforts to gain edge over rivals has made the prevailing competition in the global intumescent coatings market even fiercer.
The strategies adopted by the players have a profound impact on the overall intumescent coatings market, which according to TMR will exhibit a CAGR of 7.0% between 2016 and 2024. At this pace, the market is expected to reach US$675.6 mn by the end of 2024, from its valuation of US$372.9 mn in 2015.
Among the segments in terms of application, the building and construction sector has exhibited the highest demand for intumescent coatings. While the segment will remain at the market's fore through the forecast period, the oil and gas industry will emerge as a key consumer during this time as well. Regionally, Asia Pacific emerged dominant with a share of 40% in the global intumescent coatings market in 2015. Against the backdrop of rising construction activities across emerging nations, the demand for intumescent coatings will continue pacing up through the forecast period in 2015. China will leading the intumescent coatings market in Asia Pacific. Besides this, the market is likely to witness lucrative opportunities in Japan and India over the forthcoming years.
The global intumescent coatings market is chiefly driven by the expansion of the building and construction industry worldwide. Besides this, the soaring population and urbanization witnessed especially in developing nations have enabled the market exhibit strong growth over the last few years. Safety of buildings from unforeseen hazards such as fire and excessive heat is the chief concern among consumers. Capitalizing on this, contractors are adopting intumescent coatings, since they foster greater strength and stretch the longevity of structural steel, thereby preventing the building from collapsing. In addition, implementation of stringent norms by government intended at improving fire safety across buildings will act as a key market driver.
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On the downside, the scarcity of titanium oxide will pose threat to the market. Also bottlenecks in supply dynamics of raw materials will emerge as a key hindrance in the coming years. Nevertheless the rising application in steel, chemical, and petrochemical sector will give impetus to the market in the near future. Intumescent coatings offer excellent fireproofing, which is why their demand in business operations that are exposed to elevated temperature is considerably high. On the back of these factors, the global intumescent coatings market will continue exhibiting a positive trajectory through the report's forecast period.