Transparency Market Research has published a new research report titled “Intumescent Coatings Market- Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024” to their report store.
Albany, NY -- (SBWIRE) -- 05/08/2017 -- According to a new report by Transparency Market Research (TMR), the global market for intumescent coatings demonstrates a moderately concentrated competitive landscape. Akzo Nobel N.V., PPG Industries Inc., and Sherwin-Williams Co. are the top three players in this market and collectively, they acquired nearly 45% of the overall market in 2015.
These leading market players are continuously making efforts to maximize their share through the establishment of new manufacturing facilities. Intumescent coatings manufacturers are expected to involve actively in joint ventures and strategic business partnerships in the near future, which is likely to increase the competition in this market, states the research report.
As per the study, the opportunity in this market, which was US$372.9 mn in 2015, is expected to rise at a healthy 7.0% CAGR over the period from 2016 to 2024 and reach US$675.5% mn by the end of the forecast period. Currently, the demand for epoxy-based coatings is higher than others. Researchers anticipate this trend to remain so over the next few years.
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Building and Construction Sector to Surface as Leading End User of Intumescent Coatings
The report considers the building and construction, oil and gas, transportation, and the consumer electronics sectors as the main application areas of intumescent coatings. Among these, the demand for intumescent coatings is significantly high in the building and construction sector. As per the analysts, the scenario is likely to remain so over the forecast period. The oil and gas industry is also expected to surface as a prominent application area of these coating in the near future, thanks to the increasing number of off-shore projects across the world.
In terms of the regional presence, the research report segments the worldwide market for intumescent coatings into Europe, North America, the Middle East and Africa, Latin America and Asia Pacific. With a share of more than 40%, Asia Pacific led the global market in 2015. Thanks to the rise in building and construction activities, fueled by the increasing urbanization and industrialization, the demand for intumescent coatings in this region is likely to remain high throughout the forecast period, ensuring the regional market's lead.
China is likely to emerge as the leading domestic market for intumescent coatings in Asia Pacific in the near future. Apart from China, the demand for these coatings is also expected to increase in the ASEAN region and several other nations, such as India and Japan over the next few years, notes the market study.
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Increasing Building and Construction Activities to Fuel Demand
"The growth of the building and construction industry is the key factor behind the substantial rise in the demand for intumescent coatings across the world," states a research analyst at TMR. The increasing population and the swift rise in urbanization and industrialization are resulting into a high number of construction projects. As consumers are highly concerned about the safety of buildings from fire and excessive heat, building contractors are increasingly adopting these coatings, since they can extend the life of structural steels for a certain time and prevent the building from collapsing.
In addition, the implementation of stringent government regulations on fire safety is likely to boost the global market for intumescent coatings remarkably over the next few years. However, the scarcity of titanium oxide may hamper the market's growth in the years to come, states the research report.
The global intumescent coatings market has been segmented as follows:
By Resin Type
By Fire Type
By Technology Type
By Application Type
-Building & Construction
-Oil & gas
The study presented here is based on a report by Transparency Market Research (TMR), titled "Intumescent Coatings Market (Resin Type - Acrylic, Epoxy, and Polyurethane; Fire Type - Cellulosic and Hydrocarbon; Technology - Water-based, Solvent-based, and Powder-based; Application - Building & Construction, Oil & Gas, Transportation, and Consumer Electronics) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2016-2024."