ALBANY, New York, May 4, 2017 /PRNewswire/ --
Transparency Market Research has published a new report titled "Intumescent Coatings Market- Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2016-2024." According to the report, the global intumescent coatings market was valued at US$ 372.9 Mn in 2015 and is anticipated to reach US$ 675.5 Mn by 2024, expanding at a CAGR of 7.0 % between 2016 and 2024.
Intumescent coatings or the fire protection coatings find applications mainly in the building & construction industry and oil & gas sector due to its fire prevention capabilities. Intumescent coating materials get expanded when exposed to higher temperatures and forms carbonaceous char. These coating materials extend the life of the structural steels for certain period of time without collapsing .The resin systems used in the intumescent coatings market is classified into acrylic, epoxy, polyurethane and others. Based on the fire type, the intumescent coating industry is categorized as cellulosic and hydrocarbon based intumescent coatings. In terms of technology, the intumescent coatings market is classified as water based, solvent based and powder based technologies. The application segments of the intumescent coatings market include various sectors such as building & construction, oil & gas, transportation, consumer electronics and others which include military and textiles.
Based on the resin type, global intumescent coatings industry is segmented as acrylic, epoxy, polyurethane and others. Acrylic based intumescent coatings are the commonly used resin types. Epoxy based intumescent coatings perform better compared to acrylic in fire protection. Polyurethane resins are recently introduced into the market and are expected to have positive influence in the market during the forecast period.
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In terms of fire type, intumescent coatings market is classified as cellulosic and hydrocarbon fire type coatings. The growth in the overall construction & building sector influences the overall market of cellulosic fire type intumescent coatings. Hydrocarbon fire type intumescent coatings are preferred in the petrochemical industry and the market for the same is expected to flourish in the upcoming years.
The global intumescent coatings market is segmented in terms of applications as building & construction, oil & gas, transportation, consumer electronics and others. Currently, building & construction holds maximum share in terms of volume. Off-shore projects in the oil & gas industry have been fuelling the market of intumescent coatings market. Automobile manufacturers, electrical and electronic components manufacturers are focusing on incorporating more protective systems in order to maintain their competency in the respective fields and this trend is expected to have a positive influence on the global intumescent coatings market.
In terms of geography, the global intumescent coatings market has been segmented into North America, Asia Pacific, Europe, Latin America and Middle East & Africa. In terms of demand, Asia Pacific accounted for higher market share in 2015. It was the leading market for intumescent coating and followed by Europe, North America, Latin America and Middle East. Growing construction industries, urbanization and increasing population are the key driving factors for the growth of intumescent coatings market in Asia Pacific. In Europe, technological advancements coupled with overall growth in the transportation and consumer electronics are driving the market for intumescent coatings in the region. In North America, increased rate of shale gas exploration along with the technological advancements are expected to drive the market. The growing oil & gas industry and construction industry in Latin America are expected to propel the intumescent coatings market in this region. Middle East & Africa is the source of natural gas reserves .The lucrative market for oil & gas industry and developing economy in the region are expected to fuel the market for intumescent coatings in the region.
The intumescent coatings market has been divided into the following segments:
Intumescent Coatings Market - Resin Type Analysis
Intumescent Coatings Market - Fire Type Analysis
Intumescent Coatings Market - Technology Type Analysis
- Solvent based
- Water based
- Powder based
Intumescent Coatings Market - Application Type Analysis
- Building & Construction
- Oil & gas
- Consumer Electronics
Intumescent Coatings Market - Regional Analysis
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
- Latin America
Rest of Latin America
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