Intumescent Coatings Market Size Worth USD 1.16 Billion by 2022, Report Says
DOVER, DE – May 9, 2016 – Intumescent coatings market size is forecast to be worth USD 1.16 billion by 2022, as per a new research report by Global Market Insights, Inc. Increasing applications in the energy sector coupled with stringent government regulations pertaining to health & safety standardization is likely to drive demand over the forecast period. Features such as fireproofing and heat resistance are anticipated to be among key factors to drive intumescent coatings market growth. Strong shale gas production landscape is also likely to positively impact the industry.
Cellulosic intumescent coatings market size was over USD 400 million in 2014 with revenue expectation of over USD 570 million by 2022. Growth in the construction sector and increasing demand for thin film coatings in the marine and automobile applications are expected to boost growth. Hydrocarbon coatings market size is likely to grow faster than the global average to exceed USD 580 million by 2022.
Oil & gas industry was the dominant end-use segment and accounted for over 50% of the global revenue share in 2014, it is further anticipated to gain at 4.8% from 2015 to 2022. Stringent government regulations for safety & health and increasing exploration are expected to boost demand. Construction industry demand was estimated at over 35 kilo tons in 2014, and is expected to grow at CAGR of 5.2% from 2015 to 2022 owing to increasing construction industry in China and India.
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Key report insights suggest:
- Intumescent coatings market size was projected at 98.1 kilo tons in 2014 and is forecast to reach 145.6 kilo tons by 2022, at a CAGR of 5.1% from 2015 to 2022.
- Asia Pacific intumescent coatings market was the dominant industry and accounted for over 30% of the global share in 2014. Industry expectation is worth over USD 400 million by 2022. Growth in exploration activities in India, Malaysia, and Indonesia are likely to propel demand in the region.
- U.S. intumescent coatings market volume should grow at over 5.2% from 2015 to 2022. This can be attributed to increasing demand from aerospace industry and growth in residential construction.
- Cellulosic coatings applications market volume is projected to grow at a 5% from 2015 to 2022 due to growth in marine and automotive industry. Stringent fire safety standards and demand for fire resistant coatings in oil & gas industry will drive hydrocarbon coating demand.
- Demand from the automotive segment was estimated at over USD 65 million in 2014 with growth expectations set at 4.5% CAGR from 2015 to 2022. Increasing need for thermal barrier and protection from high engine temperature in vehicles accompanied by focus to make vehicles safer is likely to drive growth. Volatile raw material price trend may hamper growth over the next six years.
- Intumescent coatings market share is comprised of Jotun, Sherwin-Williams, Hempel, AkzoNobel, Carboline and PPG Industries. After acquiring Leighs Paints, Sherwin-Williams accounted for over 25% of the overall volume as of 2014.
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.
