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SAN FRANCISCO , June 9, 2022 /PRNewswire/ -- The global intumescent coatings market is expected to reach USD 1,753.03 million by 2030, registering a CAGR of 5.5% during the forecast period from 2022 to 2030, according to a new study by Grand View Research, Inc. Extensive usage of passive fire protection for steel structures, used in offshore & onshore extraction and purification & refining in the oil & gas industry is the key factor boosting the market growth.
Key Industry Insights & Findings from the report:
Get more Insights from 159 pages market research report, "Intumescent Coatings Market Size, Share & Trends Analysis Report By Technology (Water-based, Solvent-based, Epoxy-based), By Application (Hydrocarbon, Cellulosic), By End-Use (Construction), By Region And Segment Forecasts, 2022 - 2030", published by Grand View Research.
Intumescent Coatings Market Growth & Trends
In addition, rising shale gas exploration coupled with expanding oil & gas industry in North America is expected to propel the product demand throughout the forecast period. The market is characterized by the presence of a large number of raw material suppliers leading to an increase in the switching ability of the manufacturers and boost the bargaining power.
However, volatile prices of the raw materials, such as epoxy resins is expected to restrain the growth to some extent. Moreover, several regulations limiting the presence of Volatile Organic Compounds (VOCs) in the formulation are further expected to hinder the market growth. On the other hand, development of advanced products that are compliant with the regulations set by the European Commission is expected to drive the demand during the next seven years.
The market in Asia Pacific witnessed a significant expansion owing to increased oil & gas exploration activities, particularly in the South China Sea. Furthermore, infrastructure development in emerging economies including India , Indonesia , and Vietnam is likely to contribute to the market development during the forecast period.
Water-based intumescent coatings segment is anticipated to progress at substantial growth rate during the forecast period. Water-based intumescent coatings are primarily used where solvent-based coatings are expected to react with the substrate. They are ideal primers owing to properties such as excellent thermal and corrosion resistance. In addition, they are flame resistant and have low toxicity owing to their low VOC content and low hazardous air pollutant emissions.
The use of water-based coatings is projected to increase during the forecast period due to the stringent legislation regarding the solvents present in paints & coatings in the U.S. and other developed European countries. Several companies in the market are working towards the improvement of new fast-drying intumescent coatings. Companies such as Alfa Laval and Hellenic Petroleum are using fast-drying water-based intumescent coatings for heat exchangers, train wagons, piping, and tanks. These coatings comply with strict VOC regulations and are suitable for shorter production turnaround time.
Grand View Research has segmented the global intumescent coatings market report based on the technology, application, end-use and region:
Intumescent Coatings Market - Technology Outlook (Volume, Tons; Revenue, USD Million, 2019 - 2030)
Intumescent Coatings Market - Application Outlook (Volume, Tons; Revenue, USD Million, 2019 - 2030)
Intumescent Coatings Market - End-use Outlook (Volume, Tons; Revenue, USD Million, 2019 - 2030)
Intumescent Coatings Market - Regional Outlook (Volume, Tons; Revenue, USD Million, 2019 - 2030)
List of Key Players of Intumescent Coating Market
Check out more related studies published by Grand View Research:
Browse through Grand View Research's Paints, Coatings & Printing Inks Industry Research Reports.
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco , the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
Sherry James Corporate Sales Specialist, USA Grand View Research, Inc. Phone: 1-415-349-0058 Toll Free: 1-888-202-9519 Email: [email protected] Web: https://www.grandviewresearch.com Grand View Compass | Grand View Pipeline Follow Us: LinkedIn | Twitter
SOURCE Grand View Research, Inc.
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