DOVER, DE – According to new research by Global Market Insights Inc., the market for intumescent coatings is forecast to be worth $1.16 billion by 2022. Increasing applications in the energy sector coupled with stringent government regulations pertaining to health and safety standardization are 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. The strong landscape for shale gas production is also likely to positively impact the industry.
The cellulosic intumescent coatings market size was over $400 million in 2014, with revenue expectation of over $570 million by 2022. Growth in the construction sector and increasing demand for thin-film coatings in marine and automobile applications are expected to boost growth. Hydrocarbon coatings market size is likely to grow faster than the global average to exceed $580 million by 2022.
The oil and gas industry was the dominant end-use segment and accounted for over 50 percent of the global revenue share in 2014; it is further anticipated to gain at 4.8 percent from 2015 to 2022. Stringent government regulations for safety and 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 a CAGR of 5.2 percent from 2015 to 2022 owing to increased construction in China and India.
The study reports that the intumescent coatings market size was projected at 98.1 kilo tons in 2014 and is forecast to reach 145.6 kilo tons by 2022, growing at a CAGR of 5.1 percent from 2015 to 2022.
The market for intumescent coatings in Asia-Pacific accounted for over 30 percent of the global share in 2014 and is expected to be worth over $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 percent from 2015 to 2022. This can be attributed to increasing demand from the aerospace industry and growth in residential construction.
Cellulosic coatings applications market volume is projected to grow 5 percent from 2015 to 2022 due to growth in the marine and automotive industries. Stringent fire safety standards and demand for fire-resistant coatings in the oil and gas industry will drive hydrocarbon coatings demand.
Demand from the automotive segment was estimated at over $65 million in 2014 with growth expectations set at 4.5 percent CAGR from 2015 to 2022. Increasing need for thermal barrier and protection from high engine temperature in vehicles, accompanied by a focus to make vehicles safer, are likely to drive growth. The volatile raw material price trend may hamper growth over the next six years.
For more information about the report, Intumescent Coatings Market Size By Application (Hydrocarbons, Cellulosic), By End-Use (Construction, Oil & Gas, Automotive), Industry Analysis Report, Regional Outlook, Application Potential, Price Trend, Competitive Market Share & Forecast, 2015 - 2022, visit https://www.gminsights.com/industry-analysis/intumescent-coatings-market-report.