TAGS: Industrial Coatings
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.
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.
Expanding Oil & Gas Industry Applications
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.
Source: GVR