Global intumescent coatings market is projected to witness a CAGR of 4.3% during the forecast period 2024–2031, growing from 151.6 kilotons in 2023 to 212.31 kilotons in 2031. Intumescent coatings are progressively benefitting numerous sectors by providing insulation to the massive structural frame along with making it fire-resistant. For instance, despite the political uncertainties and prevailing circumstances, global oil demand in 2023 is forecasted to grow by 2.7 mb/d y-o-y. According to the Organization of Petroleum Exporting Countries (OPEC), non-conventional liquids and OPEC NGLs are anticipated to grow by 0.1 mb/d in 2022 to an average of 5.39 mb/d.
The adoption of intumescent coatings is significantly increasing with the rising demand for crude oil and gas across North America, Asia, the Middle East, and Russia to protect steel structures and high-volume equipment from extreme conditions and processing temperatures.
The intumescent coatings market is experiencing massive growth due to the increasing requirement for protective coating formulation that effectively works against severe corrosion, thermal variation, and chemical and ultraviolent (UV) degradation, which frequently occurs in industrial and commercial constructions. Intumescent coating is a fire-retardant functional coating that provides insulation on metal and steel substrates, which are frequently exposed to thermal variation. Intumescent coatings effectively benefit numerous sectors like oil and gas, industrial as well as commercial construction, etc. Intumescent coatings are equipped with flame-retardant chemicals that accomplish distinct industry efficacy ratings. Fire-retardant coatings on exterior heating develop a foam layer by non-flammable gases like carbon dioxide and ammonia, which subsequently leads to a thick, highly insulating carbon layer. Intumescent coatings generally include technology related to styrene and vinyl toluene acrylics. Consequently, the extensive requirement for a coating solution to protect essential infrastructures is propelling the growth of the intumescent coatings market.
Propelling Oil & Gas Industry is Achieving Heights Due to the Incorporation of Intumescent Coating Solutions
The large volume of equipment and high processing oil utilities usually operate at higher temperatures where all units are vulnerable to fire outbreaks and successive damage, which could lead to massive shutdowns and economic losses. Fire-resistant coatings are prominent solutions that progressively develop a significant bridge to minimize the impact of unwanted circumstances. Intumescent coatings are remarkably transforming oil and gas operations by developing methods of passive fire protection (PFP) for structural steel, processing pipelines, reactors, and large distillation columns. Over 40% intumescent coating in the oil and gas industry has subsequently fulfilled the rising awareness about implementing fire safety norms. Oil and gas supply chains are backed by high-performance fire-resistant intumescent coatings, whether in the offshore or onshore sectors. These coatings extensively preserve spherical structures comprising natural gases, peroxide compounds, and other processing chemicals. Hence, the overall favorable market factors for essential fire-retardant coating in the oil and gas sectors are contributing to the growth of the intumescent coatings market.
For instance, according to the International Energy Agency, the oil demand is anticipated to increase by 2.2 mb/day in 2023 to an average of 102 mb/day. China, being the world’s second biggest oil user after the United States, will contribute to nearly 60% global growth in 2023. Also, a report published on Arabian Gulf Business Insight states that SLB’ the world’s largest oilfield services company has registered a massive growth of 6% summing to USD 6.6 billion where the sales in the Middle East and Asia grew by 22%. Furthermore, in 2022, SLB signed two major deals for drilling-related services, securing a five-year deal with ADNOC and QatarEnergy. In August 2023, the revenue for Russian oil exports increased by USD 1.8 billion to USD 17.1 billion where major shipments come from China and India.
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Intumescent Coatings is Delivering Impeccable Solutions to Steel Civil Construction
Intumescent coatings are successively used in protecting various high-rise structures and enhancing their durability against exposure to unfavorable environmental conditions. Under severe heat circumstances, steel, despite being the strongest metal used in construction, can subsequently lose its capacity and strength to hold infrastructure. Intumescent coating products comprise fire-retardant paint, which includes flame-damping gas, that provides heat resistance and consequently restricts the spread of flame across an exposed surface. The intumescent coating can be applied on steel either as thin film or thick film coating where the applied coating substantially protects the steel against massive fire and acts as an insulator while forming a solid char. They are usually inert at low temperatures but at a higher temperature (200–250 °C) form insulation due to occurring complex chemical reactions. Intumescent coatings are applied to insulate the structural elements like beams, roofs, columns, and floors. Hence, the intumescent coatings market is anticipated to experience massive growth due to the growing infrastructure projects either commercial or industrial.
For instance, in 2022, under Global Water Partnership (GPW), the management was strictly focused on incorporating 2020–2025 strategy plans where the investment is added around USD 368.86 million. In 2022, GPW encouraged the mobilization of USD 1.5 million for Southern African Development Community (SADC) countries under the GCP Project Preparation Facility. Likewise, data published by the European Construction Industry Federation (FIEC) in July 2023, states that the construction of new household buildings contribute to around 20.6% of the total construction investment across Europe. It also focused on two countries Portugal and Ireland which are anticipated to see investments in construction during the year. Therefore, the increasing building & construction activities are accelerating the development of steel civil construction, which, in turn, is driving the market growth.
Asia-Pacific Market is Progressively Contributing to the Growth of Intumescent Coatings Market
There is a higher demand for non-commercial buildings, along with fuel consumption, in the Asia Pacific region. India is becoming a leading hub of construction business which is encouraging real-estate investors to develop sustainable infrastructure projects. In addition to construction, public and private oil & gas companies, like Reliance Industries Ltd. (RIL) and Indian Oil Corporation (IOC), have commissioned various projects to fulfil the rising demand and become an exporter of oil and gas. Intumescent coatings deliver an imperative role in the oil and gas industry to protect steel and other metals from the combustion of oil, liquid petroleum gas, and liquid nitrogen gas (LNG). The increment in mobility across India and China has substantially increased the consumption of fuels, gasoline, and diesel along with prominent industrial projects.
According to India Brand Equity Foundation, during 2022, the crude oil production in India was around 30.5 million metric tons. It also states that in June 2021, Indian Oil Corporation (IOCL) invested around USD 3.2 billion to expand the petrochemical projects in the Gujarat refinery. Additionally, data released by the Organization of Petroleum Exporting Countries (OPEC) states that the crude oil imports during May 2023 in China averaged around 10.8 mb/d. OECD demand is anticipated to rise by 06 mb/d while non-OECD oil demand is forecasted to reflect an increase of 2.1 mb/d where the maximum contribution is from China and India. Therefore, with such a definite investment, the Asia-Pacific region is considered a prominent contributor to the growth of the intumescent coatings market.
Impact of COVID-19
The lower demand for essential mobility fuels due to the imposition of lockdown measures had deteriorated economic stability owing to the COVID-19 pandemic in 2020. The revenue for the oil and gas and construction sectors drastically reduced during the pandemic. The unavailability of resources and manpower for building real estate businesses also significantly affected the intumescent coatings market growth in 2020. The COVID-19 pandemic had a devastating impact on China’s oil demand, along with numerous geopolitical uncertainties. The shutdown of construction projects during the pandemic forced people to revert their resources and go with less investment in real estate projects. The ease of China’s COVID-19 measures led to firm demand for Middle East Sour crude from the Asia Pacific, with the rising demand for mobility oil in India and China. In the 2nd quarter of 2022, the supply of intumescent coatings increased as there was a surge in the import and export activities at the global level. Consecutively, the ease in restrictions and removal of lockdown shifted the worst phase of the market to probable growth, deriving impeccable market opportunities for the intumescent coatings market.
Report Scope
“Intumescent Coatings Market Assessment, Opportunities and Forecast, 2017–2031F”, is a comprehensive report by Markets and Data, providing in-depth analysis and qualitative and quantitative assessment of the current state of the global intumescent coatings market, industry dynamics and challenges. The report includes market size, segmental shares, growth trends, and COVID-19, opportunities and forecast between 2024 and 2031. Additionally, the report profiles the leading players in the industry mentioning their respective market share, business model, competitive intelligence, etc.
In the ever-evolving landscape of the construction and industrial sectors, innovations in fire protection have become paramount. Intumescent coatings have emerged as a key player in enhancing fire resistance, and their market growth reflects the industry’s increasing commitment to safety and durability. This growth report delves into the dynamics shaping the Intumescent Coatings Market, highlighting key trends, drivers, and future prospects.
- Market Overview:
- The Intumescent Coatings Market has witnessed robust growth in recent years, driven by stringent safety regulations, rising awareness of fire protection measures, and a surge in construction activities globally. Intumescent coatings, designed to expand when exposed to high temperatures, provide an effective barrier against fire, making them an indispensable component in the construction and oil & gas industries.
- Key Drivers:
- Stringent Safety Regulations: Governments worldwide have implemented rigorous safety standards, mandating the use of fire-resistant materials in buildings and industrial structures. This has fueled the demand for intumescent coatings.
- Increasing Construction Activities: The global construction industry is experiencing a boom, especially in emerging economies. As builders seek innovative solutions to meet safety requirements, intumescent coatings have gained prominence.
- Growing Awareness: Stakeholders across industries are increasingly recognizing the importance of fire protection. This heightened awareness has translated into a surge in the adoption of intumescent coatings as a preventive measure against fire-related incidents.
- Technological Advancements:
- The Intumescent Coatings Market has witnessed significant advancements in technology, leading to the development of more efficient and environmentally friendly solutions. Water-based intumescent coatings, in particular, have gained traction due to their low VOC content and reduced environmental impact.
- Regional Trends:
- North America: The region has witnessed substantial growth, driven by strict building codes and a focus on upgrading existing infrastructure.
- Asia-Pacific: Rapid urbanization and industrialization in countries like China and India have fueled the demand for intumescent coatings in the construction sector.
- Europe: Stringent regulations regarding fire safety in buildings and infrastructure projects have bolstered the market in this region.
- Challenges and Opportunities:
- Cost Factors: The initial cost of intumescent coatings can be higher compared to traditional alternatives, posing a challenge for widespread adoption. However, the long-term benefits in terms of safety and compliance outweigh these costs.
- Research and Development: Continued investment in R&D is essential for developing advanced formulations that not only enhance fire resistance but also address environmental concerns and application challenges.
- Future Outlook:
- The Intumescent Coatings Market is poised for continued growth, with technological innovations and increasing demand for sustainable solutions driving the industry forward. The integration of smart technologies and the development of intumescent coatings for niche applications present exciting opportunities for market players.
- Conclusion:
- As the global emphasis on safety and sustainability grows, the Intumescent Coatings Market stands at the forefront of providing crucial solutions for the construction and industrial sectors. The market’s trajectory is undeniably positive, and stakeholders are well-placed to capitalize on the evolving landscape by embracing innovation and staying abreast of regulatory changes.
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