Intumescent Coatings Market 2022 – Global Industry Analysis, Trends and Forecast to 2028

Intumescent Coatings Market 2022 – Global Industry Analysis, Trends and Forecast to 2028

A chain of explosions followed by massive fire at a Texas chemical plant in November 2019 raised alarming concerns for the entire industrial sphere. Although, the disaster recorded an extremely low fatality rate, it has let various industrial conglomerates wondering about the safety for their plants and its employees.

Statistics put forth by the National Fire Protection Association (NFPA) in the United States in 2017, covering a period from 2011 to 2015, indicate that the United States recorded an estimated median of 37,910 fires per year at industrial and manufacturing properties that accounted to 16 civilian deaths, and over USD 1.2 billion loss in property. Not only this, the NFPA report also depicts that a major reason behind prevalent fire breakouts and high risks of injuries and death across the industrial units is reduced use of fire protection systems and an incomplete awareness on the use of these.

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Moreover, had there been perfect and accurate fire protection systems, a disaster like Texas’ could have been prevented, says the general consensus. Needless to mention,  fire protection serves as an integral part of many national building codes.

In this regard, various industries have been taking proper measures to implement high quality and standard protection coatings that are able to withstand fire whilst protecting the building and the structure from further loss and damage. One of the highly efficient protection coatings, intumescent coatings, have now paved their way to the industrial sector. These coatings, unlike various similar fire protection, are extensively used to offer a decorative and protective finish that does not detract from the real appearance of exposed steelwork.

The effectiveness of intumescent coatings for guarding structural steel has been rather appreciable, on account of which the business space has seen commendable developments and applications in the recent years. This has led these coatings to be highly cost competitive and widely used as protection coatings in the industrial and residential protection realm. Moreover, the product has been witnessing overwhelming demand in various applications spanning the construction, oil and gas, and automotive sectors. However, expanding construction sector remains the key driver application for the product adoption since few years now.

Penetrating construction sector to drive intumescent coatings demand

Numerous reports state that the demand for intumescent coatings is closely tied to construction spending across various demographics of the globe. As per industry analysts, the construction spending on non-residential structures across the United States accounted for a 4.1 per cent increase in 2016, while residential constructions accounted for a hefty share. This scenario seems to have rendered positive opportunities for intumescent coatings manufacturers across the globe to come up with novel innovations in the field in order to secure and provide safe environment to the entire industrial space.

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Fluctuations in raw material costs: A primary challenge for intumescent coatings market

Constant fluctuations in prices of raw materials have resulted in price crisis in paints and coatings industry. In addition to this, volatile oil prices that are leading to huge increase in prices of raw materials, are urging manufacturers to increase prices of intumescent coatings. This, in turn, is a primary challenge that the intumescent coatings industry is currently facing.

However, ongoing advancements and innovations in the business space have made the producers as well as other end-user industries to look for more across the segment in ensuing years.

To summarize, the intumescent coatings have found their way into the global industrial space to reduce the prevalence of fire accidents across the globe. In addition, they are massively used in the construction industry to offer a highly safe and secure living. The industry is set to witness commendable growth prospects over the upcoming years owing to its huge scale deployment and ongoing advancements.

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