Fact.MR’s global report on intumescent coatings forecasts a CAGR of approximately 3%, to be valued at a little over US$ 1 billion by 2031, led by industries such as oil & gas, construction, and automotive manufacturing.
The market made gains in recent years, being valued at just over US$ 900 million in 2020. Increasing awareness, regulations and emphasis regarding safety measures for the building & construction as well as rising preference for lightweight materials are driving market growth. Moreover, increasing episodes of fire hazards are prompting industries to invest in high-grade fire safety solutions.
According to the World Health Organization (WHO), an estimated 180,000 deaths occur each year from fires alone, with more deaths from scalds, electrical burns and other forms of burning. Over 90% of these deaths occur across low- and middle-income countries. While a lot of burns are a result of accidents across residential settings, fire hazards across industrial settings are rampant. Hence, key end users are increasing uptake of intumescent coatings to mitigate these tragedies.
Intumescent coatings for oil & gas is projected to generate more than 40% revenue through 2031. By resin, epoxy intumescent coatings is expected to surpass US$ 175 million valuation by 2031. Polyurethane-based intumescent coatings to record CAGR of nearly 4% throughout the forecast period.
Demand across the US surpassed US$ 240 million in 2020, amid extensive uptake to reduce fire hazards. Meanwhile, the market in China is anticipated to expand at over 5% CAGR and reach more than US$ 220 million by 2031, amid growing presence of independent oil & gas exploration ventures.
“Increasing demand for enforcing fire safety norms is escalating uptake of advanced grade intumescent coatings across key end-use industries, stimulating market growth and widening revenue prospects,” a senior research analyst noted.
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