Intumescent Coatings Market Size, Share, Growth Analysis, By Type (Thin-film Intumescent Coatings, and Thick-film Intumescent Coatings), By Substrate, By Application Technique, By Region - Industry Forecast 2024-2031

Global Intumescent Coatings Market size was valued at USD 1.09 billion in 2022 and is poised to grow from USD 1.14 billion in 2023 to USD 1.61 billion by 2031, growing at a CAGR of 4.40% during the forecast period (2024-2031). 

The regional players, who have well-established distribution networks and are familiar with the laws and suppliers in their market, directly compete against the global players as well as with each other. By adopting strategic initiatives like global expansion, new product launches, mergers and acquisitions, and collaborations, market participants are concentrating on securing their positions. For instance, Jotun introduced Steel Master 1200HPE, a high-performance epoxy intumescent coating, in April 2022. For up to 120 minutes, the new intumescent coating shields infrastructure structures from cellulosic fire. 'AkzoNobel ', 'PPG ', 'Jotun ', 'The Sherwin-Williams Company ', 'Hempel ', 'Promat International ', 'Kansai Paint ', 'Teknos Group ', 'Carboline ', '3M ', 'Nullifire ', 'Sika AG ', 'BASF SE ', 'Contego International, Inc. ', 'Intumescent Systems Ltd. (Envirograf) ', 'Albi Manufacturing ', 'Arabian Vermiculite Industries ', 'No-Burn, Inc. ', 'SKK Pte. Ltd. ', 'Gangotri Hi-Tech Coatings '

A significant growth driver for the intumescent coatings market is predicted to be the increase in demand for energy, shale gas, tight gas, and coal bed methane (CBM) as a result of the conventional oil and gas resources market's maturation. It is expected that increasing worldwide investments in oil and gas drilling platforms and equipment maintenance and repair would increase demand for intumescent coatings. In addition, rising shale gas exploration expenses in the US are expected to boost product demand over the next seven years.

The steel structure is protected from corrosion and fire by an intumescent coating. As a consequence, it helps in reducing labor demand and raising component output. Also, one of the options for fire protection is the advancement in coatings' ability to keep excellent adhesion under extreme temps, which increases building safety. The growth of the intumescent market is closely correlated with the growing demand for such coatings. One of the market's largest end users for intumescent coatings is the oil and gas sector. Due to a high temperature environment in its business operations, including horizontal drilling and refining, the sector essentially needs fire protection and fireproofing. In addition to safeguarding from fire, the product protects from chemical and corrosion harm to metal and steel structures that are exposed to moist and damp conditions. Some of the most challenging work environments are found in offshore oil and gas production. Thus, it is essential for coating systems used in production to be appropriately equipped. Offshore, the necessity for intumescent coatings is exacerbated by constant contact with choppy seawater and prolonged exposure to penetrating UV rays.

Asia Pacific dominated the global market owing to the presence of numerous end customers, near proximity to raw material suppliers, expanding industrialization, and urbanization, notably in China and India, the region's demand for intumescent coatings is anticipated to rise. Numerous international investors have chosen to situate their manufacturing operations in the developing nations of Asia due to the region's low labor costs. Because of this, there is a decent possibility that the growth of manufacturing facilities will boost regional construction activity, which would ultimately enhance demand for intumescent coatings over the course of the forecasted period.