Rising Fire Hazard Incidences to Stimulate Growth of Global Intumescent Coating Market
According to statistics provided by the World Health Organization, over 180,000 deaths have been recorded every year due to fire, electric burns, and other injuries associated with burns worldwide. Inadequate planning of infrastructure and inefficient construction practices associated with fire prevention and fire mitigation has significantly increased these risks. According to World Bank, institutions and authorities need to largely invest in precautionary measures to improve fire hazard safety across the globe. This is likely to trigger an increased uptake of intumescent coating in a bid to mitigate these fatalities.
Global Intumescent Coating Market Finds Remunerative Opportunities in Renovation and New Construction Projects
Intumescent coating is not used only in new projects in the construction industry but also in maintaining old buildings and residential and commercial constructions. Apart from its fire fighting ability, intumescent coating also offers resistance against natural phenomena such as weather, rains and resulting corrosion. Moreover, intumescent coatings do not require high maintenance and have significantly high service life. This has resulted in an increased awareness about advantages of intumescent coating, which can be used in both new constructions and renovation projects.
Additionally, renovation projects, in comparison with new constructions, are relatively high, which essentially require use of fire-resistant coatings. For instance, according to EU, about 35% buildings in Europe are more than 50 years in age and only around 0.5%-1% of this lot is renovated every year. With growing focus on safety of buildings, strict regulations have been in effect to carry out renovations of old buildings. This aspect is expected to provide potential growth opportunities for intumescent coating manufacturers worldwide.
Oil & Gas Exploration Activities Give Global Intumescent Coating Market an Impetus
Rising oil production is likely to bolster demand for intumescent coating worldwide. For instance, according to India Brand Equity Foundation, production of crude oil was around 2.6 million metric tons in March 2021. However, in the second quarter of 2021, it stood at around 30.5 million metric tons. That said, being a fire retardant, use of intumescent coating in likely to swell in oil & gas exploration activities to protect assets and staff from fire hazards. In addition, stringent regulations to reduce fire fatalities worldwide have mandated use of intumescent coating. Against this backdrop, use of intumescent coating in oil and gas exploration activity continues to fuel its demand.
Epoxy-Based Intumescent Coating Sales to Remain Pivotal in Driving Market Growth
Technical and economic advantages, especially in oil & gas pipeline, have resulted in an increased adoption of epoxy intumescent coating. Epoxy intumescent coatings have lower application and material cost. Moreover, they exhibit better chemical resistance in high temperatures. For instance, when steel pipeline temperature reaches around 4000-5000, reduction in strength and stiffness of steel occurs that can have a destructive impact on buildings. However, with epoxy intumescent coating, this hazard can be prevented on the back of its suitability in harsh temperatures. This is expected to trigger high demand and sale of epoxy based intumescent coating in the coming years.
COVID 19 Impacts Global Intumescent Coating Market
Impact of COVID 19 and the resulting pandemic has negatively impacted the U.S., EU-5, Poland, Nordic Countries, Russia, and BENELUX. For instance, according to analysis by IMF, in 2020, pandemic conditions negatively impacted the U.S. economic growth resulting in a decline of the economy by 3.5%. To reduce the impact of the infection, various business operations including industrial and construction activities were suspended in 2020, which consequently resulted in a significant decline in use of intumescent coatings. Moreover, pandemic conditions disrupted supply chain ecosystem which impacted coatings and paint industry, resulting in a price hike of raw material.
North America to Lead the Global Intumescent Coating Market
Developed countries in North America are likely to remain at the vanguard with respect to sales of intumescent coating. This can be attributed towards an uptick in oil & gas exploration activities and domestic constructions. Moreover, regulations regarding fire safety have translated into an increased demand of intumescent coating in this region. For instance, NFPA251, a U.S. regulation, specifies tests to test and check fire resistance of the material used in construction and oil & gas sectors to facilitate fire safety. Moreover, according to US Fire Association, in 2019, losses due to fire hazards touched US$15 Bn. This resulted in companies across industries in the country to adopt fire resistant measures such as intumescent coatings to lessen this burden.
Global Intumescent Coating Market: Competition Landscape
Companies involved in the manufacturing of intumescent coatings are leveraging strategic initiatives such as partnerships, geographical expansion, mergers, and NPD to establish their presence. For instance, in 2021, AkzoNobel collaborated with QLayers to obtain a significant stake in the industrial coatings’ product portfolio of the company. In March 2021, Hempel A/S launched a new facility in Denmark, which is a research facility providing a hub for developing innovative solutions.
Few of the key companies operating in the global intumescent coating market include AkzoNobel, Sika AG, Hempel A/S, 3M, Demilec Inc., and Contego International Inc.
Key Elements Included In The Study: Global Intumescent Coating Market
Post Sale Support, Research Updates & Offerings
We value the trust shown by our customers in Fairfield Market Research. We support our clients through our post sale support, research updates and offerings.
Under uncertainty, traditional approaches to strategic planning can be downright dangerous. True ambiguity is no basis to forecast the future – degree of risk, the magnitude of circumstances, conditions and consequences are not known or unpredictable. To avoid dangerous binary views of uncertainty; strategic posture, moves and actions through market research is the best bet.Read more