Market study on intumescent coatings
Intumescent coatings are used for passive fire protection in end-use industry segments, such as building & construction, industrial, and aerospace. Intumescent coatings act as a protective barrier for substrates against fire to provide rescue and evacuation time in the event of a fire. Increasing awareness, regulations, and emphasis regarding the safety measures for the building & construction industry as well as the increasing preference for lightweight materials in the building & construction industry are driving the market for intumescent coatings.
Passive fire protection against cellulosic fires
The intumescent coatings market is segmented by type, substrate, application technique, end-use industry, and region. By type, the thin-film intumescent coatings segment is projected to lead the intumescent coatings market during the forecast period, in terms of value. Thin-film intumescent coatings are the most preferred type used in the building & construction industry for passive fire protection against cellulosic fires.
High demand in the Asia-Pacific region
By substrate, the structural steel & cast iron segment is projected to grow at the highest CAGR between 2018 and 2023. The high growth of this segment is attributed to the increase in building & construction activities that use steel.
The intumescent coatings market in Asia Pacific is estimated to be the largest globally. Establishment of manufacturing facilities in the region and growth in the construction industry in countries such as China, India, and Indonesia is expected to drive the demand for intumescent coatings in the region.
Growth opportunities through urbanization and construction activities
Use of low-cost alternatives in developing economies is restraining the intumescent coatings market globally. Urbanization and increasing building & construction activities offer growth opportunities to the intumescent coatings market.
The market study is available via the Markets and Markets Research website.