More Than 2/5 Intumescent Coating Demand To Come From Oil & Gas Industry: Fact.MR Study

Award-winning consulting and ESOMAR-certified market research and consulting firms global report on intumescent coatings forecasts a positive outlook, projecting a CAGR of approximately 3%, to be valued at a little over US$ 1B by 2031. Growth is majorly expected to be pivoted by extensive application across industries such as oil & gas, construction, and automotive manufacturing.

The market accrued impressive gains in recent years, being valued at just over US$ 900M 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 (W.H.O), 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 burns are a result of accidents across residential settings, fire hazards across industrial settings are rampant, comprising most of all burn injuries and accidents. Hence, key end users are increasing uptake of intumescent coatings to mitigate these tragedies.

Key Takeaways from Market Study

• Intumescent coatings for oil & gas to generate more than 40% revenue through 2031
• By resin, epoxy intumescent coatings to surpass US$ 175M valuation by 2031
• Polyurethane-based intumescent coatings to record CAGR of nearly 4% throughout the forecast period
• Demand across the U.S. surpassed US$ 240M in 2020, amid extensive uptake to reduce fire hazards
• Market in China to expand at over 5% CAGR and reach more than US$ 220M 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,” remarks a Senior Research Analyst.

Competitive Landscape

Major intumescent coating manufacturers are majorly reliant on forging strategic collaborative agreements, mergers & acquisitions, product launches, and acquiring certifications for existing their product lines to secure a firm footing across the international marketplace.

• In October 2020, BASF SE initiated a study to investigate and develop a unique technology furthering intumescent coatings manufacturing which can dramatically decrease application times and preclude the need for a topcoat, expected to yield significant benefits to key end-users.
• In May 2020, Rudolf Hensel GmbH introduced its patented HENSOTHERM 820 KS fire protection system which serves in lieu of concrete coverings or reinforced concrete parts, and is applied across flat floors and walls of reinforced concrete.

These insights are based on a report on Intumescent Coatings Market by Fact.MR.