Intumescent Coating Market Trends: Aiming for Fire Safety Excellence 2030
According to data provided by the World Health Organization, the annual global death toll from fire-related incidents, electric burns, and other burn-related injuries exceeds 180,000. Inadequate infrastructure planning and inefficient construction practices related to fire prevention and mitigation have contributed significantly to this alarming statistic. To address these risks, the World Bank has called for substantial investments in precautionary measures to enhance global fire hazard safety. As a result, the demand for intumescent coatings is expected to witness a substantial increase as they play a pivotal role in mitigating fire hazards.
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Remunerative Opportunities in Renovation and New Construction Projects
Intumescent coatings are not limited to new construction projects but are also essential in maintaining older buildings, residential properties, and commercial constructions. Beyond their fire-resistant properties, intumescent coatings offer resistance against natural elements such as weather, rain, and corrosion. Additionally, intumescent coatings require minimal maintenance and have a significantly long service life. This has led to increased awareness of the advantages of intumescent coatings, making them suitable for both new constructions and renovation projects.
Renovation projects, in particular, are on the rise, requiring the use of fire-resistant coatings. In Europe, for example, approximately 35% of buildings are over 50 years old, with only about 0.5%-1% of these structures being renovated annually. With a growing focus on building safety, stringent regulations have been put in place to ensure the renovation of old structures, presenting significant growth opportunities for intumescent coating manufacturers worldwide.
Oil & Gas Exploration Activities Drive Demand
The increasing production of oil worldwide is expected to drive the demand for intumescent coatings. For instance, in India, crude oil production rose from around 2.6 million metric tons in March 2021 to approximately 30.5 million metric tons in the second quarter of 2021. Given their fire-retardant properties, intumescent coatings are likely to find increased use in oil and gas exploration activities to protect assets and personnel from fire hazards. Stringent global regulations aimed at reducing fire fatalities have also mandated the use of intumescent coatings in these industries, further fueling demand.
Epoxy-Based Intumescent Coating Sales Take the Lead
Epoxy-based intumescent coatings are poised to drive market growth due to their technical and economic advantages, especially in oil and gas pipelines. These coatings have lower application and material costs and exhibit superior chemical resistance at high temperatures. This makes them an ideal choice for preventing the weakening of steel structures that can occur when exposed to extreme heat. As a result, epoxy-based intumescent coatings are expected to see high demand and sales in the coming years.
COVID-19 Impact on the Global Intumescent Coating Market
The COVID-19 pandemic had a negative impact on the economies of several regions, including the U.S., EU-5, Poland, Nordic Countries, Russia, and BENELUX. The pandemic resulted in a decline in economic growth, leading to the suspension of various industrial and construction activities in 2020. This, in turn, had a significant impact on the use of intumescent coatings. Supply chain disruptions also affected the coatings and paint industry, causing raw material price increases.
North America Leads the Global Intumescent Coating Market
Developed countries in North America are expected to lead in intumescent coating sales due to increased oil and gas exploration activities and domestic construction projects. Stricter regulations regarding fire safety have driven the demand for intumescent coatings in this region. For example, the U.S. has regulations like NFPA251, which specifies tests for assessing the fire resistance of materials used in construction and oil and gas sectors to enhance fire safety. In 2019, losses due to fire hazards in the U.S. amounted to US$15 billion, prompting companies across industries to adopt fire-resistant measures such as intumescent coatings.
Competition Landscape in the Global Intumescent Coating Market
Companies in the intumescent coating manufacturing sector are pursuing strategic initiatives, including partnerships, geographical expansion, mergers, and new product development, to strengthen their presence. For example, in 2021, AkzoNobel collaborated with QLayers to acquire a significant stake in the industrial coatings product portfolio of the company. In March 2021, Hempel A/S launched a research facility in Denmark, serving as a hub for developing innovative solutions.
Key companies operating in the global intumescent coating market include AkzoNobel, Sika AG, Hempel A/S, 3M, Demilec Inc., and Contego International Inc.
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