The
vendor landscape of the global intumescent coatings market is
moderately concentrated, with the leading three companies accounting for nearly
45% of the overall market in 2015, observes Transparency Market Research in a
recent report. Leading vendors in the market are focusing on expanding their
geographical outreach and distribution networks to gain a greater share in the
market. Focus has also increased on exploring new growth opportunities through
mergers and strategic collaborations. Moreover, investments on R&D
activities have also increased substantially in the past few years with the
view of expanding their product portfolios and introducing innovative products.
Some of the
leading companies operating in the global intumescent coatings market Akzo
Nobel N.V., PPG Industries Inc., Flame Control Coatings LLC, Albi
Manufacturing, Sherwin-Williams Co., RPM International Inc., OMNOVA Solutions
Inc., and 3M.
According
to the report, the global intumescent coatings will rise to a valuation of
US$675.6 mn by 2024, exhibiting an impressive 7.0% CAGR from 2016 and 2024.
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Building
and Construction Industry to Remain Key Consumer
Of the key
applications of intumescent coatings, the ones across the building and
construction sector have remained the most lucrative over the years. Owing to
the continued rise in demand for intumescent coatings across the building and
construction industry, the segment is expected to remain highly lucrative over
the report’s forecast period.
From a
geographical standpoint, the market is presently dominated by Asia Pacific,
thanks to the massive rise in construction activities in the infrastructure as
well as residential and commercial sectors. The demand for intumescent coatings
is expected to remain strong in the region over the forecast period as well,
with China emerging as the leading consumer. Besides this, demand from Japan
and India is also expected to remain strong over the report’s forecast period.
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Building and Construction Industry
Fuels Demand for Intumescent Coatings
The steady
expansion of the building and construction sectors over the past few years has
been ones of the key factors driving the global market for intumescent
coatings. The massive rise in population, especially across mushrooming urban
settings in emerging economies, has led to a massive rise in the need for new
residential construction projects and effective infrastructure. Intumescent
coatings provide good safety to a building structure from potential hazards
such as excessive heat and fire, while also fostering strength and longevity of
structural steel. Owing to these factors, their usage has massively increased
in recent times as government norms pertaining to the structural safety of
building constructions have become stricter across the globe.
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However,
the market faces a major roadblock in the form of key raw materials required
for the production of intumescent coatings. This factor is expected to
negatively impact the market to a certain extent over the forecast period.
Nevertheless, an increased set of applications across industries such as
petrochemical, chemical, and steel will help revive growth opportunities.
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