Global Intumescent Coatings Market - Segmented by Resin Type, Technology, Application, End-user Industry, and Geography - Growth, Trends, and Forecast (2018 - 2023)
The global intumescent coatings market is expected grow at a significant rate during the forecast period, majorly driven by the growth in oil & gas exploration activities, coupled with an increase in the automotive production in Asia-pacific and Europe. Intumescents are the substances that expand when exposed to extremely heat or fire, increasing in volume and decreasing in density. The intumescent coating layer expands and produces a ‘char’, which insulates the material inside from flames, by cutting off the oxygen necessary for combustion. Due to these properties, intumescents are used as a coating material to protect substances from heat and fire damage.
Increase in the Automotive Production in Asia-Pacific and Europe - Boosting the Asia-Pacific Market
China, India, Philippines, and Vietnam are expected to be potential markets for demand and supply of automobiles, with many automotive manufacturers setting up their manufacturing and assembly plants in these countries. This can be attributed to the availability of labor at low costs, raw material prices, and rising urban population in the region. Major car manufacturers, such as Chevrolet, Daimler, Jeep, Audi, Volvo, and Kia have either set up their automotive manufacturing facilities or are planning to start new facilities in Asia-Pacific in the near future. This factor supports the usage of intumescent coatings in the automotive industry to a major extent.
Oil & Gas to Grow Rapidly
The oil & gas industry in APAC is growing due to the rising demand for energy and petrochemicals. Countries such as India, Malaysia, Indonesia, China, South Korea, and Japan are experiencing an increase in the offshore drilling activities. For instance, the Bison, Iguana, and Gajah Puteri (BIGP) project in Indonesia involves the development of three oil and gas fields in Iguana, Bison, and Gajah Puteri regions. Such factors will consequently result in an increase in demand for intumescent coatings in APAC. Thus, the increasing oil production in the emerging economics will boost the consumption of intumescent coatings in the oil & gas sector during the forecast period.
China - the Largest Consumer of Intumescent Coatings
China was the largest market for intumescent coatings in Asia-pacific, in terms of revenue, in 2017. Positive growth in the automotive industry, in 2017, with 3.2% rise, in automotive production over 2016, along with the increasing investments for refineries contributed to the growth of the intumescent coatings market in this country.
November 2017: The Sherwin-Williams Company completed the acquisition of The Valspar Corporation. Under the terms of the merger agreement, Valspar shareholders would receive USD 113 per share in cash.
Major Players: Sherwin Williams, PPG Industries Inc., AkzoNobel NV, and Jotun among others.
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