Fact.MR projects that worldwide sales of intumescent coatings will rise at a rate of about 3% CAGR to surpass $1 billion by 2031, with passive fire prevention taking centre stage due to its widespread use. Due to massive exploration and extraction projects being conducted in well-known regions, the oil and gas sector is predicted to account for more than 40% of the demand for intumescent coatings worldwide.
The market is expanding as a result of growing consumer preference for lightweight materials as well as increased awareness, laws, and emphasis on building and construction safety measures. Additionally, enterprises are investing in superior fire safety solutions as a result of an increase in fire danger incidents.
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The World Health Organisation (WHO) estimates that flames alone cause 180,000 deaths annually, with scalds, electrical burns, and other types of burning accounting for additional fatalities. More than 90% of these fatalities take place in low- and middle-income nations. While many burns occur in domestic settings due to accidents, industrial settings are rife with fire hazards. Hence, key end users are increasing uptake of intumescent coatings to mitigate these tragedies.
Intumescent coatings for oil & gas is projected to generate more than 40% revenue through 2031. By resin, epoxy intumescent coatings is expected to surpass US$ 175 million valuation by 2031. Polyurethane-based intumescent coatings to record CAGR of nearly 4% throughout the forecast period.
“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,” a senior research analyst noted.
Introduction to Intumescent Coatings:
Intumescent coatings are a specialized type of fire-retardant material that expands when exposed to high temperatures, forming an insulating layer that slows down the transfer of heat to the substrate. This unique property makes them indispensable for passive fire protection systems, where the goal is to contain the spread of fire and provide occupants with a safer escape route.
Market Growth and Trends:
The intumescent coatings market has experienced substantial growth in recent years, driven by the ever-growing emphasis on fire safety regulations across various industries. As governments and international bodies tighten safety standards, the demand for effective fire protection solutions has surged. Additionally, the expansion of infrastructure, particularly in developing economies, has further fueled the need for advanced fire safety measures.
One notable trend in the market is the integration of nanotechnology into intumescent coatings. Nanocoatings offer enhanced fire resistance while maintaining a slim profile, making them suitable for applications where space is limited. This has opened doors to innovative applications in electronics, aerospace, and automotive sectors, where traditional fire protection methods were challenging to implement.
Old Source: https://www.coatingsworld.com/contents/view_breaking-news/2021-05-31/factmr-intumescent-coating-maret-to-reach-1-billion-by-2031/
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