The Intumescent coatings market size is projected to expand at 6.9% CAGR from 2023 to 2032, due to the expanding construction sector, especially in regions prone to fire hazards. The influx of stringent fire safety regulations and building codes worldwide is driving the demand for passive fire protection solutions, with intumescent coatings emerging as crucial components.
Additionally, the increased awareness of the importance of fire-resistant materials in infrastructure is driving the technological advancements in coating formulations for offering enhanced fire protection and aesthetics. The prioritization of safety and compliance for effective fire protection measures across the construction and oil & gas sectors will also augment the product demand. For instance, in February 2023, PPG introduced PPG STEELGUARD 951, an epoxy intumescent fire protection coating tailored for modern architectural steel for providing up to three hours of cellulosic fire protection.
The industry is segregated into technology, application, end-use, and region.
The solvent-based technology segment is estimated to accumulate sizeable share of the intumescent coatings industry by 2032. This is ascribed to the established performance and durability of solvent-based formulations. These coatings offer effective fire protection and are largely preferred in various industries. Advantages, such as ease of application, versatility, and compatibility with different substrates will also boost the segment growth.
With respect to application, the intumescent coatings market share from the cellulosic segment is projected to depict substantial CAGR from 2023 to 2032. The growth can be attributed to the stringent fire safety regulations, increasing construction activities, and the growing demand for effective fire protection in buildings. Intumescent coatings provide a crucial solution in forming a protective char when exposed to heat for preventing the spread of fire in cellulosic materials.
Regionally, the Asia Pacific intumescent coatings industry is slated to grow at rapid pace from 2023 to 2032 due to the expanding construction activities, influx of stringent fire safety regulations, and the increased awareness of building safety standards. Moreover, the rising urbanization, infrastructure development, and the adoption of advanced fire protection technologies will fuel the regional product demand, especially in commercial and residential construction projects.
