Intumescent Coatings Industry is anticipated to register 6.5% CAGR between 2022 and 2028 due to the multiple beneficial properties such as it is easy to apply and offer optimum fire protection for passive fire properties.
Selbyville, Delaware, March 16, 2022 (GLOBE NEWSWIRE) -- Global intumescent coatings market value is projected to reach USD 1.56 billion by 2028, according to a new research report by Global Market Insights Inc. Growing projects are witnessed in industries such as transport, infrastructure, defence, energy, and government accommodation.
Growth in infrastructure development in emerging economies and thereby drive market expansion. Companies are engaged in producing high quality improved and elevated temperature resistant coating to protect human and property loss thereby contributing towards industry growth.
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Automotive end-use segment surpassed USD 90 million in 2021 and is set to register a CAGR of over 5% between 2022 and 2028. Intumescent coatings are applied under the hood and car bottoms to protect the vehicle from various hazards such as over heating or corrosion. Fireproofing and heat resistance are the key characteristics to drive intumescent coatings demand.
Some major findings of the intumescent coatings market report include:
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Water-based technology is projected to grow at a CAGR of over 7% over the forecast timeframe.
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Construction end-use segment is anticipated to reach USD 480 million by 2028 growing at a CAGR of 7%.
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These coatings are used in interior and exterior application in vehicles for fire protection and passenger safety. Stringent norms regarding pollution and fire safety in vehicles is anticipated to enhance industry outlook.
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Asia Pacific market is anticipated to grow with a CAGR of over 7% owing to rising consumer preferences for fire proofing construction sites and Stringent government regulations for fire safety.
Browse key industry insights spread across 255 pages with 215 market data tables and 48 figures & charts from the report, “Intumescent Coatings Market Statistics by Technology (Solvent-Based, Water-Based, Epoxy-Based), Application (Hydrocarbons, Cellulosic), By End-User (Construction, Oil & Gas, Automotive), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2022 – 2028” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/intumescent-coatings-market
Rise in innovative technologies such as intumescent coatings in the automotive industry may enhance market growth. Moreover, high electric passenger vehicle sales along with increasing range of electric vehicles will fuel these intumescent coating demand thus fostering intumescent coatings market expansion.