The global intumescent coatings market is poised to witness sturdy growth by 2028 on account of the rapidly expanding construction industry across key regions. In addition, increasing oil & gas exploration activities around the world are likely to bolster market expansion over the forecast period.
Intumescent coatings, also known as intumescent paint, are employed as a passive fire protection measure in structures. They can be used as an aesthetically appealing fireproofing compound on structural elements. Increasing construction activities across the world have propelled industry development in recent years.
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Notably, companies have been implementing gainful strategies to capitalize on emerging trends in the sector, which has positively impacted the overall business landscape. For instance, in August 2021, The Sherwin-Williams Company, a U.S.-based paint and coating manufacturing company, announced the acquisition of the European industrial coatings business of Sika AG, a global specialty chemicals company. The addition of a high-quality and complementary business was intended to help Sherwin-Williams accelerate its growth momentum and expand its business across Europe.
Similarly, in February 2022, Hempel A/S, a key supplier of coatings and services, announced the acquisition of Khimji Paints LLC, an Oman-based coatings and paint manufacturer. The deal enabled Hempel to extend its operations in Oman and strengthen its product portfolio.
To cite another instance, in October 2020, Nullifire Ltd, a prominent manufacturer of passive fire protection products, launched its novel technology that includes product traceability as standard across the firm's intumescent steel coatings portfolio for the construction industry. The technology is a significant step forward in Nullifire's approach to developing next-generation products, which would meet the growing demand for effective fire strategies in commercial and residential construction.
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The global intumescent coatings market has been segmented on the basis of end-use, technology, application, and region. With respect to end-use, the market has further been classified into automotive, construction, oil & gas, and others. The others sub-segment is projected to be valued at around USD 90.5 million by the end of 2028, progressing at a CAGR of more than 5.5% through the review period.
From the regional point of view, the Latin America intumescent coatings market is slated to develop at a significant growth rate over the assessment timeline to reach a valuation of approximately USD 122.35 million by the end of 2028. The Middle East & Africa intumescent coatings market is anticipated to surpass USD 193.30 million in revenue by 2028, growing at above 6% CAGR over the assessment timeline.