LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global intumescent coatings market to grow at a CAGR of close to 5% during the forecast period, according to their latest report.
The market study covers the present scenario and growth prospects of the global intumescent coatings market for 2017-2021. The report also lists cellulosic and hydrocarbons as the two major application segments, of which the cellulosic segment accounted for more than 55% of the market share in 2016.
According to Kshama Upadhyay, a lead analyst at Technavio for paints, coatings, and pigments research, “The global intumescent coatings market is expected to grow at a significant pace during the forecast period owing to high demand for intumescent coatings from the oil and gas segment. The major market for intumescent coatings is APAC, where the demand from end-user segments such as oil and gas, construction, and automobile will further boost growth.”
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Technavio analysts highlight the following three market drivers that are contributing to the growth of the global intumescent coatings market:
- Growth of infrastructural developments in emerging countries
- Increasing offshore exploration and production investments
- Growing shale gas exploration market
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Growth of infrastructural developments in emerging countries
The global construction industry is growing at a faster pace due to a major contribution from emerging countries. The governments of APAC and ROW are investing significantly on infrastructural developments such as residential homes, roads, hospitals, and complexes to suit the changing lifestyle, urbanization, and migration.
“Government projects like 'Vision 2030' in Saudi Arabia, which aims for economic diversification and low the dependency on oil revenues are expected to drive the growth in the construction industries. Therefore, the increasing growth of infrastructural projects in the emerging countries will drive the growth in the global intumescent coatings market during the forecast period,” says Kshama.
Increasing offshore exploration and production investments
The increase in the demand for energy and the depletion of onshore reserves are the factors responsible for high oil and gas offshore explorations. The growing drilling activities are likely to foster the demand for intumescent coatings in offshore rigs and FPSOs. These coatings are used for fire protection in offshore exploration.
Countries such as the US, Saudi Arabia, Brazil, Norway, and Mexico accounted for 43% of total offshore oil production in 2016. Thus, with the increase in the offshore activities and construction of rigs and FPSOs to meet the high demand for oil and gas, the consumption of intumescent coatings is expected to increase during the forecast period.
Growing shale gas exploration market
The global shale gas market is expected to grow at CAGR of around 15% during 2016-2022. Shale gas production is high due to the advances in technologies, such as hydraulic fracturing technique. This factor has created significant opportunity in the end-user market of shale gas such as oil and gas, power, and other industrial application. Shale gas is used in various end-user segments owing to less carbon emission. Shale gas is produced in China, Canada, and the US with its reserves present across the globe.
With the growing construction and development hydraulic fracturing techniques on the shale gas production sites, the adoption of intumescent coatings is also expected to grow. Therefore, the growth in shale gas market will increase the demand for shale gas exploration activities thereby will drive the global intumescent coatings market.
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