AkzoNobel (Netherlands), PPG (US) are Leading Players in the Intumescent Coatings Market
The intumescent coatings market is projected to grow from an estimated USD 900.1 million in 2018 to USD 1,110.0 million by 2023, at a CAGR of 4.3% from 2018 to 2023. Intumescent coatings provide passive fire protection to substrates and help delay structural collapse in case of a fire.
Investment & expansion was the key strategy adopted by leading players to enhance their presence in the intumescent coatings market between 2014 and April 2018. Apart from investment & expansion, leading players also adopted merger & acquisition and new product launch to enhance their market share in the intumescent coatings market. AkzoNobel (Netherlands), PPG (US), Jotun (Japan), The Sherwin-Williams Company (US), and Hempel (Denmark) are some of the leading players in the intumescent coatings market.
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AkzoNobel manufactures products through three business segments, namely, decorative paints, performance coatings, and specialty chemicals. The company manufactures intumescent coatings through the marine and protective coatings subsegment under the performance coatings segment. In May 2017, AkzoNobel opened its new performance coatings facility in Chonburi, Thailand. The new plant is expected to manufacture products for the company’s performance coatings and decorative paints business segments. The expansion adds to the company’s organic growth momentum and provides a continuous sustainable footprint. In 2015, the company launched a new product, Chartek intumescent coating, which is used for offshore oil & gas industry. The new coating provides significant reduction in applied weight of structures.
PPG Industries, Inc. manufactures coatings and specialty materials through its performance coatings and industrial coatings business segments. The company manufactures intumescent coatings through its performance coatings segment under the protective coatings subsegment. The intumescent coating products are marketed under STEELGUARD and PITT-CHAR brands. In July 2017, PPG acquired The Crown Group (US). The latter provides coating application services business. This acquisition helped the company integrate its coatings manufacturing with the coating application services. In addition, the company introduced STEELGUARD 601 and STEELGUARD 651 intumescent coatings. These are waterborne, thin-film coatings which can provide passive fire protection up to 120 minutes in the event of cellulosic fire.
Related Reports:
Intumescent Coatings Market by Type (Thin-Film, Thick Film), Substrates (Structural Steel & Cast Iron, Wood), Application Technique (Spray, Brush & Roller), End-Use Industry (Building & Construction, Industrial), and Region - Global Forecast to 2023
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