Growth in Shale Gas Exploration to Boost the Intumescent Coatings Market | Technavio

October 5, 2017

LONDON–(BUSINESS WIRE)–#Research—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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