1. Increase in Automotive Production in Asia-Pacific – Expected to Drive the Market
China, India, Philippines, and Vietnam are expected to be potential markets for the demand and supply of automobiles, with many automotive manufacturers setting up their manufacturing and assembly plants in these countries. This can be attributed to the availability of labor at low costs, raw material prices, and increasing urban population in the region. Major car manufacturers, such as Chevrolet, Daimler, Jeep, Audi, Volvo, and Kia have either set up their automotive manufacturing facilities or are planning to start new facilities in Asia-Pacific in the near future. This factor supports the usage of intumescent coatings in the automotive industry to a major extent.
2. Acrylic Resins – Expected to Grow at a Rapid Pace
The main purpose of acrylic resins in architectural and construction industry for wall insulation and sealing cable trays and steel pipes where the integrity of a firewall needs to be maintained, and in the small joints formed where fire rated partition sections meet. Water-based intumescent acrylic coatings are in high demand, due to the risk of unpredictable price variation of solvent-based coatings. Solvent-based coatings experience price variations because of the raw materials obtained from crude oil (which is subject to unexpected price changes and creates environmental concerns). These coatings are also experiencing other restraints, like the negative impact of VOCs affecting the air quality in the environment. This, in turn, is boosting the demand for water-based intumescent acrylic coatings. The increase in commercial construction in countries, like USA, China, India, Germany, United Arab Emirates, etc., is expected to have a positive impact on industry growth, mainly due to the increasing use of the products that enhance structural aesthetics.
3. Asia-Pacific – Expected to Lead the Market
Asia-Pacific leads the global market, in terms of market share, in 2017. The robust growth of the construction industry, coupled with increasing automotive production, mainly in China and India, are driving the consumption of intumescent coatings in the region. In addition, the companies like Reliance Industries Limited and Indian Oil Corporation planned for expansions of oil refineries over the next five years. Indian Oil Corp. has a set budget of INR 1.8 trillion in order to expand its refineries and businesses over the next 5 years. Thus, the rapid growth in various end-user industries is expected to drive the Asia-Pacific intumescent coating market during the forecast period.
4. Leading Companies to Watch
The report also examines the role of the leading market players involved in the industry. Some of the key players listed in the study are:
Albi Protective Coating
Benjamin Moore & Co.
Contego International Inc.
RPM International Inc.
The Sherwin-Williams Company
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