Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the North America Hydrocarbon Fire Intumescent Coating Services market.
Trusted Business Insights presents an updated and Latest Study on North America Hydrocarbon Fire Intumescent Coating Services Market 2020-2029. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the North America Hydrocarbon Fire Intumescent Coating Services market during the forecast period (2020-2029).
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
Report Overview: North America Hydrocarbon Fire Intumescent Coating Services Market
The North America hydrocarbon fire intumescent coating services market size was valued at USD 1.4 billion in 2020 and looks set to grow at a compound annual growth rate (CAGR) of 4.8% from 2021 to 2027. Recent developments in the oil and gas and metals & mining industry are likely to generate the demand for the hydrocarbon fire intumescent coats in these application segments. Increasing use of environment-friendly and energy-saving products is also expected to influence the market positively. Hydrocarbon fire intumescent coatings protect steel structures, concrete, divisions (bulkheads, firewalls, decks), process vessels, pipelines, and other equipment in a hazardous environment while meeting the challenges of complex hydrocarbon fire scenarios in the abovementioned end-use industries. Technological breakthroughs, innovations, and studies carried out for expanding the products application scope are projected to foster demand.
Rising utilization of hydrocarbon fire intumescent coating services in the oil and gas, chemical, manufacturing, and metals and mining industry is anticipated to push service providers to backward integration in the value chain over the coming years. Greater participation in the value chain is likely to result in time reduction for transforming raw materials into finished products and in gaining cost advantage.
Oil and gas industry offers lucrative opportunities for hydrocarbon fire intumescent coatings as extraction areas are prone to high risks of fires and explosions. To prevent fire casualties at these workstations, these coatings are almost invariably used. In addition, rising focus on capacity expansion and growing mergers and acquisitions, majorly in the U.S., is anticipated to drive the growth of oil and gas industry in North America. Large-scale investments for sustaining oil and gas production levels and enhancing the overall production efficiency are projected to further propel the growth of the oil and gas industry, thereby augmenting fire safety services such as hydrocarbon fire intumescent coatings services.
However, rising demand for active fire protection systems among end-users is expected to hamper the overall market growth. Increasing spending on fire safety by end-use industries coupled with technological advancements in fire safety systems and equipment is driving the demand for active fire protection systems. Active fire safety products such as smoke detectors, fire alarms, and fire extinguishers are witnessing increased penetration in various industries including chemical processing, healthcare, metal forming, construction, and oil and gas, thereby hampering the growth of the North America hydrocarbon fire intumescent coating services market.
Country Insights: North America Hydrocarbon Fire Intumescent Coating Services Market
The U.S. lead the market and accounted for over 80.0% share of global revenue in 2019. Expanding oil and gas industry in the U.S. is anticipated to potentially drive the market. The U.S. is the worlds largest oil and gas producer on account of the presence of abundant shale oil and gas reserves. According to the U.S. Energy Information Administration, the country accounted for 18% of the total oil produced across the globe in 2018. The global per capita energy requirement is gradually increasing over the years, which portrays growth opportunity for the U.S. oil and gas industry.
Canada is expected to witness substantial growth over the forecast period owing to the huge demand from oil and gas, chemicals, and metals and mining industries. Rising production of shale oil and oil sands is anticipated to significantly drive the oil and gas industry in the country. Oil and gas industry in Canada is characterized by the presence of several producers including Suncor Energy Inc.; Canadian Natural Resources Limited; Imperial Oil; Husky Energy, Inc.; and Cenovus Energy, Inc.
End-Use Insights: North America Hydrocarbon Fire Intumescent Coating Services Market
Oil & Gas end-use segment led the market and accounted for more than 55% share of the global revenue in 2019. The growing chemical industry is significantly propelling market growth in the U.S. and Canada. Rising demand for petrochemical-based products, plastics, and agrochemicals among various end-use industries, such as construction, automotive, consumer goods, agriculture, packaging, and medical devices, is expected to fuel the growth of the chemical industry over the forecast period, which, in turn, is anticipated to create demand for hydrocarbon fire intumescent coating services.
In addition, the growing use of the coatings owing to capacity expansion projects and setting up of new refining capacities in North America is expected to increase the market growth over the forecast period 2021-2027. In the mining industry, intumescent coatings find applications in columns, steel beams, tubes, vessel skirts, pipes, underdeck, bulkheads, and electrical raceways and others. The growing metal and mining industry in the U.S. and Canada is anticipated to create lucrative opportunities for the market over the forecast period.
Key Companies & Market Share Insights: North America Hydrocarbon Fire Intumescent Coating Services Market
Most of the key players compete on the basis of service quality and maintaining a vigorous relationship with end-use industries. This provides companies a competitive advantage in the form of cost benefits thus increasing the profit margin. Companies are undertaking research and development activities to develop new products to sustain market competition and changing end-user requirements. Research activities focused on new application development, which combine several properties, are projected to gain wide acceptance in this industry in the forthcoming years. Some of the prominent players in the North America hydrocarbon fire intumescent coating services market include:
Key companies Profiled: North America Hydrocarbon Fire Intumescent Coating Services Market Report
- Painters USA, Inc.
- Performance Painting
- Hempel A/S
- Contego International, Inc.
- US Coatings
- Aries Contracting
This report forecasts revenue growth at regional and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2019 to 2027. Trusted Business Insights has segmented the North America hydrocarbon fire intumescent coating services market report on the basis of end use and country:
End-Use Outlook (Revenue, USD Million, 2019 – 2027)
- Oil & Gas
- Metals & Mining
- Lime & Cement
- Pulp & Paper
Quick Read Table of Contents of this Report @ North America Hydrocarbon Fire Intumescent Coating Services Market 2020 and Forecast 2021-2027 Includes Business Impact Analysis of COVID-19
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