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The global market is segmented according to raw material , end-users , and regions . Raw materials dependent on producing these coatings are hydrocarbon or cellulosic based . The former have large market shares , while the latter will exhibit a high growth rate due to its application across marine , automotive , and construction industries . Hydrocarbon coatings have significant returns in terms of revenue due to their increased use in oil & gas sector .
End-users entail automotive , construction , and oil & gas sectors . Oil & gas led the intumescent coatings market due to the exploration & production activities of shale gas and other fossil fuels . Construction sector will see an upsurge due to the increase in infrastructure projects in South America and Asia Pacific . Car safety laws are likely to augment market demand in the automotive sector in the next seven years .
Regions covered under the market are Latin America , North America , Asia Pacific ( APAC ), Middle East & Africa ( MEA ), and Europe . Asia Pacific and Europe currently have maximum shares of the market , but Europe will face dull growth in the coming years . North Americ an market is market by product developments and innovative breakthroughs . MEA will experience significant growth due to the growing infrastructure sector and concurrent interest in the oil & gas sector .
Prime companies dominating the market are Akzo Nobel N . V .; Hempel Marine Paints ; The Jotun Group ; and Rudolf Hensel GmbH . They have been reigning on account of procuring raw materials at low cost . Products with better performance and a longer shelf life will garner maximum market shares . But a stable distribution cycle ranging from manufacturer to end-user will pose a challenge to new market players .
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