Application for Marine and Building & Infrastructure Industry to Hold Nearly 50% of the 2K Protective Coatings Market; Demand to Grow By 5% CAGR Through 2031
2K Protective Coatings Market Analysis by Resin Type (Epoxy, Polyurethane, Alkyd, Acrylic), by End User (Oil & Gas Exploration, Petrochemicals, Marine, Cargo Containers, Power Generation), by End User (Abrasion Resistance, Chemical Resistance, Fire Protection, Heat Resistance), by Region – Global Forecast 2021 to 2031
ROCKVILLE, Md., March 23, 2022 (GLOBE NEWSWIRE) — The demand for 2K protective coating has witnessed a significant growth in the past few years, due to rising urbanization in developing countries. People are moving towards urban areas from rural areas which has increased the demand for residential and infrastructure projects in developing countries. 2K protective coating plays an important role towards enhancing the life of buildings, swimming pools, marine projects and roads by protecting them from rust, acid rain, hard water, growth of micro-organisms such as algae and fungi and from harsh climate condition.
Demand for epoxy resin in 2K protective has increased in 2K protective coating market due to its various benefits including enhancement of durability of coating as compared to other coatings. Besides, epoxy resins are more effective in protecting surfaces from humidity, acid, alkali and seawater. Epoxy resin is mostly used for marine projects to protect them from any unwanted damages. Owing to these factors, epoxy resin holds highest share in the 2K protective coating market.
As per the report published by Fact.MR, the global 2K protective coating market is anticipated to exceed a valuation of around US$ 8 Bn by 2021, and is expected to expand at an impressive CAGR of around 5% over the forecast period of 2021 to 2031. North America dominates the consumption of 2K protective coating with the growth in new construction for luxury buildings in past few years.
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Which Region Offers Larger Opportunity for 2K Protective Coating Manufacturers?
North America has been the key market for 2K protective coatings. The region accounted for around 31% of the global market share of 2K protective coatings in 2020. The region is expected to offer over US$ 1.3 Bn absolute dollar opportunity in the forecasted period (2021 – 2031).
The key reason for the highest market share of the region is its highly developed construction industry. North American construction industry is also one of the leading globally, which employs more than 12 Mn people. Growing demand for the construction of residential and luxury buildings in North America has surged the demand of 2K protective coatings.
Key Segments Covered
By Resin Type
- Epoxy
- Polyurethane
- Alkyd
- Acrylic
- Others
By End User
- Oil & Gas Exploration
- Petrochemicals
- Marine
- Cargo Containers
- Power Generation
- Water Treatment
- Building and Infrastructure
- Food and Beverage Production Units
- Others
By Application
- Abrasion Resistance
- Chemical Resistance
- Fire Protection
- Heat Resistance
- Corrosion Protection
- Pipe Coatings
- Tank Linings
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Competitive Landscape
Majority of the companies discussed in the report have focusing on investing to expand their business and launch of new product line in 2K protective coating market and continuously doing research and development. Some of the key development are:
- In 2021, AkzoNobel announced its partnership with Qlayers. Collaboration with Qlayer will open new possibilities in industrial coating product line for AkzoNobel.
- In 2021, Akzo Nobel N.V. acquired 100% shares of Industrias Titan S.A.U. (Titan Paints) to expand its paints business and it will help Akzo Novel to expand its business to Spain.
Key Companies Profiled
- Akzonobel N.V.
- PPG Industries
- The Sherwin Williams Company
- Jotun A/S
- Hempel A/S
- Chukogu Marine Paints Ltd.
- Nippon Paints Holdings Co. Ltd.
- Kansai Paint Co. Ltd.
- Sika AG
- RPM International Inc.
- Axalta Coating Systems, LLC
- Dulux Group
- BASF SE
- Parker Hannifin Corp.
- Berger Paints India Ltd.
- Tnemec Company, Inc.
- Cloverdale Paint Inc.
- Teknos Group OY
- Benjamin Moore & Co.
- Shawcore
- Noroo Paint & Coatings Co. Ltd.
- Premium Coatings and Chemicals Pvt. Ltd.
- Weilburger Coatings GmbH
- Guangdong Maydos Building Materials Limited Company
- Fosroc, Inc.
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How Has COVID-19 Affected the 2K Protective Coatings Market?
With the implementation of lockdown at the global level, industries are badly affected globally, due to the halt in business activities. Construction industries and real estate industries are badly impacted sectors globally. This has impacted the market growth of 2K protective coatings.
Companies are facing issues in the procurement of raw materials like chemicals, solution mixture and other particles from others countries due to the trade restriction between countries. Companies are also facing issues in delivering their products to their international clients.
The shortage of raw materials has forced companies to start looking for local opportunities for procuring the raw materials. However, even after a huge drop in the revenue in 2K protective coating market during the pandemic times, the growth of the market is expected to reach back to normalcy very soon.
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