Global 2K Protective Coatings Market to be Propelled by the
USA, Rockville MD, June 20, 2022 (GLOBE NEWSWIRE) — The global 2K protective coating market is expected to register a CAGR of 5% from 2022 to 2032, and is expected to reach a valuation of $14.66 billion, according to a recently recalibrated study published by Fact.MR. As of 2022, the industry is on track to document a market value of US$9 billion. Demand is expected to accelerate due to widespread applications in the civil and commercial construction industry.
From 2016 to 2021, sale of 2K protective coatings market surged at a CAGR of 4%, with the market closing at US$8.73 billion. 2K protective coatings play an important role in improving the life of buildings, swimming pools, marine projects and roads by protecting them from rust, acid rain, algae and fungal growth and unfavorable climatic conditions.
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The demand for epoxy resins has especially increased, due to its various advantages including improved durability of the coating compared to other coatings. In addition, epoxy resins are more effective in protecting surfaces from moisture, acid, alkali and seawater. Epoxy resin is mainly used for marine projects to protect them from any unwanted damage.
Key Growth Drivers Influencing 2K Protective Coatings Deployment
Increase in demand from civil construction and infrastructure sectors
In the civil construction industry, 2K protective coatings are used for wood finishes, flooring, interior and exterior walls, decks, swimming pools, doors and ceilings. 2K protective coatings form a thin layer on the surfaces to which they are applied and are used to increase the longevity and stability of the structure.
Bridges, highways and infrastructure projects require long-term stability as well as the ability to withstand harsh weather conditions such as acid rain. Structural degradation causes rusting of metal surfaces, discoloration, cracking of concrete, leaks, and the growth of microorganisms such as algae and fungi. These can have an immediate or indirect impact on the life of a building and increase the cost of replacement and maintenance.
Waterproofing coatings are commonly applied to walls and floors in bathrooms, kitchens, hotels and swimming pools to prevent leaks and moisture deterioration. In the Asia-Pacific region, the infrastructure and construction industries are growing rapidly. APAC is one of the largest and fastest growing infrastructure and construction markets in the world.
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Key segments covered by the 2K protective coatings Industry survey
- 2K protective coatings by type of resin:
- 2K epoxy-based protective coatings
- Polyurethane-based 2K protective coatings
- Alkyd based 2K protective coatings
- Acrylic-based 2K protective coatings
- 2K protective coatings per end user:
- Oil and gas exploration
- Marine applications
- Freight containers
- energy production
- Water treatment
- Building and infrastructure
- Food and beverage production units
- Other End-Use Applications
- 2K Protective Coatings by Application:
- Abrasion resistance
- Chemical resistance
- Fire protection
- Heat resistance
- Corrosion protection
- Pipe coatings
- Tank liners
Majority of the companies mentioned in the report are focusing on investment to expand their business and launching a new product line in the 2K protective coatings market and continuously carry out research and development. Some of the key developments are:
- In 2021, AkzoNobel announced its partnership with Qlayers. The collaboration with Qlayer will open new possibilities in the range of industrial coating products for AkzoNobel.
- In 2021, Akzo Nobel NV acquired 100% of the shares of Industrias Titan SAU (Titan Paints) to develop its paints activity and this will help Akzo Novel to expand its activities in Spain.
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The key players in the 2K protective coatings Market
- Akzo Nobel SA
- 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
Main takeaways from 2K protective coatings Market research
- By Resin Type, 2K Epoxy Protective Coatings Sales Document CAGR of 5.4%
- Alkyd Resins Market Demand is Expected to Emerge Significantly, Registering a CAGR of 5.9%
- By the end user, the construction of buildings and infrastructure will generate nearly 45% of revenue
- North America will provide an absolute dollar opportunity worth US$1.3 billion through 2032
- Asia-Pacific will be the largest revenue contributor, accounting for 1/3rd of global market share
- Global 2K Protective Coatings Market Expected to Grow 1.6x from 2022 to 2032
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