The 2K protective coatings market is projected to grow from USD 8.6 billion in 2020 to USD 10.8 billion by 2025, at a CAGR of 4.8% between 2020 and 2025. Growing demand from the civil building and infrastructure industry in APAC is likely to boost the 2K protective coatings market.
2K protective coating is a form of cohesive film with various properties to protect the substrate from corrosion. The film is dense, resistant to passage of moisture and other potentially damaging or corrosive materials. 2K protective coatings are used in a wide range of machinery, vehicle, and buildings. From oil rigs to blast furnaces, it is very important to apply these 2K protective coatings. These costings will protect against corrosion as well as the effect of harsh weather conditions and extreme temperature.
“Marine is projected to be the largest end-use industry of 2K protective coatings market.”
Marine is the largest end-use industry segment, in terms of both volume and value, between 2020 and 2025. 2K protective coatings used in the marine sector are specially formulated to counter extremely harsh environments such as saltwater, temperature, pressure, and organic formation. Emerging markets such as China, India, and South Korea, and other countries (which include Taiwan, Indonesia, and Thailand) are the major growth drivers of the APAC market.
“Polyurethane is the fastest-growing resin segment of the 2K protective coatings market.”
Polyurethane is the fastest-growing resin segment, in terms of volume, between 2020 and 2025. Polyurethane based 2K protective coatings are tough, hard, and offer excellent resistance to weathering. These coatings have applications in automotive, wood, metal, plastics, and other areas where there is a need for high chemical and abrasion resistance. Polyurethane provides a final finish or paintable surface on various flexible foams, elastomers, and latex products. It also finds application in mold coating for casting or brushing of polyurethane products.
“APAC is the fastest market for 2K protective coatings during the forecast period.”
APAC is projected to be the largest and the fastest-growing market for 2K protective coatings during the forecast period. APAC is the hub of foreign investment and booming industrial sectors due to the low-cost labor and cheap availability of lands. Increase in the demand for 2K protective coatings can be largely attributed to the growing industrial, infrastructure & construction, and marine industries. APAC has a growing power industry that is likely to drive the market for 2K protective coatings. India produces most of its power through coal and is planning to increase solar energy generation with newer solar projects. These factors contribute to the rising demand for 2K protective coatings in APAC.
Extensive primary interviews have been conducted, and information has been gathered from secondary research to determine and verify the market size of several segments and sub-segments.
Breakdown of Primary Interviews:
- By Company Type: Tier 3 – 46%, Tier 2 – 36%, and Tier 1 – 18%
- By Designation: D Level – 27%, C Level – 18%, and Others – 55%
- By Region: APAC – 45%, North America – 18%, Europe – 9%, South America – 9%, and Middle East & Africa – 9%
The key companies profiled in this report are AkzoNobel N.V. (Netherlands), PPG Industries (US), The Sherwin-Williams Company (US), Jotun A/S (Norway), Hempel A/S (Denmark), Chugoku Marine Paints Ltd. (Japan), Nippon Paints Holdings Co. Ltd. (Japan), Kansai Paint Co., Ltd. (Japan), Sika AG (Switzerland), and RPM International Inc. (US).
The 2K protective coatings market has been segmented based on resin type (epoxy, polyurethane, alkyd, acrylic, others), end-use industry (offshore structures/oil & gas exploration, production, and transmission, petrochemical- refineries and chemical processing, marine, cargo containers, power generation, water and waste treatment, civil building and infrastructure, food and beverage plants, others), application (abrasion resistance, chemical resistance, fire protection, heat resistance, corrosion protection, pipe coatings, tank lining), and region (APAC, Europe, North America, South America, and Middle East & Africa).
Reasons To Buy the Report
From an insight perspective, this research report focuses on various levels of analyses ? industry analysis (industry trends), market share analysis of top players, and company profiles, which together comprise and discuss the basic views on the competitive landscape; emerging and high-growth segments of the market; high growth regions; and market drivers, restraints, opportunities, and challenges.
The report provides insights on the following pointers:
- Market Penetration: Comprehensive information on 2K protective coatings offered by top players in the market
- Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product launches in the market
- Market Development: Comprehensive information about lucrative emerging markets – the report analyzes the market for 2K protective coatings across regions
- Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the market
- Competitive Assessment: In-depth assessment of market shares, strategies, products, and manufacturing capabilities of leading players in the market