Approximately 38% of 2K Protective Coating Revenue Generated through Epoxy Resins, Evaluates Fact.MR
Published : 06 May 2021 Industry: Chemical & Materials
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.
Key Takeaways from Market Study
- South Asia is estimated to witness major growth in the forecast period, compared to 2021, accounting over 9.1% growth.
- In 2020, North America is anticipated to register highest market share of around 30.8%, followed by Europe.
- In 2020, North America and Europe together accounted for 56% of global 2K protective coating market. The European market is expected to offer over US$ 612.4 Mn absolute dollar opportunity over the next ten years.
- In terms of end use type, marine and building & infrastructure holds around 50% of the overall market share in 2020.
- In resin type, the epoxy resin in 2K protective coating is estimated to cover higher market share in 2020, accounted around 38%.
“Growing construction and real estate industries have increased the market of 2K protective coatingsays a Fact.MR analyst.
The 2K protective coating market is dominated by marine application as it accounts for more than 27% market share globally. The major factors for growing market is due to growing number of projects in marine industry. The rising demand for maintaining boats and ships from tough weather and water conditions has boosted the market of 2K protective coating in the marine industry.
More Valuable Insights
Fact.MR, in its new offering, presents an unbiased analysis of the global 2K protective coating market, presenting historical demand data (2016-2020) and forecast statistics for the period of 2021-2031. The study reveals essential insights on the basis of resin type (Epoxy, Polyurethane, Alkyd, Acrylic and Others), by application (Abrasion Resistance, Chemical Resistance, Fire Protection, Heat Resistance, Corrosion Protection, Pipe Coatings and Tank Linings), by end user (Oil & Gas Exploration, Petrochemical, Marine, Cargo Containers, Power Generation, Water Treatment, Building & Infrastructure, Food & Beverage Production Units and Others) and across seven regions of the world (North America, Latin America, Europe, South Asia, East Asia , Oceania, and MEA).
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Consultant – Chemicals and Materials