2K Protective Coatings Market

Market Outlook of 2K Protective Coatings

The global market for 2K protective coatings reached a valuation of US$ 8.73 Billion in 2021. The market is poised to experience a Y-o-Y expansion worth 3.1%. In the long-run, the industry is forecast to register a value CAGR of 5%, expected to be valued at US$ 14.66 Billion by the end of the 2022-2032 period of assessment.

Report Attributes	Details
Anticipated Base Year Value (2021)	US$ 8.73 Billion
Expected Market Value (2022)	US$ 9 Billion
Projected Forecast Value (2032)	US$ 14.66 Billion
Global Growth Rate (2022-2032)	5% CAGR
Expected Market Growth Rate of the North America Market (2032)	5.6% CAGR
Major 2K Protective Coatings Providers	Akzo Nobel 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.

2016-2021 Revenue Analysis of 2K protective coating vs. Future Outlook 2022-2032

From 2022 to 2032, the market for 2K protective coatings is expected to grow at a CAGR of 5%. The primary drivers of market growth are significant growth in the construction industry and rising demand for coating materials to protect buildings and infrastructure from bad weather and acid rain.

An increase in the application scope of such coatings in the marine industry to ensure proper protection of marine projects against harsh environments is expected to boost market growth over the forecast period.

Historically, the market saw significant gains, expanding at a CAGR of more than 4% between 2016 and 2021. The increasing demand for durability, protection from bad weather conditions, and the growing need for stability were the primary drivers of growth. Furthermore, rising demand from the marine industry to protect marine projects from extreme weather conditions has boosted sales of 2K protective coatings in recent years.

Prominent Growth Drivers Influencing 2K Protective Coating Deployment

Increasing demand from the civil construction and infrastructure industries

In the civil construction industry, 2K protective coatings are used for wood finishes, flooring, interior and exterior walls, bridges, 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 structure's longevity and stability.

Bridges, highways, and infrastructure projects require long-term stability as well as the ability to withstand harsh weather conditions such as acid rain. Structure degradation causes rusting of metal surfaces, fading, cracking of the 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 raise the cost of replacement and maintenance.

Waterproofing coatings are typically applied to the walls and floors of bathrooms, kitchens, hotels, and swimming pools to prevent leaks and moisture deterioration. In the Asia-Pacific region, the infrastructure and construction industries are expanding rapidly. APAC is one of the world's largest and fastest-growing infrastructure and construction markets.

Increasing demand from the Marine industries driving the market growth

Aside from these benefits, 2K protective coating is extremely beneficial for marine projects, as the marine industry is one of the fastest-growing industries in the world. In the marine industry, 2K protective coating is used to protect marine projects from harsh environments such as saltwater, temperature, water pressure, and organic formulations.

Between 2022 and 2032, the marine industry will be the largest in terms of both volume and value for the use of 2K protective coatings. 2K protective coatings used in the marine industry are specially formulated to withstand extreme conditions such as saltwater, temperature, pressure, and organic formation.

Emerging markets such as China, India, and South Korea, as well as other countries (including Taiwan, Indonesia, and Thailand), are the major growth drivers of the APAC market. International is the market leader, primarily in marine.

Factors likely to Impede Market Growth of 2K Protective Coatings

High Raw Material and Energy Prices are limiting market growth

2K protective coatings are very expensive, and their manufacturing costs are rising in tandem with the rise in energy prices. Raw material prices have risen as a result of fluctuating crude oil prices and changing foreign currency fluctuations. The cost of raw materials for 2K protective coatings varies greatly.

Acrylics are the least expensive of the materials. Epoxies are the most expensive protective coatings. In addition to raw material prices, manufacturers are burdened with additional costs incurred as a result of increased energy taxes, resulting in higher operating costs and lower profit margins.

Country-wise Analysis

How will the 2K protective coating Industry Grow in North America?

North America has traditionally been the most important market for 2K protective coatings. In 2020, the region was responsible for approximately 31% of the global market share of 2K protective coatings. In the forecasted period (2022-2032), the region is expected to offer more than US$ 1.3 Billion worth of absolute dollar opportunity.

The region's highly developed construction industry is the primary reason for its high market share. The North American construction industry is also one of the most prosperous in the world, employing over 12 Million people. The growing demand for residential and luxury building construction in North America has increased the demand for 2K protective coatings.

North America, including the United States and Canada, has seen an increase in residential, commercial, and infrastructure construction in recent years, which has resulted in increased sales of paints and coatings, providing a boost to the North America paints and coatings market.

How Will Asia-Pacific Provide Growth Opportunities for 2K protective coating Providers?

APAC has emerged as a leading producer and consumer of 2K protective coatings. Because of the low cost of labor and the cheap availability of land, APAC is a hub of foreign investment and thriving industrial sectors. The growing industrial, infrastructure & construction, and marine industries are driving up demand for 2K protective coatings.

APAC's power industry is expanding, which will likely drive the market for 2K protective coatings. India generates the majority of its power from coal and intends to increase solar energy generation with newer solar projects. These factors all contribute to APAC's growing demand for 2K protective coatings.

The coronavirus began to spread in China in early January 2020. Within a short period of time, the spread of the virus to other Asian countries such as Japan, South Korea, and Thailand resulted in a pandemic situation with numerous positive cases and deaths. This situation prompted national governments across APAC to declare lockdowns, resulting in a reduction in traffic, construction, and mining activity.

Category-Wise Insights

Epoxy Resin is the Most Preferred in 2K Protective Coating

The market for resin-based 2K protective coatings is divided into five segments: epoxy resin, polyurethane resin, alkyd resin, acrylic resin, and others. With a global market share of around 38%, epoxy resin contributes the most in the resin type segment of the 2K protective market.

The demand for epoxy resin in 2K protective coating stems from the fact that the properties offered by epoxy resin can be enhanced through the customization process by adding additives and modifiers to meet the required specification.

In the forecast period (2022–2032), the epoxy resin in the 2K protective market is expected to grow even more. The epoxy resin market is expected to grow at a CAGR of around 5.4%, while alkyd resin is expected to grow at a CAGR of 5.9%.

Civil Building and Infrastructure segment to grow with the highest CAGR

End-user segments in the global 2K protective coatings market include Petrochemical, Marine, Power Generation, Water, and Waste Treatment, Civil Building and Infrastructure, Food and Beverage Plants, and Others.

The civil building and Infrastructure segment is expected to grow at the fastest rate during the forecast period. They are widely used for walls and floor coatings on civil and commercial infrastructure due to their longevity, aesthetic performance, and resistance to corrosion, abrasion, high temperatures, and fire.

Furthermore, the increasing use of 2K coatings as high-performance architectural coatings (HiPAC) in a variety of applications, including offices, showrooms, warehouses, supermarkets, schools, industrial workshops, and others, is fueling the market growth.

Competitive Landscape

The majority of the companies discussed in the report are investing to expand their business and launch new product lines in the 2K protective coating market, as well as conducting continuous research and development. Among the significant developments are:

• AkzoNobel announced a partnership with Players in 2021. AkzoNobel's collaboration with Player will open up new possibilities in its industrial coating product line.
• Akzo Nobel N.V. acquired 100 percent of Industrias Titan S.A.U. (Titan Paints) in 2021 to expand its paints business, and it will assist Akzo Novel in expanding its business in Spain.
• Akzo Nobel invested US$ 23 million to increase the powder coatings capacity of their Como, Italy, plant by October 2020. This move will help them strengthen their position in the global 2K protective coatings market while also facilitating green manufacturing. PPG Industries launched PPG Aquacover, a waterborne coating system for shipping containers, in China in November 2020.

Key Segments Covered in the 2K Protective Coatings Industry Report

• By Resin Type :

  • Epoxy-based
  • Polyurethane-based
  • Alkyd-based
  • Acrylic-based
  • Other

• By End User :

  • Oil & Gas Exploration
  • Petrochemicals
  • Marine Applications
  • Cargo Containers
  • Power Generation
  • Water Treatment
  • Building And Infrastructure
  • Food and Beverage Production Units
  • Other End Use Applications

• by Application :

  • Abrasion Resistance
  • Chemical Resistance
  • Fire Protection
  • Heat Resistance
  • Corrosion Protection
  • Pipe Coatings
  • Tank Linings

• By Region :

  • North America 
  • Europe 
  • Latin America 
  • East Asia 
  • South Asia
  • Oceania 
  • MEA