Global 2K Protective Coatings Market Insights Forecasts to 2032
- The 2K Protective Coatings Market Size was valued at USD 9.14 Billion in 2022.
- The Market Size is Growing at a CAGR of 6.9% from 2022 to 2032
- The Worldwide 2K Protective Coatings Market Size is expected to reach USD 12.50 Billion by 2032
- North America is expected to grow the fastest during the forecast period
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The Global 2K Protective Coatings Market Size is expected to reach USD 12.50 Billion by 2032, at a CAGR of 6.9% during the forecast period 2022 to 2032.
A type of coating system made up of two components, a base or resin component and a hardener or curing agent, is referred to as a 2K protective coating or a two-component protective coating. Just before application, these two components are combined to start a chemical reaction that creates a long-lasting, protective coating. Compared to single-component coatings, 2K protective coatings have a number of benefits. Faster cure and greater coating durability are made possible by the chemical reaction that takes place during mixing. As a result, the film becomes stronger and more resistant, able to survive challenging environmental factors like UV radiation, chemicals, abrasion, and corrosion. These coatings are frequently applied to surfaces including metal, concrete, wood, and plastic to protect them in a variety of industries. Depending on the particular needs of the project, they can be applied using a variety of techniques, such as spraying, brushing, or rolling. There are several industries where 2K protective coatings can be applied, including the automotive, aerospace, marine, industrial, and architectural fields. They are used to protect surfaces and improve their functionality, assuring their durability and resistance to damage.
Impact of COVID 19 On Global 2K Protective Coating Market
Due to lockdowns, travel restrictions, and industry closures, the pandemic caused disruptions in the world's supply networks. These setbacks potentially delayed production and distribution since they reduced the supply of components and raw materials needed to make 2K protective coatings. Due to lockdown procedures and a decline in economic activity, many industries, including the automotive, aerospace, and construction sectors, had a reduction in demand during the epidemic. This drop in demand for 2K protective coatings' end-use applications may have had an effect on the market. Industries should pick up speed as the global economy progressively recovers from the pandemic. As manufacturing activity picks up, construction projects resume, and infrastructure investments rise, the demand for 2K protective coatings may expand.
Global 2K Protective Coatings Market Report Coverage
|Market Size in 2022 :||USD 9.14 Billion|
|Forecast Period 2022-2032 CAGR:||6.9%|
|2032 Value Projection:||USD 12.50 Billion|
|Historical Data for:||2018-2021|
|No. of Pages:||200|
|Tables, Charts & Figures:||120|
|Segments covered:||By Resin, By End-Use, By Region|
|Companies Covered:||Akzo Nobel N.V , PPG Industries, Inc, The Sherwin-Williams Company, Jotun, Hempel A/S, Chugoku Marine Paints, Ltd, Kansai Paint Co.,Ltd, Sika AG, RPM International Inc, Valspar, Vitro, Dunn-Edwards Corporation, Tikkurila, Teknos Group, BASF SE, Henkel Adhesives Technologies India Private Limited, Benjamin Moore & Co, Kelly-Moore Paints, Berger Paints, Cloverdale Paint Inc., Duluxgroup Ltd, NOROO Paint & Coatings co.,Ltd., PARKER HANNIFIN CORP|
|Pitfalls & Challenges:||COVID-19 Empact,Challenges, Future, Growth, & Analysis|
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Key Market Drivers
The market for 2K protective coatings has been expanding significantly in recent years due to a number of factors, including rising industrialization, expanding infrastructure, and rising awareness of the significance of corrosion protection. The industry has also grown as a result of environmental laws, coating technology developments, and the demand for resilient and long-lasting coatings. The market for 2K protective coatings has generally promising growth prospects. The market is anticipated to expand as a result of the rising demand for high-performance coatings that offer improved defence against corrosion, abrasion, UV radiation, and other environmental conditions. Due to the demand for durable and aesthetically pleasing finishes, the construction and automobile industries, in particular, are key users of 2k coatings.
Key Market Challenges
There are a number of obstacles that the 2k protective coatings market must overcome in order to expand and thrive. Compared to coatings made of a single component, the procedure of applying 2k coatings is frequently more complicated. Skilled labour and specialised equipment are needed for the effective mixing and application of two components. This complexity can make applications take longer to complete and cost more money, creating difficulties for users and possibly restricting uptake in some sectors. Alternative coating processes or materials may be taken into consideration as 2k protective coating alternatives in some applications. For instance, due to their lower VOC content and diminished environmental impact, water-based coatings and powder coatings have become more commonplace. These alternatives could have equal performance qualities and be more economical in some circumstances, which could result in market rivalry for 2k coatings.
Epoxy segment is dominating the market over the forecast period
On the basis of resin, the global 2K Protective Coatings Market is segmented into Polyurethane, Acrylic, Polyester, Epoxy, Alkyd. Among these, epoxy segment is dominating the market with the largest market share over the forecast period. Due to their high adhesion, chemical resistance, mechanical qualities, and durability, epoxy resins are frequently utilised in the 2k protective coatings market. Epoxy resins have seen substantial expansion in the market for 2K protective coatings, and they are still a popular option for many applications. Epoxy-based 2k coatings are used in a variety of sectors, including infrastructure, industrial equipment, automotive, aerospace, and maritime. They are used to extend the life and performance of the coated substrates by preventing corrosion, wear, and degradation on metal, concrete, and other surfaces. The need for protective coatings, notably epoxy-based 2k coatings, has been driven by the fast expansion of industrial activity, particularly in emerging nations. Epoxy resins have a large market since they are needed by sectors like industry, oil and gas, power production, and chemical processing to preserve their assets.
End Use Insights
Construction segment accounted the largest market share over the forecast period
Based on the end use, the global 2K Protective Coatings Market is segmented into Automotive, Construction, Oil & Gas, Aerospace, Industrial, Power Generation, Marine, Others. Among these, construction segment accounted the largest market share over the forecast period. Due to the construction of new roads, bridges, airports, railroads, and buildings, the construction industry is expanding. In this industry, protective coatings are crucial for increasing the longevity and toughness of structures, preventing corrosion, and providing resistance to external elements like UV rays, moisture, and chemicals. The demand for new homes and businesses is being driven by rapid urbanisation, especially in emerging nations. Protective coatings are essential for preserving the aesthetic value of these structures and shielding their surfaces from corrosion, erosion, and damage.
Asia Pacific segment is dominating the market with the largest market share over the forecast period
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Among all other regions, Asia Pacific region is dominating the market with the largest market share over the forecast period. Demand for long-lasting and visually pleasing items has increased as a result of the growing middle class in nations like China and India. In a variety of applications, including consumer electronics, appliances, furniture, and ornamental items, this tendency is driving the market for protective coatings. Demand for long-lasting and visually pleasing items has increased as a result of the growing middle class in nations like China and India. In a variety of applications, including consumer electronics, appliances, furniture, and ornamental items, this tendency is driving the market for protective coatings.
North America is witnessing the fastest market growth over the forecast period. With industries like manufacturing, oil and gas, transportation, aerospace, and automotive, North America has a robust industrial foundation. To protect their equipment from corrosion, wear, and the elements, these industries need high-performance protective coatings. The region's continuous infrastructure development initiatives also help to drive up demand for 2k protective coatings. The market for protective coatings in North America is driven by maintenance and refurbishment of existing structures and infrastructure. Application of 2k coatings can be used to safeguard structures against deterioration and increase their useful life. The market is growing as a result of renovation projects in the commercial, residential, and institutional building sectors.
Recent Market Developments
- In November 2020, PPG launches its waterborne PPG AQUACOVER painting technology for containers in China.
List of Key Companies
- Akzo Nobel N.V
- PPG Industries, Inc
- The Sherwin-Williams Company
- Hempel A/S
- Chugoku Marine Paints, Ltd
- Kansai Paint Co.,Ltd
- Sika AG
- RPM International Inc
- Dunn-Edwards Corporation
- Teknos Group
- BASF SE
- Henkel Adhesives Technologies India Private Limited
- Benjamin Moore & Co
- Kelly-Moore Paints
- Berger Paints
- Cloverdale Paint Inc.
- Duluxgroup Ltd
- NOROO Paint & Coatings co.,Ltd.
- PARKER HANNIFIN CORP
This study forecasts revenue at global, regional, and country levels from 2019 to 2032. Spherical Insights has segmented the global 2K Protective Coatings Market based on the below-mentioned segments:
2K Protective Coatings Market, Resin Analysis
2K Protective Coatings Market, End User Analysis
- Oil & Gas
- Power Generation
2K Protective Coatings Market, Regional Analysis
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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