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.
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.
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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.
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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%.
Key Segments Covered
- By Resin Type
- Epoxy
- Polyurethane
- Alkyd
- Acrylic
- Others
- By End User
- Oil & Gas Exploration
- Petrochemicals
- Marine
- Cargo Containers
- Power Generation
- Water Treatment
- Building and Infrastructure
- Food and Beverage Production Units
- Others
- 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