The global 2K protective coatings market size is expected to reach USD 11.68 billion by 2028 according to a new study by Polaris Market Research. The report “2K Protective Coatings Market Share, Size, Trends, Industry Analysis Report, By Resin (Polyurethane, Acrylic, Polyester, Epoxy, Alkyd); By End-Use; By Region; Segment Forecast, 2021 - 2028” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The adoption of 2K protective coatings is anticipated to increase over the projected period due to wide applications in industries such as automotive, building and construction, and marine, among others. Growing investment in research and development, technological advancements, and infrastructure development, especially in emerging economies of Asia-Pacific, supplement the market growth.
However, The COVID-19 outbreak has had a detrimental influence on the 2K protective coatings industry due to the supply chain's disruption, lack of raw materials, operational challenges, transportation delays, and travel restrictions.
The different resins of 2K protective coatings include polyurethane, acrylic, polyester, epoxy, alkyd, and others. The demand for epoxy is expected to be high during the forecast period. These products are used for their properties such as durability, impact and chemical resistance, and hardness. They are applied on metal and concrete outdoor buildings, bridges, aerospace structures, and marine components for protection against high humidity, U.V., and corrosion-prone environments.
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The coating protects surfaces from harsh weather conditions while providing excellent adhesion to the substrate. Rising industrialization, urbanization, and increasing commercial activities have increased the demand over the years.
2K protective coatings is used in diverse industries such as automotive, construction, oil and gas, aerospace, industrial, power generation, marine, and others. The building and construction sector uses these products for the longevity and stability of structures. However, the automotive segment is anticipated to grow at a significant rate during the forecast period.
The application of the product in the automotive industry enhances strength and durability while decreasing the overall weight of the vehicles, providing heat and noise isolation. Increasing demand for high-performing passenger vehicles and the development of luxury vehicles has boosted the growth of this segment.
Asia Pacific dominated the global market in 2020 and is expected to maintain its dominance over the forecast period. Increasing application in automotive, marine, and power generation sectors fuels growth in this region. Rising industrial development, urbanization, and growth in the construction sector support industry growth.
The leading market players include BASF SE, Sika AG, Kansai Paint Co., Ltd., Nippon Paints Holdings Co. Ltd., Chugoku Marine Paints Ltd., PPG Industries, AkzoNobel N.V., RPM International Inc., Cloverdale Paint Inc., Axalta Coating Systems, LLC, Jotun A/S, Hempel A/SDulux Group, Benjamin Moore & Co., and The Sherwin-Williams Company.
Polaris Market Research has segmented the 2K protective coatings market report on the basis of resin, end-use, and region:
2K Protective Coatings, Resin Outlook (Volume - Kilotons; Revenue - USD Billion, 2016 – 2028)
2K Protective Coatings, End-Use Outlook (Volume - Kilotons; Revenue - USD Billion, 2016 – 2028)
2K Protective Coatings, Regional Outlook (Volume - Kilotons; Revenue - USD Billion, 2016 – 2028)