The 2K protective coatings market has been progressing at a rapid pace over the past few years. The main reason behind the growing market of 2K protective coatings in past few years is the continuously rising construction of residential, commercial buildings.
Besides, construction projects in developing countries, the rise in the demand for maintaining durability, protection from acid rain & bad weather and the need for long time stability has further boosted the market of 2K protective coating globally.
Previously waterproofing solutions were applied to walls of commercial and residential buildings and floorings in bathrooms, kitchens, hotels, and swimming pools to prevent leakages and avoid moisture from deteriorating the structures. With these, waterproofing solution is not entirely successful because after few years it starts soaking water.
Historical Trends Vs Future Market Projections
Historically from 2016 to 2020, the demand for 2K protective coatings has increased at around 4% CAGR, and the key factor assisting this growth include its advantages over traditional waterproofing coating methods.
2K protective coating layer don’t need much time to dry, it usually takes a shorter time compare to other coatings, other solutions start losing their coating after coming in contact with direct sunlight, it contains lower volatile organic compounds and it also enhances the glow and shine of the surface, thus the market is growing at a high pace.
The market of 2K protective coating is forecasted to expand at a CAGR of nearly 5% over the coming years (2021 – 2031). The major reason influencing the market growth is the growing demand for maintaining expensive projects in marine and construction sectors.
Which Region Offers Larger Opportunity for 2K Protective Coating Manufacturers?
North America has been the key market for 2K protective coatings. The region accounted for around 31% of the global market share of 2K protective coatings in 2020. The region is expected to offer over US$ 1.3 Bn absolute dollar opportunity in the forecasted period (2021 – 2031).
The key reason for the highest market share of the region is its highly developed construction industry. North American construction industry is also one of the leading globally, which employs more than 12 Mn people. Growing demand for the construction of residential and luxury buildings in North America has surged the demand of 2K protective coatings.
Why Epoxy Resin in 2K Protective Coating is More Preferred?
In resin type of 2K protective coating, the market is bifurcated into five segments including epoxy resin, polyurethane resin, alkyd resin, acrylic resin and others. The epoxy resin contributes the highest in the resin type segment of 2K protective market with around 38% market share globally.
The reason for the demand for epoxy resin in 2K protective coating is the properties offered by epoxy resin can be enhanced by the customization process adding additives and modifiers to meet the required specification.
Epoxy resin offers protection from humidity, abrasion, water, acid, alkali and seawater. Due to these benefits, it makes protective coating well suited for use for metallic surface areas. Fusion bonded epoxy resin powder is used in the protection of heavy steel pipes in oil & gas industry.
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
Click Here To get a Sample Report (Including Full TOC, Table & Figures):-https://www.factmr.com/connectus/sample?flag=S&rep_id=5857
