Global 2K Coatings Market Insight

The 2K Coatings is forecast to optimistic over the next few years. According to WK-chem Research, “Global 2K Coatings Professional Survey Report 2022, Forecast to 2027”, The 2K Coatings industry is growing rapidly with the increasing consumer demand. The compound annual growth rate (CAGR) for the 2022-2027 period is projected to be 4.6% base on WK-chem Research regression analysis model.

Analysts’ Viewpoint:

"The global 2K coatings market size is expected to continue to expand by 2027. Increasing adoption of 2K coatings for protective coatings for bridges, ceilings, floors and doors is driving product demand. The increasing application scope of such coatings in the marine industry to secure marine projects against harsh environments is further boosting the market growth." said Eva Joy, Senior analyst, Chemical & Materia Market Research Center in WK-chem Research.

Market insight:

Growth in demand from the civil construction and infrastructure industries is a driving factor for 2K coatings. 2K protective coatings are used for floors, wood finishes, interior and exterior walls, bridges, swimming pools, doors and ceilings in the civil construction and infrastructure industries. The 2K protective coating forms a thin layer on the surface to which it is applied and is used to increase the longevity and stability of the structure. Bridges, highways and infrastructure projects inherently require long-term stability and the ability to withstand harsh weather conditions such as acid rain. Structural degradation can lead to rust, discoloration, cracking of concrete, leaks, and the growth of microorganisms such as algae and fungi on metal surfaces. These can directly or indirectly affect the life of the building and increase the cost of replacement and maintenance. Waterproof coatings are commonly applied to walls and floors in bathrooms, kitchens, hotels and swimming pools to prevent leaks and avoid moisture damage to structures.

The cost of 2K protective coatings is very high, and their manufacturing costs have also grown with energy prices. Crude oil price fluctuations and changes in foreign exchange fluctuations lead to rising raw material prices. Raw material prices for 2K protective coatings vary widely. Acrylic is the cheapest. Epoxy is the most expensive type of protective coating. In addition to raw material prices, manufacturers are also bearing additional costs due to increased energy taxes, resulting in higher operating costs and lower profit margins.

Competition Landscape:

The key players operating in the market are AkzoNobel NV (Netherlands), PPG Industries (United States), Sherwin-Williams (United States), Jotun A/S (Norway), Hempel A/S (Denmark), China Marine Coatings Co., Ltd. (Japan), Nippon Paints Holdings Co. Ltd. (Japan), Kansai Paint Co., Ltd. (Japan), Sika AG (Switzerland) and RPM International Inc. (United States). In November 2020, PPG announced the launch of the PPG AQUACOVER water-based coating system for shipping containers in China. The new system includes epoxy zinc-rich primers, epoxy intermediates and topcoats, and polyurethane topcoats. The coating provides high quality and provides excellent corrosion protection for shipping containers. They also enable customers to meet the challenges of operating in highly corrosive environments.

Segmentation of 2K Coatings Market:

By resin type, 2K coatings are classified into epoxy, polyurethane, alkyd, acrylic and others. The epoxy resin segment holds the largest share in the 2K protective coatings market. The performance of epoxy-based coatings can be enhanced by adding additives and modifiers to meet desired specifications. They are hard, moisture, abrasion, water, acid, alkali and seawater resistant. They have low volatility and can be washed with water. These properties make these coatings ideal for use on metal surfaces such as cast iron and aluminum.

By end-use industry, 2K coatings are segmented into Offshore Structures/Oil & Gas Exploration, Production & Transmission, Petrochemical - Refinery & Chemical Plus, Marine, Cargo Containers, Power Generation, Water & Waste Treatment, Civil Construction & Infrastructure, Food & Beverage factory and others. Civil construction and infrastructure is expected to witness the fastest growth in the 2K protective coatings market over the forecast period. In terms of volume, civil construction and infrastructure is expected to witness the fastest growth in the 2K protective coatings market over the forecast period. In the civil construction and infrastructure end-use industry, Asia Pacific is estimated to be the largest and fastest growing market. Demand for new transportation and utility infrastructure, schools, healthcare facilities, high urbanization rates, and expansion plans for corporate and manufacturing facilities are key growth factors for the 2K protective coatings market in the region.

2K Coatings Market: Regional Analysis:

On the basis of region, the market is segmented into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. Asia Pacific is the largest 2K protective coatings market during the forecast period, and Asia Pacific has emerged as one of the leading producers and consumers of 2K protective coatings. With low labor costs and cheap land, the Asia-Pacific region is a hub for foreign investment and a booming industrial sector. China is the largest market in the Asia Pacific region. The increase in demand for 2K protective coatings is mainly attributed to the growing industrial, infrastructure and construction, and marine industries. The growing power industry in Asia Pacific is likely to drive the 2K protective coatings market. India produces most of its electricity from coal and plans to increase solar power through newer solar projects. These factors have led to the growing demand for 2K protective coatings in the Asia Pacific region.

Cagr: 4.6%

Largest share area: Asia Pacific

Largest share country: China

Product Type (by resin type): Epoxy, Polyurethane, Alkyd, Acrylic and others

Application: Offshore Structures/Oil & Gas Exploration, Production & Transmission, Petrochemical - Refinery & Chemical Plus, Marine, Cargo Containers, Power Generation, Water & Waste Treatment, Civil Construction & Infrastructure, Food & Beverage Plants & Others

Leading Company:AkzoNobel NV (Netherlands), PPG Industries (United States), Sherwin-Williams (United States), Jotun A/S (Norway), Hempel A/S (Denmark)