Growing Demand for the 2K Protective Coatings Market Industry?
The 2K protective coatings market is projected to grow from USD 8.6 billion in 2020 to USD 10.8 billion by 2025, at a CAGR of 4.8% between 2020 and 2025. Growing demand from the civil building and infrastructure industry in APAC is likely to boost the 2K protective coatings market.
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Browse?119 market data Tables and?55 Figures spread through?218 Pages and in-depth TOC on?"2K Protective Coatings Market by Resin Type (Epoxy, Polyurethane, Alkyd, Acrylic), End-use Industry (Oil & Gas, Petrochemical, Marine, Cargo Containers, Power Generation, Water and Waste Treatment), Application, and Region – Global Forecast"
The key market players are AkzoNobel N.V. (Netherlands), PPG Industries (US), The Sherwin-Williams Company (US), Jotun A/S (Norway), Hempel A/S (Denmark), Chugoku Marine Paints Ltd. (Japan), Nippon Paints Holdings Co. Ltd. (Japan), Kansai Paint Co., Ltd. (Japan), Sika AG (Switzerland), and RPM International Inc. (US). These players have adopted various strategies, such as merger & acquisition, investment & expansion, new product launch, partnership & agreement to grow in the market. Merger & acquisition was the key strategy adopted by the major players between 2016 and 2021. This strategy strengthened their market position and increased their presence in emerging economies.
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AkzoNobel N.V. (Netherlands) is a diversified chemical company active in the fields of decorative paints and performance coatings. 2K protective coatings are offered under the performance coatings segment. AkzoNobel N.V. has a strong customer base and operates in more than 150 countries of Europe, Asia Pacific, South America, and the Middle East. In March 2020, AkzoNobel launched ultimate rust-busting metal paint, which is designed to usher in the next evolution in superior metal protection. Hammerite Ultima is suitable for use on all types of metal and provides a supreme protective barrier. It can also be applied directly onto any metal surface – as well as rust – without the need for a primer.
PPG Industries, Inc. (US) manufactures and distributes coatings, optical & specialty materials, and glass products. The company operates through two business segments, performance coatings and industrial coatings. PPG has a strong customer base and operates in more than 70 countries of Europe, North America, Asia Pacific, the Middle East, Africa, and Latin America. In February 2021, PPG completed its acquisition of VersaFlex from DalFort Capital Partners. VersaFlex specializes in polyurea, epoxy and polyurethane coatings for water and wastewater infrastructure, flooring, transportation infrastructure, and industrial applications. Financial terms were not disclosed. VersaFlex is an aggregation of four U.S.-based protective coatings companies, consisting of legacy VersaFlex, Raven Lining Systems, Milamar Coatings and Specialty Products, Inc.
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The 2K Protective Coatings ?market size is estimated to be USD 8.6 billion in 2020 and is projected to reach USD 10.8 billion by 2025, at a CAGR of 4.8% between 2020 and 2025. The use of 2K protective coatings in offshore structures/oil & gas exploration, production, and transmission and civil building & infrastructure is expected to increase in APAC in the next five years.
Increasingly stringent regulations governing the use of 2K protective coatings have compelled manufacturers to develop products with low volatile organic compounds (VOCs), high solid content, and less harmful biocides. Registration, Evaluation, Authorisation and Restriction of Chemicals (REACH), Green Seal, Solvent Emissions Directive (SED), and Biocidal Products Directive (BPD) are stringent environmental regulations limiting the emission of VOCs (volatile organic compounds) and HAPs (hazardous air pollutants). This has resulted in technical difficulties in the use of solvent-borne coatings. These regulations also make the industries shift to eco-friendly coatings. However, the challenge exists in the development of new products that conform to these strict regulations and also make it efficient for industries economically.
APAC is the largest market for 2K protective coatings globally. China is the largest market, and India is the fastest-growing market for 2K protective coatings in the region. The easy availability of raw materials and high demand from end-use industries are driving the market in APAC. Emerging economies such as India, Taiwan, Thailand, and Indonesia also supporting market growth.
Marine was the largest end-use industry of 2K protective coatings, in terms of both volume and value, in 2019. 2K protective coatings are generally applied on marine parts made of steel, aluminum, fiberglass, and other substrates. They are used for cargo vessels, tankers, tug barge, workboats, motor launch, and hydrofoil. China will become the world’s primary maritime market, leading in shipbuilding, seaborne trade, and vertically integrated ownership and ship management.
Continuous developments in the market, including new product launches, investment & expansion, merger & acquisitions, and partnership & agreement are expected to help the market grow. Several products are being introduced, and investments are made on increasing the production capacity of 2K protective coatings by manufacturers for different applications. New product launch has helped companies enhance their product portfolio.
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Sr. Manager Research at Coatings & Adhesives Materials Companies
1 年Browse?119 market data Tables and?55 Figures spread through?218 Pages and in-depth TOC on?"2K Protective Coatings Market" Download PDF Brochure at https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=209520665#utm_source=LINKEDIN-NL&utm_medium=KS-2022