The demand for 2K protective coating revenue 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. This 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. This is because these coatings protect them from rust, acid rain, and hard water. It also protects them from growth of micro-organisms such as algae and fungi and from harsh climate condition.
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 made available by an ESOMAR-certified market research and consulting firm, the global 2K protective coating market will exceed a valuation of around US$ 8 Bn by 2021. There is also an expectation that it will 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. This is due to the growth in new construction for luxury buildings in the past few years.
Key Takeaways from Market Study
- Estimates who that South Asia will witness major growth in the forecast period, compared to 2021, accounting over 9.1% growth.
- The report anticipates that in 2020, North America will register the highest market share of around 30.8%, followed by Europe.
- In 2020, North America and Europe together accounted for 56% of the global 2K protective coating market. The expectations show that the European market will offer over US $612.4 Mn absolute dollar opportunities 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.
- Estimates show that in resin type, the epoxy resin in 2K protective coating covers a higher market share in 2020. That share accounted to around 38%.
“Growing construction and real estate industries have increased the market of 2K protective coating says a senior research analyst.
The 2K protective coating market is dominated by marine application as it accounts for more than 27% market share globally. The major factors for growing market is due to growing number of projects in marine industry. The rising demand for maintaining boats and ships from tough weather and water conditions has boosted the market of 2K protective coating in the marine industry.