NEW YORK, May 17, 2021 /PRNewswire/ -- Award winning market research firm Fact.MR's recent report on the global 2K protective coatings forecasts steady growth through 2021. Growing demand for construction of residential & commercial buildings in developed countries is expected to majorly sustain 2K protective coatings market growth throughout the forecast period, from 2021 to 2031.
Historically, the market registered substantial gains, expanding at a CAGR of over 4% between 2016 and 2020. Growth was primarily underpinned by increasing demand for maintaining durability, protection from bad weather condition, and the growing need for stability. Also, increasing demand from marine industry to protect marine projects from extremely tough weather condition have amplified the sales of 2K protective coatings.
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Additionally, protective coatings are extensively used for waterproofing the walls in commercial and architectural buildings to prevent leakage and avoid the moisture from deteriorating the structures. Such expensive projects in marine and construction sector will improve the demand in the market. Fact.MR expects the market to grow at nearly 5& CAGR through 2031.
Based on aforementioned factors, the global 2K protective coatings market is expected to surpass valuation of US$ 8 Bn by 2021-end.
"Expensive projects undertaken in the construction industry such as construction of luxury & commercial buildings have increased the market for 2K protective coatings" says a Fact.MR analyst.
- Epoxy resin will contribute the highest in the resin type segment of 2K protective market with around 38% global market share
- India is expected to emerge as a lucrative market of South Asia for 2K protective coatings, accounting for 9.1% CAGR
- United States will lead the North American 2K protective coatings market through 2031
- Growing demand from the construction industry will propel the growth of 2K protective coatings across Germany and UK, creating absolute dollar opportunity for European market
- In terms of end-use, marine and buildings & infrastructure holds over 50% of overall market share
Akzonobel NV, PPG Industries, The Sherwin Williams Company, Jotun A/S, Hempel A/S, Chukogu Marine Paints Ltd., Nippon Paints Holdings Co. Ltd., Kansai Paint Co. Ltd., Sika AG, RPM International Inc., Axalta Coating Systems LLC, Dulux Group, BASF SE, Parker Hannifin Corp, Berger Paints India Ltd, Tnemec Company Inc., Cloverdale Paint Inc., Teknos Group OY, Benjamin Moore & Co., Shawcore, Noroo Paint & Coatings Co. Ltd., Premium Coatings & Chemicals Pvt. Ltd., Weilburger Coatings GmbH, Guangdong Maydos Building Materials Limited Company and Fosroc Inc. among others are some of the prominent players listed by Fact.MR. Majority of these players are focusing on investing to expand their business and launch new product line by conducting research & development activities.
For instance, in September 2020, Axalta announced the launch of its Imron 2K high durability clearcoat for commercial vehicle customers in Europe.
Covestro, one of the leading global polymer company, announced the launch of a range of smart and sustainable polyurethane coatings for construction, automobile, footwear and furniture industries.
Also, in December 2020, Arsenal Capital Partners, a private equity firm that invests in middle-market specialty industrials and healthcare companies, announced the launch of coatings platform, Seal for Life Industries acquired the Canusa-CPS and Dhatec businesses from Shawcor.
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More Valuable Insights on 2K protective coatings Market
In its latest research report, Fact.MR delivers an insightful details on the global 2K protective coatings market trends and growth scenario for the period of 2021 and 2031. To gain a better understanding on the shortcomings and forthcomings of the global 2K protective coatings market, the market is segmented on the basis of resin type (epoxy, polyurethane, and alkyd), end-use (oil & gas exploration, petrochemical, marine, cargo containers, power generation, water treatment, building & infrastructure, food & beverage production units, and others), application (abrasion resistance, chemical resistance, fire protection, heat resistance, corrosion protection, pipe coatings, and tank linings), and across major regions (North America, Latin America, Europe, East Asia, South Asia, Oceania and Middle East & Africa).
Key Questions Covered in the Report
- What will be the future growth outlook of global 2K protective coatings market?
- What are the headwinds and tailwinds that the market is expected to witness over the coming years?
- Which is the most lucrative segment for the global 2K protective coatings market?
- Which region is expected to provide growth opportunities for 2K protective coatings market players?
- What is the impact of Covid-19 on 2K protective coatings market?
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