As per Future Market Insights, the 2K coatings market is anticipated to attain a value pool of US$ 9 billion by 2023-end. Global demand for 2K coatings is expected to rise at a CAGR of 5.2% to US$ 15 billion in 2033.
| Data Points | Key Statistics |
|---|---|
| Expected Market Value in 2023 | US$ 9 billion |
| Projected Market Value in 2033 | US$ 15 billion |
| Growth Rate (2023 to 2033) | 5.2% CAGR |
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The main reason behind the growing market is the continuously rising demand from 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 protective coating globally.
2K coatings provide excellent waterproofing solutions by preventing water leaks. The coatings act as a barrier, which enables structures such as bridges, floors, buildings, wood finishes dams, wells, as well as exterior and interior walls to function in demanding situations and environments.
2K Coatingss are used for protecting & maintaining the existing substrates to extend lifestyle. Many industries have systems that run on continuous operations. Several of them are exposed to environmental changes or involve the use of harsh materials. This results in the deterioration in the structure of the equipment or decline in the efficiency of the process, which causes shutdown of the plant or stoppage in the overall operations. The coatings help in preventing these issues, thereby saving on the cost of shutdown and replacement of equipment.
The marine industry is prone to damage to vessels, ships, and docks due to the corrosive action of seawater. Waterproofing coats and joints & crack filling coats are widely used for maintenance in these industries. These 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.
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2K Coatingss are used in the civil building and infrastructure industry for flooring, wood finishes, interior & exterior walls, bridges, swimming pools, doors, and ceilings.
This particular type of coatings forms a thin layer on the surfaces on which they are applied and are used for increasing the longevity and stability of the structures. Bridges, highways, and infrastructure projects are essentially in need of long-time stability and the ability to withstand harsh weather conditions, such as acid rains.
Degradation of structures results in rusting of metal surfaces, fading, cracking of concrete, leakages, and growth of micro-organisms such as algae and fungi. These may directly or indirectly affect the life of buildings and increase the cost of replacement and maintenance. Waterproofing coatings are usually applied to walls and floorings in bathrooms, kitchens, hotels, and swimming pools to prevent leakages and avoid moisture from deteriorating the structures.
The USA is one of the markets for coatings globally. The market in USA is set to be driven by increased construction spending and demand from the automotive and transportation sectors as well. The region's highly developed Building and Infrastructure industry is the primary reason for its significant market share.
The presence of key market participants in USA and Canada is also favoring the market growth by ensuring smooth supply. The high R&D spending on Marine and Construction sector in USA has also created lucrative opportunities to fasten the demand of Protective Coatings
The infrastructure & construction industry is growing rapidly in the APAC region. APAC is one of the largest and fastest-growing markets for the infrastructure & construction sector. APAC has emerged as one of the leading producers as well as consumers of coatings. APAC is the hub of foreign investment and booming industrial sectors due to the low-cost labor and cheap availability of lands.
Increase in the demand for coatings can be largely attributed to the growing industrial, infrastructure & construction, and marine industries. APAC has a growing power industry that is likely to drive the market for coatings.
India produces most of its power through coal and is planning to increase solar energy generation with newer solar projects. These factors contribute to the rising demand for coatings in APAC.
Some of the leading manufacturers and suppliers of 2K Coatings include
With the implementation of lockdown at the global level, industries are badly affected globally, due to the halt in business activities. Construction industries and real estate industries are badly impacted sectors globally. This has impacted the market growth of 2K coatings. As the raw material like chemicals, Solution mixture and other things storage was happening due to trade restriction. However, even after a huge drop in the revenue in 2K protective coating market during the pandemic times, the growth of the market is expected to reach back to normalcy in the next few quarters.
The 2k Coatings report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
Chemicals & Materials
February 2024
REP-EU-82
333 pages
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2K Coatings Market
