2K Protective Coatings Market: by Type (Epoxy, Polyurethane, Alkyd, Acrylic and Others), By End user (Petrochemical, Marine, Power Generation, Water and Waste Treatment, Civil Building and Infrastructure, Food and Beverage Plants and Others), and Region - Global Analysis of Market Size, Share & Trends for 2019-2021 and Forecasts to 2030
2K Protective Coatings Market to surpass USD 13.2 Billion by 2030 from USD 9.1 Billion in 2020 at a CAGR of 5.4% in the coming years, i.e., 2021-30.
2K Protective Coatings are those that have both extrinsic and intrinsic qualities that allow them to change based on their surroundings. By nature, these are active and intelligent animals with a chemical makeup that permits them to change and adapt to new environments. Nanotechnology, robotics, medical devices, defense, automotive, and other industries have identified numerous applications for these materials, indicating that the development of 2K Protective Coatings is developing and promising. Bionics, biomimicry, bioinspiration, and biogenesis are all terms used to describe these materials. Many businesses favor 2K Protective Coatings because they can work under a variety of pressure and temperature conditions.
Growing environmental concerns and an increase in research and development activities in the industry, among other things, are driving the market expansion of 2K protective coatings. Furthermore, the rising need for substrate maintenance, as well as demand from emerging nations, would open up new potential for the 2K protective coatings industry.
Global 2K Protective Coatings market is segmented by type into Epoxy, Polyurethane, Alkyd, Acrylic, and Others. Polyurethane segment held the largest market share in the year 2020. This is due to their advantages, which include abrasion resistance, color retention, higher gloss, and long durability. Furthermore, the increasing use of 2K polyurethane in the automotive industry for vehicles, ships, and aircraft, as well as in the petrochemical industry for heavy-duty use on facilities, is fueling market expansion.
Global 2K Protective Coatings market is divided by end-user into Petrochemical, Marine, Power Generation, Water, and Waste Treatment, Civil Building and Infrastructure, Food and Beverage Plants, and Others. Over the forecast period, the Civil Building and Infrastructure segment is projected to expand at the fastest pace Because of their longevity, aesthetic performance, and protection against corrosion, abrasion, high temperatures, and fire, they are widely used for walls and floor coatings on civil and commercial infrastructure. Furthermore, the rising use of 2k coatings as high-performance architectural coatings (HiPAC) in a variety of applications, such as offices, showrooms, warehouses, supermarkets, schools, industrial workshops, and others, is fueling the market expansion.
Rising industrialization and increased investment in various applications
The market for protective coatings is growing due to rising industrialization, urbanization, and increased commercial activity around the world. Because of the rising need to improve the longevity and stability of structures, the use of 2K protective coatings has expanded in the building and construction industry. Factors driving the market's growth include increased investment in the construction industry, the creation of offices, factories, and manufacturing units, and the expansion of public infrastructure. In the oil and gas exploration, energy and power, and marine industries, 2K protection materials are becoming increasingly popular.
Increased investment in research and development
The advanced composites market is growing due to increased investment in R&D, technological breakthroughs, and applications in a variety of industries. The global market for 2K protection materials is booming, thanks to rising demand from the construction and infrastructure industries. It is used in a variety of applications, including walls, façades, flooring, ceilings, and doors. 2K protective coatings are increasingly being used in the construction of infrastructures such as bridges, stadiums, and highways to improve structural strength, durability, and longevity.
High price of raw materials
The key factor acting as a restraint is the high price of raw materials and energy, which will further challenge the expansion of the 2K protective coatings market over the forecast period.
Global 2K Protective Coatings market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. The market in North America is expected to hold the highest CAGR over the forecasted period because of the growing residential and industrial infrastructure and building industries, as well as increased government investment in the power sector, which includes natural gas, hydro, and nuclear power plants development. Furthermore, the market's expansion would be aided by the existence of well-known firms over the forecast period.
|Market size value in 2020||USD 9.1 Billion|
|Revenue forecast in 2030||USD 13.2 Billion|
|Growth Rate||CAGR of 5.4% from 2021 to 2030|
|Base year for estimation||2020|
|Quantitative units||Revenue in USD million and CAGR from 2021 to 2030|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Segments covered||Type, end-user and Region|
|Regional scope||North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)|
|Key companies profiled||Sika AG, Akzonobel N.V., 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., and Other Prominent Players.|
The 2K Protective Coatings Market size was estimated at USD 9.1 billion in 2020 and is expected to reach 13.2 billion by 2030.
Key players: Sika AG, Akzonobel N.V., 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., and Other Prominent Players.
Polyurethane segment and Civil Building and Infrastructure segment are anticipated to hold the largest 2K Protective Coatings Market.
Drivers: Rising industrialization and increased investment in various applications and Increased investment in research and development
2K Protective Coatings are those that have both extrinsic and intrinsic qualities that allow them to change based on their surroundings. By nature, these are active and intelligent animals with a chemical makeup that permits them to change and adapt to new environments. Nanotechnology, robotics, medical devices, defense, automotive, and other industries have identified numerous applications for these materials, indicating that the development of 2K Protective Coatings is developing and promising
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