2K Protective Coatings Market worth $10.8 billion by 2025 - Exclusive Report by MarketsandMarkets™
CHICAGO, April 12, 2021 /PRNewswire/ -- According to the new market research report "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 to 2025", published by MarketsandMarkets™, the global 2K Protective Coatings Market size will grow to USD 10.8 billion by 2025 from USD 8.6 billion in 2020, at a CAGR of 4.8% during the 2020-2025 period. 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.
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Epoxy is projected to be the largest resin type of the 2K protective coatings market
Epoxy is the largest resin type in 2K protective coatings market in terms of volume. The properties of epoxy-based coatings can be enhanced by adding additives and modifiers to meet the required specifications. They are hard and offer resistance to humidity, abrasion, water, acid, alkali, and seawater. They possess low volatility and are water cleanable. These properties make these coatings ideal for use in metallic surfaces such as cast iron and aluminum. Epoxy-based coatings are also applied on floors that are prone to heavy foot and vehicle traffic. Fusion bonded epoxy powder coatings are used for corrosion protection in steel pipes and fittings in the oil & gas industry and water transmission lines.
Civil building and infrastructure is the fastest-growing pigment type of the 2K protective coatings market
Civil building and infrastructure is the fastest growing end-use industry in 2K protective coatings market, in terms of volume. The main purpose of 2K protective coatings is to protect structures from solvents, dust, fungi, corrosion, humidity, and other threat that may affect the stability and functionality of the structures. 2K protective coatings also provide waterproofing solutions, thereby preventing water leakages. 2K protective coatings act as a protective barrier that enables structures such as buildings, dams, wells, bridges, floors, wood finishes, and exterior & interior walls to function in demanding environments and situations.
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APAC is the largest 2K protective coatings market globally
APAC is projected to lead the 2K protective coatings market and this dominance is expected to continue till 2025. China is the key market in the region, consuming close to half of the demand for 2K protective coatings. The region is seen as a lucrative market for the growth of 2K protective coatings. Increasing foreign investments increases the overall demand for 2K protective coatings. Apart from major countries such as China, India, Japan, and South Korea, countries like Taiwan and Thailand are gathering attention and are growing at a brisk pace.
The key players profiled in the 2K protective coatings market report 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).
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Related Reports:
Corrosion Protection Coatings Market by Type (Epoxy, Polyurethane, Acrylic, Alkyd, Zinc, Chlorinated Rubber), Technology (Solvent, Water, Powder), End-Use Industry (Marine, Oil & Gas, Petrochemical, Infrastructure), and Region - Global Forecast To 2025
https://www.marketsandmarkets.com/Market-Reports/corrosion-protection-coating-market-150815310.html
Industrial Coatings Market by Resin (Polyurethane, Epoxy, Acrylic, Alkyd), Technology (Solvent-based, Water-based, Powder), End-Use Industry (General Industrial, Protective, Automotive, Aerospace, Wood, Packaging), and Region - Global Forecast To 2025
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