The demand for 2K protective coating has witnessed significant growth in the past few years, due to rising urbanization in developing countries.
People are moving towards urban areas from rural areas which has increased the demand for residential and infrastructure projects in developing countries. 2K protective coating plays an important role in enhancing the life of buildings, swimming pools, marine projects and roads by protecting them from rust, acid rain, and hard water, growth of micro-organisms such as algae and fungi and harsh climate conditions.
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 the highest share in the 2K protective coating market.
As per the report published by ESOMAR-certified market research and consulting firm, the global 2K protective coating market is anticipated to exceed a valuation of around $8 billion by 2021 and is expected to 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 with the growth in new construction for luxury buildings in the past few years.
- South Asia is estimated to witness major growth in the forecast period, compared to 2021, accounting for over 9.1% growth;
- In 2020, North America is anticipated to 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 European market is expected to offer over $612.4 million absolute dollar opportunity over the next 10 years;
- In terms of end-use type, marine and building & infrastructure hold around 50% of the overall market share in 2020;
- In resin type, the epoxy resin in 2K protective coating is estimated to cover a higher market share in 2020, accounted around 38%.
