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CHEMICALS AND ADVANCED MATERIALS

2K Protective Coatings Market Analysis by Resin Type (Epoxy, Polyurethane, Alkyd, and Acrylic), End-use Industry (Oil & Gas, Petrochemical, Marine, Cargo Containers, Power Generation, and Water & Waste Treatment), Application (Abrasion Resistance, Chemical Resistance, Fire Protection, Heat Resistance, Corrosion Protection, Pipe Coatings, and Tank Linings) – Global Supply & Demand Analysis & Opportunity Outlook 2023-2035

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Inflation And Looming Recession to Haunt Businesses:

In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.

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Purchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.                                                         Request Insights

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IN THE NEWS

 

  • PPG Industries, Inc. has successfully launched PPG AQUACOVER waterborne coating system for shipping containers in China.

  • Akzo Nobel N.V. has decided to invest approximately USD 20 million to increase powder coatings capacity at its site in Como, Italy.

Global 2K Protective Coatings Market Size, Forecast, and Trend Highlights Over 2023 - 2035

Base Year

2023

Forecast Year

2023-2035

CAGR

~ 7.8%

Base Year Market Size (2023)

~ USD 10.38 Billion

Forecast Year Market Size (2035)

~ USD 25.56 Billion

 

The global 2K protective coatings market is estimated to garner a revenue of USD 25.56 Billion by the end of 2035 by growing at a CAGR of ~7.8% over the forecast period, i.e., 2023 – 2035. Further, the market generated a revenue of USD 10.38 Billion in the year 2023. The primary factor that is attributed for the market growth is the expansion of construction industry in the recent period. The recent data revealed that in 2020, the total spending in the U.S. construction sector amounted to be around USD 2 trillion.

main market image

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Due to rapid industrialization, there has been an increase for efficient construction processes and longer life of equipment and devices is anticipated to be a vital factor escalating the market growth. Moreover, rise in the demand for maintenance of existing substrates in the buildings is further expected to create new opportunities for the 2K protective coatings market in the forecast period. Thus, the increment in employment rate in the construction industry is further projected to increase the sales of protective coatings in the forecast period. Recent calculations stated that there were almost 10 million construction workers in the United States, approximately 8% of the total working population as of 2021.          

Global 2K Protective Coatings Market: Growth Drivers and Challenges

Growth Drivers

  • Expansion of Oil & Gas Industry – 2K protective coatings are the preferred choice in the oil & gas industry for varied processes owing to its great advantages such as corrosion, humidity, UV, and harsh weather conditions. Thus, an expansion in oil & gas is expected to bring lucrative growth opportunities for 2K protective coatings market too. The recent statistics reveal that the global oil & gas industry garnered approximately USD 5 trillion in 2022.
  • Growth in Real Estate Sector – As per recent estimates, the revenue generation of real estate companies worldwide stood at approximately USD 10 billion in 2021.
  • High Investments by Companies in R&D Activities – World Bank showed the data of Research and Development expenditure to be 2.63% of total GDP in 2020, up from 2.13% of total GDP in 2017. 
  • Rapid Industrialization and Urbanization - United Nations Organization released the data stating that about 55% of the global population was living in urban areas in 2018, which is forecasted to increase to 68% by 2050.

Challenges

  • High Prices of Raw Materials and Energy
  • Rising Stringent Governmental Rules
  • Concern Regarding the Toxic Nature

The global 2K protective coatings market is segmented and analyzed for demand and supply by end-use industry into oil & gas, petrochemical, marine, cargo containers, power generation, water and waste treatment. Out of this, the oil & gas segment is attributed to garner the highest market share by 2035, owing to high consumption of oil and petroleum products. In 2021, the global oil consumption was approximately 94 million barrels per day, a 6% increment from the previous year.  

Major Macro-Economic Indicators Impacting the Market Growth

market growth

The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Program), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favorable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labor as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.

 Global 2K Protective Coatings Market Regional Synopsis

Regionally, the global 2K protective coatings market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in Asia Pacific is projected to hold the largest market share by the end of 2035, owing to the rapid expansion of construction industry in the region. The building construction industry in Asia Pacific is expected to reach USD 3 million by 2024, with a robust CAGR with 7%.  Further, the expansion of other end-use industries such as oil & gas, marine, and others along with the rise in Gross Domestic Product (GDP) level and rapid industrialization are another factors that are expected to increase the sales of 2K protective coatings.

market region

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The global 2K protective coatings market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook

Market Segmentation

Our in-depth analysis of the global 2K protective coatings market includes the following segments:

          By Resin Type

  • Epoxy
  • Polyurethane
  • Alkyd
  • Acrylic

         By End-Use Industry

  • Oil & Gas
  • Petrochemical
  • Marine
  • Cargo Containers
  • Power Generation
  • Water and Waste Treatment

           By Application

  • Abrasion Resistance
  • Chemical Resistance
  • Fire Protection
  • Heat Resistance
  • Corrosion Protection
  • Pipe Coatings
  • Tank Linings

Top Featured Companies Dominating the Global 2K Protective Coatings Market

  • PPG Industries, Inc.
    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis
  • Akzo Nobel N.V.
  • Hempel A/S
  • Jotun A/S
  • Sherwin-Williams
  • BASF
  • DuluxGroup Limited
  • Axalta Coating Systems
  • RPM International Inc.
  • Sika AG

 

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