2K Protective Coatings Market | Key players operating in the market include AkzoNobel N.V., PPG Industries, Sherwin-Williams, Jotun A/S, Hempel A/S

According to recent market research "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", 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 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 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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The 2K Protective Coatings market is projected to grow from USD 8.6 billion in 2020 to USD 10.8 billion by 2025, at a CAGR of 4.8% between 2020 and 2025. Growing demand from the civil building and infrastructure industry in APAC is likely to boost the 2K protective coatings market.

The key market players 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). These players have adopted various strategies, such as merger & acquisition, investment & expansion, new product launch, partnership & agreement to grow in the market. Merger & acquisition was the key strategy adopted by the major players between 2016 and 2021. This strategy strengthened their market position and increased their presence in emerging economies.

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AkzoNobel N.V. (Netherlands) is a diversified chemical company active in the fields of decorative paints and performance coatings. 2K protective coatings are offered under the performance coatings segment. AkzoNobel N.V. has a strong customer base and operates in more than 150 countries of Europe, Asia Pacific, South America, and the Middle East. In March 2020, AkzoNobel launched ultimate rust-busting metal paint, which is designed to usher in the next evolution in superior metal protection. Hammerite Ultima is suitable for use on all types of metal and provides a supreme protective barrier. It can also be applied directly onto any metal surface – as well as rust – without the need for a primer.

PPG Industries, Inc. (US) manufactures and distributes coatings, optical & specialty materials, and glass products. The company operates through two business segments, performance coatings and industrial coatings. PPG has a strong customer base and operates in more than 70 countries of Europe, North America, Asia Pacific, the Middle East, Africa, and Latin America. In February 2021, PPG completed its acquisition of VersaFlex from DalFort Capital Partners. VersaFlex specializes in polyurea, epoxy and polyurethane coatings for water and wastewater infrastructure, flooring, transportation infrastructure, and industrial applications. Financial terms were not disclosed. VersaFlex is an aggregation of four U.S.-based protective coatings companies, consisting of legacy VersaFlex, Raven Lining Systems, Milamar Coatings and Specialty Products, Inc.

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