Report Finds Epoxy Resins Hold Almost 40% Share of 2K Protective Coatings Revenue
DUBLIN — Fact.MR has issued a study that finds approximately 38% of revenue from 2K protective coatings is generated by epoxy resins. Demand for 2K protective coatings 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, increasing the need for residential and infrastructure projects in developing countries. 2K protective coatings play an important role in enhancing the life of buildings, swimming pools, marine projects and roads by protecting them from rust, acid rain, hard water, growth of microorganisms such as algae and fungi, and from the conditions of harsh climates.
Demand for epoxy resin has increased in the 2K protective coatings market due to benefits such as the enhanced durability of these coatings compared to other coatings. Epoxy resins are also more effective in protecting surfaces from humidity, acid, alkali and seawater. Epoxy resin is used primarily in marine projects to protect them from damage.
The report predicts that the global 2K protective coatings market will exceed a valuation of around $8 billion by 2021 and is expected to expand at a compound annual growth rate of around 5% over the forecast period of 2021 to 2031. North America dominates the consumption of 2K protective coating with the increase in new construction of luxury buildings over the past few years.
The study finds that South Asia is estimated to witness major growth in the forecast period, compared to 2021, accounting over 9.1% growth. North America is anticipated to register the highest market share for 2020 of around 30.8%, followed by Europe, according to the report. In 2020, North America and Europe together accounted for 56% of the global 2K protective coatings market. The European market is expected to offer opportunities of approximately $612.4 million over the next 10 years.
In terms of end-use type, marine and building and infrastructure held around 50% of the overall market share in 2020. In resin type, epoxy resin in 2K protective coatings is estimated to have held a higher market share in 2020, accounting for around 38%. "Growing construction and real estate industries have increased the market of 2K protective coating," said a senior research analyst for Fact.MR.
The 2K protective coatings market is dominated by the marine application sector, as it accounts for more than 27% of the global market share, according to the report. A major factor impacting demand is the growing number of projects in marine industry. The rising demand for maintaining boats and ships from tough weather and water conditions has boosted the market of 2K protective coatings in the marine industry.
Learn more about the report, 2K Protective Coatings Market, Forecast, Trend, Analysis & Competition Tracking - Global Market Insights 2021 to 2031.
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