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.
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
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