2K Coatings Market was valued at USD 8,825.1 million in 2022 and is poised to grow at a CAGR of 5.0% over 2023-2029. 2K Coatings or 2 Pack Coatings refers to two-component paints that require a hardener, catalyst, or activator to harden to provide a much stronger substrate that is less susceptible to damage from chemicals, weather, abrasion, or UV rays. 2K coatings can be used on external components such as steel fabrication, cars, trucks, jet skis, etc. The expansion of the automotive industry and massive production of automobiles globally drives the 2K coatings market. The 2K coatings protect and enhance vehicle surfaces from abrasion, corrosion, and scratches.
According to ACEA, in 2022, 85.4 million motor vehicles were produced around the world, an increase of 5.7% compared to 2021 which gradually led to an increase in 2K coating demand. Additionally, the ongoing research and advancement in technologies to develop nanocoating and smart coatings that offer improved performance are anticipated to propel the market growth. Furthermore, the rising environmental concerns and shift towards eco-friendly coatings, including low-VOC (volatile organic compound) formulations have created several opportunities for manufacturers to develop eco-friendly coatings. For instance, Berger launched Wall Shield 2K Waterproofing Coating that is made of acrylic polymer that imparts water tightness within the spaces of a cementitious matrix of the wall, along with being Green Pro Certified and strives towards a cleaner and sustainable future. The integration of digital technologies, IoT, and data analytics for the coating design, application, and quality control along with the management of sales digitally to become more prevalent, enhances efficiency and quality is currently very popular in the market. But the adoption of stringent environmental regulations regarding VOC emissions and hazardous chemicals along with the increase in the cost of raw materials may hinder the market growth. However, the rising demand for civil buildings and infrastructure increased disposable income, the emergence of new players in the market, increased competition between key market players, and research and development carried out to further develop the products are anticipated to burgeon the market during the forecast period.
Fastest Growing Market
The market is expected to rise owing to the increased demand for epoxy resin-based 2K protective coatings to enhance 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. The increased demand for automobiles and infrastructure that has enhanced durability against humidity, acid, alkali, and water drives the market. Epoxy resin is primarily used in marine projects to protect them from damage. Furthermore, to satisfy the needed criteria, epoxy-based coatings can have their characteristics improved by adding additives and modifiers. They are water-cleanable and have low volatility. Because of these characteristics, the coatings are perfect for usage on metallic surfaces like cast iron and aluminum
The 2K Coatings market valued at USD 8,825.1 million in 2022 and is expected to grow at 5.0% CAGR over the forecast period 2023 – 2029
The expansion of the automotive industry and massive production of automobiles globally drives the 2K coatings market.
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) are a few companies operating in 2K Coatings market.
North America is anticipated to grow with 5.1% CAGR over the forecast period 2023-2029.