2K Coatings Market: By Resin Type (Epoxy, Polyurethane, Alkyd, Acrylic, Others), By Application (Abrasion Resistance, Chemical Resistance, Fire Protection, Heat Resistance), By End-use Industry (Oil & Gas, Petrochemical, Marine, Cargo Containers, Power Generation, Water and Waste Treatment, Buildings and Infrastructure, Food and Beverage Production Units), and Geography

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.

2K Coatings Market Key Developments:

• In April 2022, AkzoNobel completed the acquisition of Grupo Orbis, a Colombian coatings company, which effectively strengthened AkzoNobel's long-term position in Latin America.
• In February 2022, Sherwin-Williams acquired AquaSurTech, to further strengthen Sherwin-Williams' position as the leading coating solutions provider for the building products market.