Auguest 04, 2021, New York, USA – The 2K Protective Coating Market are mainly used for the city building and the infrastructure industry. The application is used for flooring, wood finishes, interior, and exterior walls, and bridges, swimming pools, doors, and different types of ceilings.
These protective coatings form a thin layer on the surfaces protecting them from corrosion and which can be used for increasing the longevity and stability of the constructions. 2K Protective Coating Market Of late due to natural calamities, these structures are in dire need of something strong and durable and which will last for a longer time. 2K protective coatings are the right answer for it. Different types of bridges, highways, and infrastructure projects need to withstand extreme weather conditions such as rains, snow-falls, extreme heat, and storms. Over time due to these weather conditions the degradation of the structures can to the rusting of the surfaces, the color fading of the constructions, leakages, growth of the micro-organism, and worse the wearing out of the building. This is responsible for the degradation of the building and this can hugely affect the cost of maintenance of the overall construction of the building.
In the earlier days, waterproofing materials were applied to these construction projects. However, over time the industry realized that only waterproofing materials are not enough to sustain the durability of these constructions. Also after a few years, there were obvious leakage problems that began to interfere with the quality of these constructions.
So to avoid the above problems 2k protective coatings are the perfect option for protecting any kind of construction and infrastructure.
The Market Demand-
The 2k protective coatings are used to extend the life of the structures and also protect the outer coating of these structures. For this very reason, the Marine industry is also one industry where the 2K protective coatings market is in much demand. This is mainly because the marine industry is prone to a lot of damages in vessels along with the usage of ships and docks. This happens due to the corrosive action of the seawater. So for the maintenance of these vessels, 2k protective coatings are widely used.
The Global 2K protective coating Market
APAC countries are the leading markets for 2k protective coatings. This is because they are the primary hubs for paints and coatings manufacturing and are also the main suppliers for the raw materials which are needed. The countries leading in this industry are India, China, Japan, and Thailand. Along with APAC countries, North America is also a growing market for the Global 2K protective coatings. It is estimated that it will account for over 31% of the global market share worldwide. The key reason is North America is one of the most sought-after construction industries and it also employs more than 10 million people across the US. Along with this, the demand for several innovative constructions has also served as an impetus for the need for the 2 protective coatings market.
The market valuation for the 2k protective coatings market globally will be $US 10.8 billion by the year 2025 at a CAGR of 4.8%. In the year from 2016 to 2020, the demands for the 2k protective coatings increased only 4% as opposed to the CAGR at which will grow from 2021 onwards. Over the years it is estimated to grow at a rate of 5% after 2025.
The major companies in the Global 2K protective coatings market are-
- AckzoNobel (Netherlands)
- PPG Industries (US)
- Jotun (Norway)
- Kansai Paint Co Ltd
- Sika AG (Switzerland)
- RPM International
- Nippon Paints Holdings
- Hempel A/S Denmark
The Constraints Facing This Industry-
The high cost of raw materials and their overall cost of manufacturing are on the verge of becoming costly with the growing cost of energy. On top of that, the various fluctuating oil and crude prices and the overall highly changing foreign currency fluctuations are also responsible for the increasing prices of raw materials. Along with the increase in the raw materials, the manufacturers are also burdened with the costs which are incurred with the increase in the taxes and which can result in high operating costs but at the same time lower margins. This can over time be a concerning factor for the manufacturers of the 2K protective coatings market.
Even though the industry is returning to normalcy soon, Covid 19 has deeply impacted production at a global level. Mainly it is the construction and real estate industries that have been affected the most by the pandemic. Various big companies have been facing issues in getting the raw materials on time and the solution mixtures and other particles especially from the trade restrictions from the other countries. However, the shortage of raw materials has forced the company to look for local vendors and wherein it has been providing opportunities for them.
This will help the 2k protective coatings market bounce back to normalcy eventually in the long run.
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