2K Protective Coatings Market Trends

Growth Drivers

• Rising Demand from the Civil Construction and Infrastructure Sector- With properties such as longevity and strong resistance to water and chemicals, 2K protective coating is increasingly being used in the infrastructure and construction sectors. For steelwork, paneling, interior and external walls, and wood finishes such as a clear topcoat, brilliant color, or varnish, it is employed in the architectural sector. On the other hand, owing to its resilience to chemicals, it is perfect for coating surfaces in labs, hospitals, recreation centers with pools and spas, and more. When long-term stability and the capacity to survive severe weather conditions, such as acid showers, are necessary for infrastructure projects, a 2K protective coating is applied. To avoid leaks and moisture, this kind of coating is also used on the floors of hotels, restaurants, baths, and swimming pools. Additionally, 2K protective coatings offer a beautiful finish or paintable surface and don't fade colors, which is predicted to expand the market globally. For instance, as a result of an increasing number of construction and development initiatives, such as the Smart Cities Mission in India, the Taipei Smart City Living Lab project in Taiwan, the Haikou City Brain in China, and Saudi Vision 2030, among others.

• Expansion of Oil & Gas Industry – 2K protective coatings are the preferred choice in the oil & gas industry for varied processes owing to their great advantages such as corrosion, humidity, UV, and harsh weather conditions. Thus, an expansion in oil & gas is expected to bring lucrative growth opportunities for the global 2K protective coatings market too. Recent statistics reveal that the global oil & gas industry garnered approximately USD 5 trillion in 2022 around the world.

• High Investments by Companies in R&D Activities – The market for advanced composites is expanding as a result of increased R&D spending, new technological developments, and applications in numerous industries. The growing demand from the infrastructure and construction sectors has resulted in a surge in the demand for 2K protection products. Moreover, it is employed in many different contexts, such as walls, façades, flooring, ceilings, and doors. To increase structural strength, durability, and lifespan, 2K protective coatings are being employed more and more in building infrastructure such as bridges, stadiums, and highways. For instance, World Bank showed the data of the Research and Development expenditure globally to be 2.63% of total GDP in 2020, up from 2.13% of total GDP in 2017.

• Growth in Real Estate Sector – As per recent estimates, the revenue generation of real estate companies worldwide stood at approximately USD 10 billion in 2021.

Challenges

• High Prices of Raw Materials and Energy - Since the raw materials for the 2K protective coating are very expensive and their production costs are rising as a result of shifting crude oil prices and exchange rates, the market's growth is anticipated to be constrained over the projected period.
• Rising Stringent Governmental Rules
• Concerns Regarding the Toxic Nature