May 26, 2023
Increasing demand high-quality finishes from the automotive and furniture industries, partnered with advancements in technology and environmental regulations is propelling the growth of 2K coatings. The 2K market is anticipated to attain a value pool of US$ 9 billion by the end of 2023. Global demand for the coatings is expected to rise at a CAGR of 5.2 per cent to US$ 15 billion by 2033.
Key Demand Drivers
Increasing demand from the automotive industry: The automotive industry is a major user of 2K coatings, as these coatings provide superior protection against weathering, corrosion, and abrasion. With the increasing demand for high-quality automotive finishes, the demand for 2K coatings is expected to grow.
Rising demand from the furniture industry: The furniture industry is another major user of 2K coatings, as these coatings provide a durable and high-quality finish for furniture.
Advancements in technology: The development of new technologies has led to the introduction of advanced 2K coatings that offer superior performance and durability. As the technology continues to improve, the demand for these coatings is expected to increase.
Environmental regulations: With the increasing concern for the environment, there is a growing demand for environmentally friendly coatings. 2K coatings are being developed that are low in volatile organic compounds (VOCs) and are therefore more environmentally friendly.
Beyond Tradition: Exploring New Applications for 2K Coatings
Growing demand in emerging markets: As emerging markets continue to grow, the demand for high-quality coatings is also increasing. This presents an opportunity for 2K coatings manufacturers to expand their operations in these markets and establish a strong presence.
Increasing use of powder coatings: The use of powder coatings is growing in popularity, as they are environmentally friendly and offer superior durability. This presents an opportunity for 2K coatings manufacturers to develop new products that can compete with powder coatings and meet the changing needs of customers.
Use in new applications: 2K coatings have traditionally been used in automotive, construction, and furniture industries. However, there is an opportunity to explore new applications for these coatings, such as in the marine, aerospace, and defence industries. This presents an opportunity for manufacturers to diversify their product offerings and tap into new markets.
The Future is Digital: How Technology is Changing the 2K Coatings Industry
Advancements in coating technologies: Advances in coating technologies are leading to the development of new 2K coatings with improved performance properties, such as enhanced scratch resistance, chemical resistance, and adhesion. These advancements are enabling manufacturers to offer coatings with superior durability and protection.
Customisation and personalisation: There is a trend towards customisation and personalisation in many industries, including coatings. Manufacturers are responding by offering 2K coatings in a range of colours, finishes, and textures, enabling customers to create unique and personalised products.
Shift towards waterborne coatings: There is a shift towards waterborne coatings in many industries, driven by their lower VOC emissions and improved environmental performance. This trend is creating opportunities for manufacturers to develop waterborne 2K coatings that offer superior performance and durability.
Adoption of digital technologies: Digital technologies are being increasingly adopted in the coatings industry, enabling manufacturers to improve production efficiency, quality control, and supply chain management. The use of digital technologies is also enabling manufacturers to offer more personalised and customised products, tailored to the specific needs of customers.
The main reason behind the growing market is the continuously rising demand from construction of residential, commercial buildings. Besides, construction projects in developing countries, the rise in the demand for maintaining durability, protection from acid rain and bad weather and the need for long time stability has further boosted the market of protective coating globally.
2K coatings provide excellent waterproofing solutions by preventing water leaks. The coatings act as a barrier, which enables structures such as bridges, floors, buildings, wood finishes dams, wells, as well as exterior and interior walls to function in demanding situations and environments.
What is Driving Demand for 2K Coatings?
2K Coatings are used for protecting and maintaining the existing substrates to extend lifestyle. Many industries have systems that run on continuous operations. Several of them are exposed to environmental changes or involve the use of harsh materials. This results in the deterioration in the structure of the equipment or decline in the efficiency of the process, which causes shutdown of the plant or stoppage in the overall operations. The coatings help in preventing these issues, thereby saving on the cost of shutdown and replacement of equipment.
The marine industry is prone to damage to vessels, ships, and docks due to the corrosive action of seawater. Waterproofing coats and joints & crack filling coats are widely used for maintenance in these industries. These protective coatings are generally applied on marine parts made of steel, aluminum, fiberglass, and other substrates. They are used for cargo vessels, tankers, tug barge, workboats, motor launch, and hydrofoil.
US and Canada 2K Coatings Market Outlook
The US is one of the markets for coatings globally. The market in the US is set to be driven by increased construction spending and demand from the automotive and transportation sectors as well. The region's highly developed Building and Infrastructure industry is the primary reason for its significant market share.
The presence of key market participants in the US and Canada is also favouring the market growth by ensuring smooth supply. The high R&D spending on Marine and Construction sector in the US has also created lucrative opportunities to fasten the demand of protective coatings.
