Rising demand for marine coatings during ship mending and maintenance activities will lead to an upsurge in Marine Coatings Market. These coatings offer a defense against the corrosive marine environment. Along with increasing hull performance, these coatings are as well preferred for enhancing the aesthetics. Marine coatings are also important in enhancing the fuel efficiency of a vessel by minimizing the contact of the metal body with the environment.
This report also focuses on the Professional Global Marine Coatings Market size with respect to the volume and value – at the regional, company, and worldwide level. Market strategies undertaken, with regards to the current and future industry scenario have also been enlisted in the study.
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Based on type of marine coatings available in the market the industry is segmented into anti-corrosion, foul release, anti-fouling, and other coatings. Anti-fouling coatings market accounted for more than 40% of the overall marine coatings industry in 2015. This product is extensively used to prevent fouling growth on the outer layer of the vessel. This segment will also witness healthy growth, owing to a large number of ships which require maintenance down the line.
The basic objective of this report is to deliver details pertaining to the growth of the marine coatings market, with respect to the rising demand from various sectors. The market report comprises an in-depth study of the current trends, growth opportunities, sectors likely to depict high growth prospects, industry drivers, and more, that would help shareholders undertake major decisions.
Marine coatings market find wide set of application in coastal, containers, deep sea, leisure boats, and offshore vessels. The coastal application generated over USD 3 billion in 2015, and will witness significant gains over the coming years. Coastal application includes fishing vessels, cargo ferries, tugs, dredgers, offshore supply vessels, coasters, and defense ships.
Market players are striving to enhance the available products and to innovate new technological aspects, which will provide a significant push to marine coatings industry share over the coming timeframe. Firms are also concentrating on improving abrasion and corrosion resistance, cure time, and edge retention.
Asia Pacific has one the most robust ship building industries in the world and countries like China, Japan, South Korea, Taiwan and Philippines are essentially the leaders in the regional shipbuilding industry. Significantly in 2015, 20 gross tons of marine coatings material had been consumed by the China shipbuilding industry. Marine coatings are used to increase the longevity of vessels and since it is a mandate to use marine coatings in ship manufacturing, the production of ships in the Asia Pacific region has created a potent growth avenue for the marine coatings market in this region.
The demand for leisure boats is expected to witness a surge in North American and Western European countries as the economy returns to pre-recession levels and consumer purchase parity in these countries begins to increase significantly.
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Almost two-third of the overall share of the global marine coatings market has however been garnered from Asia Pacific in 2015 as the shipbuilding industry in countries like Japan, China, South Korea and Philippines has augmented the demand for marine coatings in this region.
The top four industry giants accounted for more than 50% of the global product demand. The notable players in marine coatings market are Hempel Group, PPG Industries, AkzoNobel, Jotun, Kansai Paint Co., Ltd, Nippon Paint, Sherwin-Williams, RPM International Inc., BASF, KCC Corp., CHUGOKU MARINE PAINTS, Ltd., and DuPont.
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