Global Marine Coatings Market Size to cross $19bn by 2024
Published Date: August 12, 2019 Authors: Kiran Pulidindi, Soumalya Chakraborty
Marine Coatings Market size is expected to cross USD 19 billion by 2024, according to research conducted by Global Market Insights, Inc.
Marine coatings play crucial role in preventing damage of various ship parts generated due to corrosion. They improve longevity of these parts & components by minimizing the possibilities of unnecessary repairs & maintenance. The global business is diversifying owing to favorable economic conditions and to gain higher profits. Many companies use naval transport for shipment of various goods and other products. Marine trade activities will increase in future due to supportive government policies. These coatings are widely used in marine transportation for maintaining operational efficiency. Development of new ports and presence of cost-efficient trade routes have opened ample opportunities for seaborne trade, and it will facilitate the growth of shipbuilding industry. Growing shipbuilding industry will boost the demand of product within the forecast period. Periodic repair & maintenance works of older ships will augment the marine coatings market growth by 2024.
Growing importance of fuel savings in marine transportation will characterize the market growth in coming years. The product efficiently help in reduction of fuel consumption along with minimizing CO2 emissions. Various regulations set by U.S. Environmental Protection Agency (EPA) and European Union to limit the VOC content will compel manufacturers to produce coatings with low emission levels. However, market growth will be hampered due to varying raw material costs. Due to sudden changes in raw material costs, profitability of product manufacturers will reduce thereby negatively influencing the growth of market.
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Based on product, the market is classified into foul-release, anti-fouling, anti-corrosion. Anti-fouling coatings segment will hold close to 45% volume share during the forecast time span. These coatings are highly effective in reducing the harmful impact of marine biofouling. Anti-corrosion sector will exhibit substantial growth rate of more than 6% by at the end of forecast period due to extensive applications in shipbuilding industry.
Browse key industry insights spread across 120 pages with 152 market data tables & 16 figures & charts from the report, “Marine Coatings Market Size By Product (Anti-Fouling, Anti-Corrosion, Foul Release), By Application (Coastal, Containers, Deep Sea, Leisure Boats, Offshore Vessels), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, China, India, Japan, Australia, Indonesia, Malaysia, Brazil, Mexico, South Africa, GCC), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2017 – 2024” in detail along with the table of contents:
On the basis of application, the product market is bifurcated into coastal, offshore vessels, containers, deep sea, leisure boats and others. The coastal segment will clutch around 34% volume share and will grow significantly over the forecast spell. It includes defense ships, passenger or cargo ferries, fishing vessels, coasters, etc. Leisure boats segment is expected to grow with a CAGR more than 7% between 2017 to 2024. High disposable income levels and aspirations of lavish lifestyle will increase the demand of leisure boats, cruise ships, yachts, etc. This will generate the favorable trends for product market in coming years.
Asia Pacific region will dominate the marine coatings market and is expected to cross USD 12 billion within the forecast period. Various countries such as China, Japan and South Korea are the leading countries in shipbuilding industry. Favorable economic conditions, presence of major shipbuilding players and huge investments will propel the shipbuilding sector in future. Such trends will spur the market growth by 2024. North America is likely grow with a CAGR over 5.5% due to increasing product applications from ship repair & maintenance. Additionally, increasing popularity of leisure boats within this region will assist the market growth.
Jotun A/S, Hempel A/S, BASF Coatings GmbH, AkzoNobel, Nippon Paint, PPG Industries Inc., The Sherwin-Williams Company, Katradis Marine Ropes Industry S.A., DuPont Coatings & Color Technologies, RPM International Inc., Chugoku Marine Paints Ltd. and KCC Corporation are few key players in the market.
The marine coatings market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in kilo tons and revenue in USD million from 2013 to 2024, for the following segments:
- Deep sea
- Leisure boats
- Offshore vessels
The above information is provided on a regional and country basis for the following:
- North America
- Asia Pacific
- Latin America
- South Africa