Marine Coatings Market size worth over $6 billion by 2027
Published Date: July 21, 2021 Authors: Kiran Pulidindi, Akshay Prakash
According to a new research study published by Global Market Insights Inc., the Marine Coatings Market size is estimated to exceed USD 6 billion by 2027.
Marine vessels face fouling, sunlight, saltwater, high humidity, and constant washing. They routinely come in contact with chemical pollution at ports, and mechanical abuse at docks. Marine coating provides significant protection to the dock containers, offshore structures, vessels, terminals, and storage facilities. These helps in withstanding alkaline conditions and have high electrical resistance among seawater and metal.
Biological fouling corrodes various parts and leads to increased drag that results in speed reduction and excessive fuel consumption. This further escalates emission of carbon dioxide and other harmful gases thereby affecting the surrounding environment. The coatings are gaining recognition as these aid in reducing carbon footprint and can decrease the fuel consumption of the ship by 5% on average as compared with traditional tin-based polishes.
The repair works of ships is also expected to create positive outlook for marine coatings market growth in future. North America has displayed substantial product demand for repair works over the past few years. Shipbuilding & repair industries opt for marine coatings as they offer quick and cost effective benefits.
Browse key industry insights spread across 250 pages with 201 market data tables & 21 figures & charts from the report, “Marine Coatings Market By Product (Anti-fouling, Anti-corrosion, Foul Release), By Application (Coastal, Containers, Deep Sea, Leisure Boats, Offshore Vessels), By End Users (New Ships, Repair Works), Industry Analysis Report, Regional Outlook, Application Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
The foul release marine coatings segment will witness over 5.5% CAGR over the forecast timespan. These are smart coatings that offer slippery, non-sticky and low frictional properties to the surface of vessels and do not leach biocides into the sea. This helps in reducing operating cost and improve ship owners’ profit margins. However, weak adhesion as compared to other coatings will limit the segment penetration in the industry.
Containers segment will generate over USD 1 billion by 2027. Containers play an important role in the marine sector due to their demand from the logistics industry. These are continuously loaded, unloaded, stacked and transported from one place to another. The containers come in contact with adverse conditions that deteriorates their condition. Marine coatings provide protection against the corrosion that is induced due to long-term exposure to marine environments.
North America industry was valued at over USD 440 million in 2020 owing the proliferating marine industry and ship-based trade. In 2019 the U.S ports alone handled a total of 55.5 million TEU volume. The maximum TEU volumes are linked with coastal area, such as the seaport of New Jersey, New York, Los Angeles and Long Beach. Further, growing popularity of recreational activities, such as cruising, sailing and powerboat racing will boost the marine coatings market growth over the forecast period.
Some of the major manufacturers in the marine coatings industry are Akzo Nobel N.V., Jotun A/S, Hempel A/S, Chugoku Marine Paints, Ltd, Kansai Paint Co.,Ltd., NipponPaint Co., Sherwin-Williams Company, PPG Industries, RPM International and KCC Corporation.
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