According to a new research report by Global Market Insights Inc. the silyl acrylate polymer market size will likely exceed USD 5.4 billion by 2026. Growing number ship maintenance and overhauling activities across the world will drive the growth of global market.
Rising ship drydocking activities will augment silyl acrylate polymer consumption
The Asia Pacific holds more than 85-90% of the shipping industry and boasts of a substantial shipbuilding activities. However, the shipbuilding industry is witnessing temporary weakness owing to the reduction in new orders across North America and Europe. Although the new order booking is likely to grow at a slower rate in the next few years, the silyl acrylate polymer market share will gain traction from ship overhauling services.
Drydocking will create lucrative opportunities as it is operational every year irrespective of the status of new orders of marine ships. This will substantially bolster the silyl acrylate polymer consumption even though the new shipbuilding companies witness slowdown. Most of the ship manufacturing docks can accommodate repair activities, although there are several small shipyards specializing only in the maintenance sector in Singapore and the UAE.
The average service life of anti-fouling coatings is between 3-5 years, after which the ship requires re-coating. A ship generally requires three to four cycle of drydocking and re-application of anti-fouling paints during its service life.
The repair work holds for a moderate share of around 4% in the shipbuilding industry. More than 50% of the ships in repair use silyl acrylate polymer-based anti-foulants. In 2014, repair & maintenance activities held over 53% of the marine coatings market and is estimated to increase to almost 62% by 2024, which will propel the silyl acrylate polymer market growth.
Browse key industry insights spread across 170 pages with 228 market data tables & 31 figures & charts from the report, “Silyl Acrylate Polymer Market By Type (Metal Containing, Metal Free), By Sector (New Shipbuilding, Repair & Maintenance), By Application (Coastal, Containers, Deep sea, Leisure boats, Offshore vessels, Others), Industry Analysis Report, Regional Outlook, Application Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2026” in detail along with the table of contents:
The metal containing silyl acrylate polymer market is expected to account for over USD 500 million by 2026, with a moderate anticipated CAGR through the forecast period. This segment consists of elemental metal as well as metallic biocides. It exhibits relatively poor antifouling performance and possesses higher rate of biocide leakage. Thus, it has less service life and have lower demand in coastal vessels.
The repair & maintenance is the fastest-growing segment and is projected to register the highest CAGR of over 8.5% through 2026. This is mainly attributed to significant ship repair and drydocking activities of old ships. Also, growing need to re-coat the hulls of the ships to prevent high fuel costs is further expected to spur the silyl acrylate polymer market value.
Based on application, leisure ships segment is estimated to register the highest CAGR of around 9.5% through 2026. This is due to the rising purchasing power and increasing trend of fishing in North America. Recreational boats, yachts, and super yachts are gaining popularity owing to rising tourism and fishing activities, thus driving silyl acrylate polymer market.
European market is expected to grow at a strong CAGR by 2026
The European region likely to hold a substantial market share of around 16% by 2026 due to significant tourism activities and growing popularity of recreational boating activities. For instance, the European shipyards reported a 37% increase in orders in 2018 which was mainly due to large orders of cruise ships (36 units). Germany, Norway, and Romania are mainly involved in newbuilding and overhauling activities thus driving the silyl acrylate polymer market.
Manufacturers focusing on product launch and capacity expansion to gain competitive edge
Some participants in the silyl acrylate polymer industry include Jotun, Chugoku Marine Paints (CMP), AkzoNobel, Hempel, Nippon Paint Holdings, PPG Industries, KCC Corporation, Kansai Paint Marine, and Arkema SA. Strategies such as new product launches and capacity expansions are incorporated by key industry players to gain significant position in the global market.