Marine Coatings Market 2024 Global Analysis By Key Players - AkzoNobel N.V., Jotun, PPG Industries, Kansai Paint, Nippon Paint, DuPont, Sherwin-Williams, BASF, KCC Corporation, Chugoku, RPM International & More

With globalization having led to a massive propulsion in the export and import of goods all over the world in addition to global economy recovering after a prolonged slump, the verticals of shipbuilding and leisure boating have recorded an upsurge, stimulating the overall marine coatings market. The expansion of this business sphere can be aptly credited to the fact that these coatings are an inevitable and rather crucial part of good vessel maintenance. It has been found that without proper marine coatings, various marine organisms tend to grow on vessel bodies, not only corroding the structure itself but also causing significant increase in fuel consumption and carbon dioxide emission. Regulatory norms laid to control greenhouse gas emission as well as to lower fuel consumption will add to the growth of marine coatings market in the ensuing years.

Market Study Report newly added the Global Marine Coatings Market Report that gives meticulous investigation of current scenario of the market size, share, demand, growth, trends, and forecast in the coming years.

Marine Coatings Market size is slated to reach USD 15 billion by the end of 2024. Asia Pacific shipbuilding industry, led by China, will be the principal driver for the global marine coatings market in the forecast spell. In 2015, China shipbuilding industry registered over 20 gross tons, followed by other countries of the region including Japan, South Korea, Philippines, and Taiwan. Mandatory use of the products to enhance the performance and longevity of the ship will promote the application of good quality and environment friendly coatings, hence boosting the overall industry in the coming years.

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In addition to the new orders, there is also a significant amount of drydocking activities, increasing the anti-fouling marine coatings market demand in the forecast span. Though, there may be a decline in the new shipbuilding demand, several vessels manufactured in the past decade will require maintenance in the recent future. Maintenance and overhauling activities will likely account for the majority of the market in the next few years.

Fluctuating raw material prices such as crude oil derivatives, copper, and titanium dioxide will restrain the global marine coatings market in the coming years. Multiple applications of the raw materials, coupled with political and regulatory pressures regarding raw material mining activities, may intensify the bargaining power of the suppliers, increasing the overall product manufacturing cost for industry participants.

Also, the volatile organic compounds (VOC) limit for marine coatings, set by the EPA, may curb the overall marine coatings market. Paints and coatings use several toxic and high VOC content additives for manufacturing. Rising environmental concerns, resulting into several government initiatives may have a negative impact on the industry development in the coming years.
Anti-fouling coatings will be a significant product segment owing to extensive application to prevent fouling growth on the ship hull that may damage the physical and chemical properties of the vessel body. This product segment accounted for more than 40% share of the global marine coatings market size in 2015.

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Anti-corrosion coatings, used to prevent rusts on the hull body, garnered a significant market share in 2015, registering a revenue beyond USD 3 billion and will witness a healthy growth at over 6% CAGR up to 2024.

Marine coatings in coastal applications generated over USD 3 billion in 2015. Manufacturing and overhauling activities of tugs, dredgers, offshore supply boats, passenger boats, cargo ferries, defense ships, fishing vessels, and coasters signify the application segment.

Growing consumer purchase parity in the U.S., Canada, and Western European countries will enhance the leisure boats demand in the coming years, making this application for marine coatings market a high growing segment with close to 7% CAGR.

Asia pacific will hold sway the global marine coatings market with nearly two-third of the overall share in 2015. This heavily active shipbuilding industry in countries such as China, South Korea, Japan, and Philippines signify the growing demand in this region.

AkzoNobel N.V., Jotun, PPG Industries, and Hempel are the top marine coatings industry players along with Kansai Paint, Nippon Paint, DuPont, Sherwin-Williams, BASF, KCC Corporation, Chugoku, RPM International, and several other important manufacturers.

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Outer Scope of this Report: Corrosion of lower body of the vessel due to regular contact of the body with water makes it inevitable to opt for anti-corrosion coatings to enhance the lifespan of the vessel as well as to improve its performance. As such a considerable section of the marine coatings market revenue is expected to be derived from anti-corrosion marine coatings application. Region wise statistics show that Europe holds a significant position in the production of cruise vessels and East Asian countries such as China, Japan and South Korea stand at the forefront of the global shipbuilding industry with some of the largest shipyards being located in these countries. Asia Pacific is therefore expected to garner a significant share of the global marine coatings market as it continues to expand in the forthcoming years.

Related Report:

United States Protective & Marine Coatings Market Report 2018

In this report, the United States Protective & Marine Coatings market is valued at USD XX million in 2017 and is expected to reach USD XX million by the end of 2025, growing at a CAGR of XX% between 2017 and 2025.

https://www.marketstudyreport.com/reports/united-states-protective-marine-coatings-market-report-2018/?utm_source=RR-PSR

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