Marine Coatings Market Key Players Profiles | PPG Industries , Hempel, Sherwin-Williams , Kansai Paint , Chugoku Marine Paints

Synopsis of Marine Coatings Market:

Marine coatings are primarily used as protective coatings that are applied on the surface of vessels, cruises, yachts, oil rigs and bridges among others. These coatings are applied to protect against corrosion and fouling to enhance the shelf life of the offshore structures and marine vessels. Marine coatings protect the surfaces from damage caused by UV radiation above the waterline along with corrosion and fouling below the waterline. The price incurred during the treatment of corrosion in marine vessels are relatively much higher than the price of preventing it, hence the demand for marine coatings has been augmenting in the shipping and shipbuilding industries. Moreover, the ability of marine coatings in the prevention of corrosion also helps in the reduction of fuel consumption which is another factor contributing to the growth of the market.

Among the resin segments in marine coatings market, the polyurethane resin is the leading segment of the market and is anticipated to continue its dominance over the forecast period. The advantages of polyurethane resin such as environment-friendly nature, versatility, efficient corrosion and abrasion resistance, low-temperature flexibility, and impact strength make them ideal for the use in wide range of marine coating applications. Among the application segment cargo ships, is expected to register the highest growth during the forecast period. The growing use of cargo ships in international trade has augmented the use of marine coatings in this segment.

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Prominent Key Players-

Some of the prominent players operating in the global marine coatings market PPG Industries (US), AkzoNobel (Netherlands), Hempel (Denmark), Sherwin-Williams (US), Jotun (Norway), Chugoku Marine Paints (Japan), Nippon Paint (Japan), Kansai Paint (Japan), Axalta (US), and BASF SE (Germany) among others.

Regional Analysis-

The marine coatings market is segmented into five regions: Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa. Among these, Asia Pacific holds the major share of the market and is expected to be the fastest growing region with an encouraging CAGR. The growing international trade from the region has augmented the demand for marine coatings which is a major factor driving the market growth in the region. Moreover, the emergence of China and India as a major shipping hub is further expected to add to the growth of the market. In addition to this, the growing energy requirement in the developing economies of the region has increased the oil and gas activities which in turn is augmenting the demand for marine coatings in the oil rigs and other offshore structures.

North America is another dominant region in the global market, exhibiting an expanding CAGR. The presence of the developed marine and oil & gas sector has augmented the demand for marine coatings in the region. Moreover, the shale gas boom coupled with the growing exports and imports in the region are other factors significantly contributing to the market growth. In addition to this, North America is one of the largest market for boats, cruise liners and yachts, hence, adding to the demand of marine coatings.

The European region is a lucrative market and is mainly driven by the growing international trade and oil and gas industry. The demand for vessels in the region is set to witness a significant growth owing to the growing international trade mainly in the U.K, Germany, and Italy which is also adding to the market growth. Moreover, the developed tourism industry in the region has surged the demand for cruise liners and yachts which in turn is expected to positively affect the market growth.

Latin America is expected to witness a moderate growth owing to the growing marine and energy sector. However, poor port infrastructure and complex trade laws are some of the major restraints of the Latin American market of marine coatings.

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Segmental Analysis-

The global marine coatings market is segmented into resin type, product type, and application. On the basis of the product type, the market is segregated into anti-corrosion marine coatings, antifouling coatings, and others. On the basis of resin type, the market is bifurcated into epoxy, alkyd, polyurethane, and others. The market by application industry is further categorized into cargo ships, passenger ships, boats, others.

Geographical Analysis-

The report covers brief analysis of the major geographic regions namely Asia Pacific, Europe, North America, Latin America, and the Middle East & Africa.

Intended Audience-

Marine coatings market manufacturers
Traders and Distributors of marine coatings market
Production process industries
Potential investors
Raw material suppliers

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