Worldwide Marine Coatings Market Brief Analysis By Top Key Players - Kansai Paint, Nippon Paint, DuPont, Sherwin-Williams, BASF, KCC Corporation, Chugoku, RPM International & More
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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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.
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.
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.
Table of Content:
Chapter 1 Methodology & Scope
Chapter 2 Executive Summary
Chapter 3 Marine Coatings Industry Insights
Chapter 4 Marine Coatings Industry Product Insights
Chapter 5 Marine Coatings Industry Application Insights
Chapter 6 Marine Coatings Industry Regional Insights
Chapter 7 Company Profiles
For More Details on this Report At: https://www.marketstudyreport.com/reports/marine-coatings-market
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.
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