Marine coatings Market 2018 Trend, Size, Demand, Key Players, Opportunity Assessment, Competition, Growth & Forecast 2023

The global marine coatings market has been driven by a range of application such as vessels, yachts, cruise liners, oil rigs, bridges, and other offshore structures. Moreover, it is estimated that the polyurethane resin segment is set to witness the highest growth due to its low VOC content, low-temperature flexibility, and high corrosion & abrasion resistance among others which makes it ideal for various marine coatings applications.

Competitive Analysis:-

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

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Market Scenario-

The cargo ship application segment is anticipated to observe a higher CAGR during the forecast period. The growing international trade has augmented the demand for cargo ships which in turn is the major factor positively affecting the market growth.

Market Segmentation-

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, and others.

Regional Analysis-

The global marine coatings market is spanned across five key regions: Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa. Among these, Asia Pacific holds a major share of the market and is expected to be the fastest growing region at an exponential CAGR.

The presence of the most populated countries in the world such as India and China has augmented the demand for energy which, in turn, has boosted the use of marine coatings in the oil and gas industry. Moreover, the development of Chabahar in Afghanistan is expected to increase the inflow and outflow of goods from India which in turn will substantially contribute to the growth of marine coatings market during the forecast years. Furthermore, the emergence of China has a major shipping hub coupled with the development of ports in the region are other factors contributing to 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.

The North American marine coatings market is mainly driven by the U.S. and Canada. The developed industries in the U.S has contributed to substantially to the inflow and outflow of goods from the region, in turn propelling the shipping trade which is another factor driving the market growth of marine coatings.

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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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