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Middle East & Africa Marine Coatings Market Projected to Gartner Significant Revenues by 2024 | Key Players AkzoNobel, Kansai Paint, DuPont, BASF, Sherwin-Williams, Hempel

04-24-2019 10:48 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Chemicals

Middle East & Africa Marine Coatings Market

Middle East & Africa Marine Coatings Market

As per the recent research report by Graphical Research the Middle East & Africa Marine Coatings Market revenue to surpass USD 19 billion by 2024.

Trends in industrial production, construction & infrastructure spending, and consumer expenditure will drive the overall demand for marine coatings in the MEA region. The development is led by the United Arab Emirates (particularly Dubai and Abu Dhabi), Saudi Arabia, Oman and Qatar, where the region’s major ports and shipyards are located mainly for the purpose of ship building, repair, and engineering solutions, where marine coatings play a vital role in protecting the ships surface from deterioration and enhancing their shelf life. Thereby, flourishing the product demand, which will have positive impact on the MEA marine coatings market size in the coming years.

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Leisure boats are one of the fastest growing applications for marine coatings. Leisure boats include yachts, super yachts and cruise liners. Marine coatings offer protection as well as glossy finish to these applications.

Demand for VOC free, low biocides and environment friendly marine coatings are gaining popularity among the customers, hence new trends are being employed by marine coatings manufacturers to achieve such specifications to comply with government norms. Thus, the increasing need for low emission coatings from the consumers is driving the MEA marine coatings market size by 2024.

Several councils across the world are suppressing the paints & coatings industry due to large-scale usage of toxic chemicals and VOC content. The US Environmental Protection Agency (EPA) and the European Union (EU) have set certain limits on volatile organic compounds in the marine coatings industry.

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Prolonged exposure to these can cause skin and pulmonary problems. Thus, various environmental regulations related to VOC emissions have a restraining effect on the marine coatings market size by 2024.

Middle East & Africa Marine Coatings Market by Product
• Equipment
• Anti-fouling coatings
• Anti-corrosion coatings
• Foul release coatings
• Others

Anti-fouling coatings projected to be the fastest growing segment among anti-corrosion and foul release in the MEA marine coating market during the forecast spell. Growing shipbuilding and repair & maintenance activities in the region will likely to propel the marine coating market growth in the coming years.

Based on application, the marine coating market size include coastal, containers, deep sea, offshore vessels, leisure boats, and others. Leisure boats demand is said to rise due to increasing disposable income of the population, High maintenance cost of yachts, leisure boats, cruise ships, etc. will propel the marine coatings market demand by 2024.

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Key manufacturers in the marine coating market include giant multi-national players such as Akzo Nobel, Kansai Paint, DuPont, BASF SE, Sherwin-Williams, Hempel, Chugoku Marine Paints Ltd., Jotun, Nippon Paint, KCC Corporation, PPG Industries and MCU Coatings International.

About Graphical Research:

Graphical Research is a business research firm that provides industry insights, market forecast and strategic inputs through granular research reports and advisory services. We publish targeted research reports with an aim to address varied customer needs, from market penetration and entry strategies to portfolio management and strategic outlook. We understand that business requirements are unique: our syndicate reports are designed to ensure relevance for industry participants across the value chain. We also provide custom reports that are tailored to the exact needs of the customer, with dedicated analyst support across the purchase lifecycle.

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Parikhit B.
Corporate sales,
Graphical Research

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