Marine Coatings Market Forecasts - US$19 billion revenue by 2024 | Top Players are AkzoNobel, Jotun, Hempel A/S, Sherwin-Williams, PPG Industries
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Rising demand for marine coatings during ship mending and maintenance activities will lead to an upsurge in Marine Coatings Market. These coatings offer a defense against the corrosive marine environment. Along with increasing hull performance, these coatings are as well preferred for enhancing aesthetics. Marine coatings are also important in enhancing the fuel efficiency of a vessel by minimizing the contact of the metal body with the environment. Marine Coatings Market is estimated to witness a CAGR of 7% over the forecast period.
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
3. KCC Corporation
4. Hempel A/S
5. Chugoku Marine Paints, Ltd
6. Nippon Paint (Pakistan) (Pvt) Ltd
7. Kansai Paint Co.,Ltd
8. RPM International Inc.
10. PPG Industries
11. MCU Technologies Africa
13. BASF Coatings (India) Pvt. Ltd.
15. Katradis Marine Ropes Industry SA
16. Baril Coatings
The marine coatings market is also driven by the increasing needs for low fuel consumption which will further fuel the regular coatings demand. Consumption of fuel, covers approximately a half of the ship's total operating cost and hence needs to be looked after efficiently to boost the marine coatings industry in the future years.
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The anti-fouling coating product segment covered over 40% of the marine coatings market share in 2015 and will register huge annual growth rate over the coming years of 2016 to 2024. While manufacturing new ships and adding the finishing touches, anti-fouling coatings are prominently used to avoid the lingering of marine organisms over the outer surface of the boat.
On the basis of application, marine coatings market is segmented into containers, coastal, off shore vessels, leisure boats and deep sea vessels. The containers segment is likely to grow with a 7% CAGR and surpass USD 2.5 billion till the end of the forecast span. The coastal applications include coasters, defense ships, offshore supplies, passenger & cargo ferries, and fishing vessels mainly.
The regional segmentation covers:
o Europe Region (Germany, UK, France, Russia, Italy, Rest of Europe)
o North America Region (U.S., Canada, Mexico)
o South America Region (Argentina, Brazil, Columbia, Rest of South America)
o Asia-Pacific Region (China, South Korea, Japan, Southeast Asia, India, Rest of Asia-Pacific)
o The Middle East & Africa Region (UAE, Saudi Arabia, Nigeria, South Africa, Egypt, Rest of MEA)
Asia Pacific marine coatings market is poised to witness healthy growth prospects in the coming years. APAC region, being a large-scale harbor for the shipbuilding industries is witnessing lucrative growth from China, followed by other countries including Japan, Philippines, Taiwan and South Korea. Extensive use of marine coatings to improve longevity and performance of the ship will propel marine coatings industry in this region. China dominated the shipbuilding industry with demand generated over 20 million gross tons in 2015. Europe and North America marine coatings market together accounted for combined share of over 25% in 2015. Asia Pacific market is racing ahead of the others by holding nearly two-third of the overall share.
Some of the biggest players in the marine coatings market are also some of the biggest companies in the chemical industry such as AkzoNobel, BASF and DuPont. Other than these there are companies like PPG Industries which generates the largest revenue in the paints and coatings industry right after AkzoNobel. Companies like Jotun, Hempel, Sherwin-Williams, KCC Corporation, RPM International etc. also account for a large part of the revenue in the marine coatings industry.
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