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Marine Coatings Market worth $3.93 billion by 2022 | Key Players include PPG Industries, AkzoNobel, Hempel, Sherwin-Williams, Jotun

04-24-2020 10:39 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: MarketsandMarkets

Marine Coatings Market, Marine Coatings Industry, COVID 19 impact on Marine Coatings Market

Marine Coatings Market, Marine Coatings Industry, COVID 19 impact on Marine Coatings Market

According to recent market research "Marine Coatings Market by Resin (Epoxy, Alkyd, Polyurethane), Product Type (Anti-Corrosion Coatings, Antifouling Coatings), Application (Cargo Ships, Passenger Ships, Boats), Region - Global Forecast to 2022", The marine coatings market is projected to grow from USD 3.31 billion in 2017 to USD 3.93 billion by 2022, at a CAGR of 3.50% during the forecast period from 2017 to 2022. Increasing demand for marine coatings from the shipbuilding industry in emerging economies such as China, India, and Brazil, is expected to fuel the growth of the marine coatings market across the globe.

Browse 125 market data Tables and 28 Figures spread through 142 Pages and in-depth TOC on "Marine Coatings Market - Global Forecast to 2022"
View detailed Table of Content here - https://www.marketsandmarkets.com/Market-Reports/marine-coatings-market-234885004.html

Among resins, the polyurethane segment of the marine coatings market is projected to grow at the highest CAGR from 2017 to 2022, in terms of value. Polyurethane resins are versatile and environment-friendly. They are available with different degrees of rigidity and solid content. Polyurethane resins offer superior properties such as high corrosion resistance, abrasion resistance, impact strength, and low-temperature flexibility, which make them suitable for various marine coating applications.

Based on application, the cargo ships segment accounted for the largest share of the marine coatings market in 2016, in terms of value. The cargo ships are specifically structured to carry large quantities of cargoes compressed in different types of containers. In addition, the cost of transportation through water is substantially lesser as compared to other modes of transportation. These factors are expected to increase the demand for cargo ships, thereby leading to increased demand for marine coatings.

For more Details Speak to Our Analyst @ https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=234885004

The marine coatings market is projected to grow from USD 3.31 billion in 2017 to USD 3.93 billion by 2022, at a CAGR of 3.50% during the forecast period from 2017 to 2022. The major driver for the growth of the marine coatings market across the globe is the growing demand for marine coatingsfrom the Asia Pacific region, owing to the rapid development of the shipbuilding and offshore engineering industries in the region.

Key players operating in the marine coatings market include 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 Coatings (Germany). These players have adopted various growth strategies such as new product launches, expansions, partnerships, and acquisitions to expand their presence and increase their shares in the marine coatings market.

The growth of the marine coatings market has been largely influenced by new product launches and expansions that have taken place between 2013 and 2017. Companies such as PPG Industries (US), AkzoNobel (Netherlands), Hempel (Denmark), Sherwin-Williams (US), and Jotun (Norway) have adopted strategies of expansions and new product launches to expand their regional presence and enhance their product offerings.

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PPG Industries (US) is one of the leading manufacturers of marine coatings, globally. The company has been focusing on new product launches and expansions to maintain its leading position in the market. For instance, in November 2017, the company launched a new water-based primer, namely, PPG AQUACRON 834. This is an economical anti-corrosion primer for steel applications. In February 2016, the company invested USD 7.8 million for expanding its global paints and coatings R&D hub in the US This investment is expected to help the company enhance its overall capabilities as well as expand its presence in the region.

AkzoNobel (Netherlands) is another major player in the marine coatings market. The company has been focusing on expansions as a part of its strategic development activities. In June 2017, the company carried out the expansion of its research & development facility in Texas (US). The company invested USD 3.5 million for this expansion activity. This R&D facility supports the protective coatings and marine coatings businesses of the company.

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Our 850 fulltime analyst and SMEs at MarketsandMarkets(TM) are tracking global high growth markets following the "Growth Engagement Model - GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets(TM) now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, and strategic players) annually in high growth emerging segments. MarketsandMarkets(TM) is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

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