Hull Coatings Market Analysis, Growth Outlook and Technology Innovations 2020 to 2023 | Axalta Coating Systems, AkzoNobel N.V., PPG Industries, Jotun, Hempel A/S

Hull Coatings Market Precise Outlook 2020-2023 is complete guide for the new entrants in the industry; the report provides the market history of every product ever retailed by the company. It also provides history of the product types, sales, volume, technology, during the forecast period. The growth rate challenges and barriers are also explained in the Hull Coatings Market research report. The report shades light on the development rate of the strategies. Products and technologies used in the production, manufacturing and marketing of the report.

The global hull coatings market is expected to witness a moderate CAGR during the forecast period, 2018-2023. The major factor driving the growth of the market is the growing ship building industry in the Asia-Pacific region, along with the increasing production rates of leisure boats and cruise ships around the world.

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The prominent players in the Global Hull Coatings market are:

Axalta Coating Systems, AkzoNobel N.V., PPG Industries, Jotun, Hempel A/S, Chugoku Marine Paints, Ltd, BASF SE, Boero Bartolomeo SpA, Sherwin-Williams

Top of FormMarket Segmentation by Region:

North America, United States, Canada, Mexico, Asia-Pacific, China, India, Japan, South Korea, Australia, Indonesia, Malaysia, Philippines, Thailand, Vietnam, Global, Germany, France, UK, Italy, Russia, Rest of Global, Central & South America

Increasing Production Activities in the Marine Industry

Coatings are used for both interior and exterior purposes on yachts and other leisure boats. A significant share of demand comes from the coatings used for yachts. Yacht coatings are available in different variants, such as premium topcoats, high-build surfaces, various protective primers, finishing primers, and antifouling paints. In addition, cruise travelling has outpaced the general leisure travelling segment, with the global cruise passengers estimated to be around 25.8 million and projected to grow to 27.2 million in 2018, according to Cruise Lines International Association (CLIA). This growth is anticipated to continue further, which, in turn, is expected to create a surge in the demand for hull coatings used for repair and maintenance purposes. Also, it is estimated that 27 ships, for river and ocean cruising purposes, would be coming by the end of 2018, coming up, increasing the consumption of hull coatings at a significant rate.

Marine Vessels Occupy the Majority Share

Marine vessels are the single largest users of hull coatings. High-performance hull coatings or anti-fouling coatings provide lifelong benefits, including extended dry-dock intervals and reduced time in dry-dock, lower future maintenance costs, and reduced greenhouse gas emissions through lower fuel consumption. The vessel coatings market is estimated to increase rapidly, due to growth in the shipbuilding industry in recent years. Despite the dip in demand, the recovery of oil & gas offshore exploration activities is supporting the growth of the offshore support vessels market. In addition, growing oil trade through vessels in the Middle East & African region is expected to boost the demand for aftermarket hull coatings in the coming years.

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Key Developments in the Market

February 2018: AkzoNobel to develop new marine fouling prevention technology that is based on ultraviolet light emitting diodes (LED) to be used in underwater surfaces for prevention of fouling.

June 2017: Expansion of AkzoNobels US R&D facilities with an investment of USD 3.5 million.

March 2017: Hempel started a new Central Distribution Center in Texas, United States, to expand its operations in North America..

Furthermore, Global Hull Coatings Market following points are involved along with a detailed study of each point: –

– Global Hull Coatings Market Overview, Drivers, Restraints and Opportunities, Segmentation overview

– Global Hull Coatings Market competition by Manufacturers (2020-2023)

– Production and Consumption by Regions

– Complete profiling and analysis of Manufacturers (2020-2023)

– Manufacturing cost analysis, Materials analysis, Region-wise manufacturing expenses

– Industrial Chain, Sourcing Strategy and Downstream Buyers

– Marketing Strategy Analysis, Distributors/Traders

– Global Hull Coatings Market Effect Factors Analysis (2020-2023)

– Global Hull Coatings Market Forecast (2020-2023)

– Global Hull Coatings Market Research Findings and Conclusion

In addition, this report discusses the key drivers influencing market growth, opportunities, the challenges and the risks faced by key players and the market as a whole. It also analyses key emerging trends and their impact on present and future development.

The research includes historic data from 2015 to 2020, and forecast to 2023 which makes the reports an invaluable resource for industry executives, marketing, sales and product managers, consultants, analysts, and other people looking for key industry data in readily accessible documents with clearly presented tables and graphs.

All the reports that we list have been tracking the impact of COVID-19 the market. Both upstream and downstream of the entire supplychain has been accounted for while doing this. Also, where possible, we will provide an additional COVID-19 update supplement/report to the report in Q3, please check for with the sales team.

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