APAC Marine coatings market Gaining Huge Growth Till 2024 | Key Players are AkzoNobel, Jotun, Hempel A/S, Sherwin-Williams, PPG Industries, DuPont, BASF
Almost two-third of the overall share of the global marine coatings market has however been garnered from Asia Pacific in 2015 as the shipbuilding industry in countries like Japan, China, South Korea and Philippines has augmented the demand for marine coatings in this region.
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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Anti-corrosion coatings that essentially prevent the hull from being vulnerable to rust will also garner a significant market share. Indeed, it is anticipated the after being pegged at $3 billion in 2015, anti-corrosion marine coatings market will register a 6% CAGR over 2016-2024.
In 2015, marine coatings market size from coastal vessels was pegged at over $3 billion. Continuous manufacturing and overhauling procedures of tugs, offshore supply boats, dredgers, cargo ferries, passenger boats, defense ships, coasters and fishing vessels will help augment the marine coatings industry from coastal applications, claim sources.
Marine coatings market revenue till 2024: anti-fouling coatings are expected to account for a major share of the industry.
Owing to extensive an application landscape, anti-fouling coatings are expected to account for a major share of the marine coatings market revenue over 2016-2024. Since ships are prone to damage caused by growth of subaquatic organisms on its hull, it is mandatory to use anti-fouling agents on ships and to regularly re-apply coats of anti-fouling paints and coatings to make sure that the ship remains protected from physical and chemical damage. Remarkably, in 2015 anti-fouling coatings accounted for 40% share of the global marine coatings market.
Based on the product, marine coatings are categorized into foul-release, anti-corrosion and antifouling coatings. The anti-corrosion coating sector will experience significant growth at above 6% CAGR in the coming years. These coatings area expected to contribute nearly 45% of the global volume share by 2024. Anti-fouling facilitates minimizing the harmful effect of marine biofouling.
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