The next 10 years to see the Marine Coatings Market substantiating from 2021 to 2031

Marine coatings are the protective coatings applied on the surface of the ships, cruises, vessels, yachts and other offshore structures (oil rigs, bridges) exposed to the sea water and corrosive conditions. The marine coatings are applied on the above mentioned surfaces to protect against corrosion, fouling and slimes thus increasing the durability and life of the marine vessels and offshore structures.

The need for dry-docking of vessels subsequently, new ship building activities and the growth in offshore drilling is propelling the growth of global marine coatings market. The shipping trade is also growing globally, which is one positive factor for the growth of global marine coatings market. The demand for VOC free and environment friendly marine coatings among the customers are gaining popularity, hence new trends are being employed by marine coatings manufacture to achieve this specifications of consumers and to comply with government norms. The global marine coatings market is expected to project a healthy CAGR over the period of forecast.

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The chemicals and materials vertical would be witnessing an eco-friendly transformation in the upcoming period. Plastic waste recycling would be one amongst these green initiatives. This would also be an era of materials informatics, i.e. machine learning would be employed to the materials' development, which would, apart from improving on the cost of R&D, also provide better agility.

Synthetic biology would be another trend ruling the roost, as it would facilitate more flexible distribution of the chemicals and also help in exploration of novel markets, that too, at lower costs. Persistence Market Research is into tabling of these details of the chemicals and materials vertical through its team of riveting analysts and consultants.

The global marine coatings market is expected to show a healthy growth, and the key driving factors responsible for the growth of marine coatings market are, the growth in the world trade, awareness among the consumers about hull protection, fuel efficiency of the vessel and the expansion of oil and gas sector in the off shore regions, new ship building facilities and the dry-docking activities tends to drive the market for marine coatings globally.

The popularity of yacht and cruise ships among the people for leisure time is also contributing to the growth of marine coatings market. Somehow, the regulatory norms applied by the government for the use of VOC's based marine coatings might pose as a restraint for the growth of global marine coatings market. To overcome the environmental restrains new technologies are being adopted by the manufacturers like more water based and less VOC's content in the marine coatings which are trending in the global marine coatings market among the consumers. Faster drying marine coatings are also finding its popularity in the market.

Market Segmentation

basis of chemical base
Epoxy based coatings
Polyurethane based coatings
Water based & low VOC's based coatings
basis of product type
Anti-Fouling
Anti-Corrosive
Slime release
Foul releasing
Others (barrier coatings, cargo tank coatings)
basis of application
Ships
Shipyards
Offshore civil structures
Yachts
Container vessels
Others (cruise liners)
geographical regions
North America
Latin America
Western Europe
Eastern Europe
APEJ
Japan
Middle East & Africa
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The North American market for marine coatings is showing a slow-moving growth because of the small size of the marine industry in the region. The market for marine coatings in the Europe region is just above North American market in terms of market growth but with a slower rate. The APEJ marine coatings market is currently dominating in the global marine market and will pose a healthy growth rate over the forecast period. In the APEJ region, the consumption of marine coatings has shown an incredible growth with China on the top of the list in terms of consumption in the APEJ region and globally which is mainly because of the growth in new ship building activities, maintenance and dry-docking activities in the region. South Korea marine coatings market is trailing behind China. Japan marine coatings market is in the third position in terms of market share. There has been an increase in the number of ship owners in Singapore which is expected to propel the market for marine coatings in the APEJ region. The Indian market is also expected to emerge as a strong contender in the marine coatings market in the forecast period. Overall, the global marine coatings market is foreseen to register a healthy single digit CAGR.

Some of the major players identified in the global marine coatings market include Akzo Nobel N.V, PPG Industries, Inc., The Sherwin-Williams Company, Axalta Coating Systems, LLC, BASF, KANSAI PAINT CO.,Ltd, Nippon Paint Marine Coatings Co. Ltd, PPG Asian Paints Private Limited, Jotun, Hempel Foundation, Mascoat, Comex, KCC corporation, Chugoku Marine Paints, Ltd, National Paints Factories Co. Ltd

The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to categories such as market segments, geographies, types, technology and applications.

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