Hull Coatings Market Size to Touch Valuation of USD 11.1 billion by 2029 | Akzo Nobel N.V, BASF SE, Boero Bartolomeo SpA, GLS Coatings Ltd

Exactitude Consultancy Market Research analyses that the Hull Coatings Market will witness a CAGR of 7.8% for the forecast period of 2023-2029 and is likely USD 6.1 billion in 2022 to reach at USD 11.1 billion by 2029.

Research report on the Hull Coatings market allows buyers to deliver unique solutions to various end users and improve their business presence in the industry. The report is introduced with accurate statistics regarding market share, size, and growth rate for the buyers to focus on their operations and achieve various goals smoothly. Numerous driving factors, restraints, opportunities, and threats affecting the Hull Coatings market growth is described in the study for the strategy planners to plan policies pertaining to production volume, delivery of services, making connections, and creating awareness in the minds of consumers.

Hull coatings serve two purposes: to protect the steel from corrosion and to make the hull's surface, particularly the area that comes into contact with water, smooth and frictionless.

The boot-topping, the coating that protects the hull, must be exceptionally robust because it will be subjected to a lot of abuse while docking and undocking. Vinyl and chlorinated rubber paints were quite popular in this area, but due to their high VOC levels, they have largely been phased out.

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Acquisitions/Technology Launches
Nippon Paint Holdings Co., Ltd., applied Aquaterras hull coating to AIDA Cruises' 38,531gt cruise vessel AIDAcara. The use of Aquaterras hull coating can potentially reduce the fuel consumption by more than 10% as compared to the standard self-polishing (SPC) that result in reduced operational expenditure, reduced emissions, and reduced hull maintenance owing to the coating's ultra-smooth surface and low friction attributes.
Hempel A/S launched a new coating system incorporating with advanced anti-bio fouling properties called as "Hempelguard MaX". The new coating system helps to reduce owner annual bunker bill by a US$500M and over 10M tones in CO2 emissions.

Market Dynamics

✦ Drivers

Implementation of Stringent Environment Regulations
The demand for green solution coatings is driven by rising environmental consciousness and strict environmental regulations from established and developing areas. However, the rules are increasing the value added that comes with greater degrees of performance. Globally, governments are putting more of an emphasis on green practises to lessen the effects of chemicals on the ecosystem, human health, and aquatic life. For instance, the US state of Washington banned copper's use in ship covering in 2022. The major participants in the global market, however, are more likely to offer coatings that adhere to environmental laws and industry standards. In the maritime sector, for instance, Jotun introduced Hull Skating Solutions (HSS) in March 2022 with an emphasis on VOC reduction in the marine business.

✦ Challenges

Unstable economic conditions and volatile prices of raw material
The reasons causing the current uncertain economic conditions include the increasing trade war between the two biggest economies, which include the US and China, as well as international tensions, global trade conflicts, and global macroeconomic performance as a whole. The state of the economy is seen as a barrier to this market's expansion. Additionally, the ongoing COVID-19 outbreak in 2020 will have an impact on people's livelihoods, companies, communities, and sectors. Due to the shutdown and slum demand of goods from developed and developing countries, the fast spread of this pandemic disease has had a significant effect on international transportation markets. The global tensions between the US, Iraq, Iran, and Saudi Arabia also cause a drop in crude oil prices in 2022.

Prominent Key players of the Hull Coatings Market survey report:

Historical data available in the report elaborates on the development of the Hull Coatings on national, regional and international levels. Market Research Report presents a detailed analysis based on the thorough research of the overall market, particularly on questions that border on the market size, growth scenario, potential opportunities, operation landscape, trend analysis, and competitive analysis. Some Key Competitors of the Market are - Akzo Nobel N.V, BASF SE, Boero Bartolomeo SpA, GLS Coatings Ltd, The Sherwin-Williams Company, Henkel, Hemple A/S, PPG Industries, Inc., The Valspar Corporation, Axalta Coating Systems

Hull Coatings Market Segmentation:

Hull Coatings Market By Type, 2023-2029, (USD Million) (Kilotons)

» Self-Polishing Coatings

» Biocide-Free Fouling Release Coatings

Hull Coatings Market By Application, 2023-2029, (USD Million) (Kilotons)

» Vessels

» Liquefied Natural Gas Carriers

» Bulk Carriers

» Crude Oil Tankers

» Cruise Vessels

» Rigs

The regional outlook by revenue covers the countries namely:

✦ North America (United States, Canada and Mexico)

✦ Europe (Germany, France, United Kingdom, Russia, Italy, and Rest of Europe)

✦ Asia-Pacific (China, Japan, Korea, India, Southeast Asia, and Australia)

✦ South America (Brazil, Argentina, Colombia, and Rest of South America)

✦ Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa, and Rest of Middle East & Africa)

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Key Features of the Hull Coatings Market Report: -

⇨ Analyse competitive developments such as expansions, deployments, new product launches, and market acquisitions.

⇨ Examine the market opportunities for stakeholders by identifying higher growth sections.

⇨ To study and analyse the global Hull Coatings industry status and forecast including key regions.

⇨ An in-depth analysis of key product segments and application spectrum, providing strategic recommendations to incumbents and new entrants to give them a competitive advantage over others.

⇨ It provides a comprehensive analysis of key regions of the industry as well as a SWOT analysis and Porter's Five Forces analysis to provide a deeper understanding of the market.

⇨ It helps you make strategic business decisions and investment plans.

Competitive Landscape

Competition has been growing for the Hull Coatings industry as the supply and demand has been on an increasing trend sine past decade. This report gives a detailed analysis of the presence of various small, medium and micro enterprises in the industry of numerous scales, their relative sizes, product offerings, and market positions in the pre and post pandemic situations. Additionally, the report provides an overview of the competitor strategy with regards to business and corporate office and functions have been provided. The report also mentions about the operations, technology infrastructure, marketing strategies and financial capabilities. Thus, the report gives a very good understanding of the market to the shareholders and stakeholders from an overall perspective.

Highlight the Following Key Factors:

► Business Description: a particular description of agency operations and enterprise departments.

► Company Strategy: The analyst's precis of the company's commercial enterprise strategy.

► SWOT Analysis: Detailed evaluation of the company's strengths, weaknesses, opportunities, and threats.

► Company History: The development of predominant occasions associated to the company.

► Main merchandise and services: A listing of the company's fundamental products, services, and brands.

► Main Competitors: A listing of the company's fundamental competitors.

► Important places and subsidiaries: The company's major places and subsidiaries' listing and contact information.

► Detailed economic ratios of the previous 5 years: The trendy monetary ratios come from the annual economic statements issued by means of agencies with a record of 5 years.

Table of Contents

Global Hull Coatings Market Research Report 2023-2029

1 Hull Coatings Market Overview

1.1 Product Overview and Scope of Hull Coatings

1.2 Hull Coatings Segment by Type (Product Category)

1.3 Global Hull Coatings market Segment by Application

1.4 Global Hull Coatings Market by Region (2023-2029)

1.4.1 Global Hull Coatings Market Size (Value) and CAGR (%) Comparison by Region (2023-2029)

1.4.2 North America Status and Prospect (2023-2029

1.4.3 Europe Status and Prospect (2023-2029)

1.4.4 China Status and Prospect (2023-2029)

1.4.5 Japan Status and Prospect (2023-2029)

1.4.6 Southeast Asia Status and Prospect (2023-2029)

1.4.7 India Status and Prospect (2023-2029)

1.5 Global Market Size (Value) of Hull Coatings (2023-2029)

1.5.1 Global Hull Coatings Revenue Status and Outlook (2023-2029)

1.5.2 Global Hull Coatings Capacity, Production Status and Outlook (2023-2029)

…

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