Marine Coatings Market : Analysis, Future Growth, Business Prospects and Global Forecast to 2025
The demand for marine coatings has been skyrocketing due to the increasing need to protect the marine vessels from corrosion, fouling, and weathering. Increasing sea trade and use of vessels for entertainment and leisure have spiked the demand for marine coatings to a significant extent. Today, a wide range of coatings are used for maintaining yachts, boats, sub-marines, ships, and kayak among others. The emerging interest in building waterways for trade, commerce, and transportation is projected to favor the global market’s growth in the near future.
Global Marine Coatings Market: Drivers and Trends
The demand for marine coatings is anticipated to remain the coming years due to increasing emphasis on the impact of corrosion on ships and the subsequent rise in fuel consumption. Furthermore, the need to preserve and prevent flora and fauna of a certain habitat from getting disturbed is also expected to augment the sales of various types of marine coatings available in the global market. In addition, a flurry of environment-friendly coatings in the global market has offered the end users a chance to be socially responsible while taking are of vessels.
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The various types of marine coatings available in the global market are anti-fouling, anti-corrosion, foul release, and other coatings. Anti-fouling coatings are projected to dominate the global market in the near future as the ship repairing, overhauling, and building activities continue to be on the rise.
Global Marine Coatings Market: Market Potential
The latest discovery of marine benthos organisms has led to the development of non-toxic anti-fouling coatings. This revolutionary discovery has not only offered a green solution but also resulted in reducing fuel consumption of the shipping industry. The pioneering study has focuses on how biofilm acts as a bridge between the benthic life and the environment. The benthic marine life responds to the chemical stimuli released by the biofilm. Thus, by controlling these chemical signals, one can settle marine organisms in less polluted areas. In effect, this method is being used for saving endangered corals and shells and ensuring their healthy growth. Innovation and development of products such as biofilms that serve both the purposes are expected to overturn perspectives of several manufacturers and end users in the global market.
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Global Marine Coatings Market: Regional Outlook
In terms of geography, the global marine coatings market is divided into the Middle East and Africa, Europe, North America, Latin America, and Asia Pacific. The strengthening shipbuilding industry in China, Japan, and South Korea is anticipated to keep the Asia Pacific marine coatings market at the forefront, estimate analysts. Furthermore, the burgeoning logistics market in the region is also expected to support the regional market in the coming years.
North America and Europe will also be important regional players in the global market as countries in both the regions have shown a keen interest in upgrading their cargo and naval fleets. Additionally, inroads made by yachts and personal leisure boats in the overall marine transportation market is also expected to favor the uptake of marine coatings.
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Key Players Mentioned in this Report are:
The leading players operating in the global marine coatings market are BASF, AkzoNobel, PPG, Jotun, and Hempel, Kansai Paint, Nippon Paint, KCC Corp., Sherwin-Williams, RPM International, DuPont, and Chugoku. The players ahead of the curve in the highly consolidated market are PPG, AkzoNobel, Hempel, and Jotun. Companies in the global market are constantly trying to launch products that are estimated to improve the performance of the ships and reduce the carbon emissions at the same time.
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