Marine Chemicals Market to Record an Exponential CAGR by 2025

Marine Chemicals Market: Market Dynamics

Marine Chemicals are widely used in military ships, cargo ships, tanker ships, passenger ships, RoRo ships (Roll on Roll off), fishing vessels and high speed crafts. However, the major chunk of the market is controlled by military ships and cargo ships.

However, certain marine chemicals used are hazardous in nature and meddle with the proper functioning of the other components of a ship. Hence, many governments have laid strict rules against the use of such chemicals and this is a key challenge for the manufacturers operating in the marine chemicals market -- to follow the guidelines laid by governments and manufacture only those chemicals which are safe as well as find applications in the marine industry is a tough task.

Passenger ships are expected to be one of the major consumers of marine chemicals after military ships and cargo Ships. Passenger ships contribute in major amounts to the revenue generated from the tourism and travel industry. Thus, these ships must be maintained and cleaned on a regular basis, which in turn, will add to the demand for marine chemicals and thus, fuel the marine chemical market.

Marine Chemicals Market: Regional Outlook

China is expected to witness an increase in the use of marine chemicals as China is a major player in the field of import and export.

The Indian marine chemicals market is also expected to expand during the forecast period as cargo traffic is increasing in India and as a result, the country will witness increased demand for marine chemicals during the forecast period.

Japan is an island and is majorly dependent on seaborne trade, it is forecasted that Marine chemicals market in Japan will have a moderate growth.

Marine chemicals market in North America and Europe is expected to grow significantly due to increasing industrial production, increase in demand for marine freight transportation, which in turn, will lead to increased consumption of marine chemicals for smooth functioning of transport and safety sectors.

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Marine Chemicals Market: Market Participants

Examples of some of the key participants in the marine chemicals market are: Total Group, Aqua Marine Chemicals, CHEMO Marine Chemicals S.A., Unitech Chemicals, Wilhelmsen Holding ASA, Anmar Industrial Chemicals. Co. Ltd., ERTEK Chemical, Unikem Holdings Ltd, Star Marine Chemicals B.V.

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This release was published on openPR.