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Antifouling marine coatings market to observe phenomenal global demand over 2016-2024, Asia Pacific to be a prominent revenue contributor
While development of new, modern, high tech ships are on a remarkable high, older ships are also being remodeled by means of minor repair and overhauling work. The aforementioned processes are significantly stimulating the demand for marine coatings globally. The strict norms regarding the usage of eco-friendly and high quality coatings will also favorably influence marine coatings industry trends. According to Global Market Insights, Inc., “Marine Coatings market is projected to collect a revenue of USD 15 billion by 2024 with a CAGR of 7% over the coming seven years.”
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Taking into account the marine coatings application landscape, the industry is mainly divided into offshore vessels, deep sea, coastal, leisure boats, and containers. Leisure boats application segment collected a revenue of USD 1 billion in 2015 and is anticipated to register a CAGR of 7% over the period of 2016 to 2024, owing to the increased per capita income across regions such as Europe and North America.
Anticorrosion coatings market was worth USD 3 billion in 2015 and is predicted to witness an annual growth rate of more than 6% over the coming years of 2016 to 2024, driven by the product demand to prevent corrosion and rusting. Anti-fouling is another lucrative product segment of marine coatings market. In 2015, anti-fouling coatings covered more than 40% of the revenue share and will collect high revenue over the coming timeframe. Anti-fouling coatings are extensively applied on the outer surface of the vessels to avoid the unwanted growth of marine organisms, which reduces the overall performance of the ship. The surging use of this product for overhauling and repairing work will influence marine coatings industry size considerably.
North America and Europe have a huge demand for personal leisure boats as well as marine ships, which will ultimately boost marine coatings industry. With Japan, China, and South Korea being the chief contributors, Asia Pacific marine coatings market led the geographical landscape in 2015. The shipbuilding sector in these aforementioned countries is also on a lucrative growth path, thereby propelling the regional marine coatings industry. In fact, China led the worldwide shipbuilding sector with a contribution of more than 33% ship building industry share.
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Market players are shifting their focus on new product development to maintain their business position. The key players in marine coatings market are Nippon Paint, Sherwin-Williams, Hempel Group, AkzoNobel, PPG Industries, Kansai Paint Co., Ltd, Jotun, RPM International Inc., CHUGOKU MARINE PAINTS, Ltd., BASF, DuPont, and KCC Corp.
About Global Market Insights:
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone:1-302-846-7766
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