Marine Coating Market- Surging Demand in Asia Pacific Augmenting Market Growth

Marine Coatings Market Outlook
Asia Pacific is the largest market for marine coatings. This is driven by both the marine and oil & gas industry. Increasing demand for energy in emerging economies of India, China, Indonesia, Philippines and ASEAN has boosted exploration and production activities in this region. Moreover, demand for goods has been followed by increased shipping and shipbuilding activity in this region which in turn has driven the marine coatings market. In addition, the development of this region as a low cost manufacturing zone has also increased shipping.

North America and Europe are the largest markets for boats, yachts and cruise liners, though these account for a relatively small market share in the marine industry. The luxury cruise liner segment is the fastest growing in these regions.
Middle East and North Africa are crude oil rich zones. The oil tanker segment is a major player in this region. The oil produced in these regions is exported to Asian, European and North American markets.

Ask for detailed Sample of the Research Report @ https://www.coherentmarketinsights.com/insight/request-sample/480

*The Sample consists of Table of Content, Research framework of the actual report & research methodology adopted for it.
Latin American market has witnessed growth in both energy and marine industry. Though growth is sluggish due to complex trade laws between countries and poor port infrastructure. But, increased private sector engagement in modernization of ports and regulatory improvements can be a driver for the marine industry.

The requirement of special purpose ships in the oil and gas industry is growing. As production moves to deep-water and ultra-deep-water, specially designed drill ships and exploratory ships are required. In 2010, Maersk has commissioned the Viking, a US$ 650 million drillship to drill in depths of excess of 3000m water depth. Further developments in this segment is expected in the forecast period. Major players in the marine coatings market include Nippon paint marines Co. Ltd., Hempel A/S, Jotun A/S, PPG Industries Inc., AkzoNobel NV, DuPont, Axalta Coating Systems, Engineered marine coatings LLC, Chugoku Marine Paints Ltd., Advanced Marine Coating AS, KCC Corp., Kansai Paint Co. Ltd.

Anti-fouling agents are applied on the marine vessels and equipment to prevent bio-fouling, which is the growth of algae, micro-organisms, plants, and animals on wetted surfaces. Increase in drag is observed due to bio-fouling which results in soaring fuel costs. The application of foul releasing agents makes the surface of materials smooth, low friction and slippery, preventing fouling organisms to attach to the surface. These are eco-friendly substitutes for anti-fouling agents.

The largest end user of anti-fouling agents is the marine industry. As it operates in the midst of a highly corrosive saline environment. Coating reduces the frequent need for the expensive process of dry docking, helping minimize operating costs. The oil & gas industry employs marine coatings on subsea equipment that are subjected to hostile pressure and temperature conditions in deep-water and ultra-deep-water zones.

Check The Trending Report of Marine Coatings Market: https://www.coherentmarketinsights.com/ongoing-insight/marine-coatings-market-480

Marine Coatings Market Taxonomy
On basis of Product Type:Anti-Fouling, Foul Release,Slime Release,Anti-Corrosion,Epoxy based,Polyurethane,Water based,Others
On basis of Application:Marine, Freight Containers, Fishing Vessels, Shipyards & Ports, Naval Vessels, Boats, Ships, Yachts, Cruises, Tankers, Barges, Special Purpose Vessels
Oil and Gas:Platforms, Semi-submersibles, Subsea Equipment, Pipelines, Drill Ships, FPSO’s, Others

Construction:Offshore Civil Structures, Bridges & Underwater Tunnels, Others

About Coherent Market Insights:
Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.

Contact Us
Mr. Shah
Coherent Market Insights
1001 4th Ave,
#3200
Seattle, WA 98154
Tel: +1-206-701-6702

This release was published on openPR.