The global marine coatings market, which is
consolidated on account of a handful of top players accounting for a
significant share in it, has been growing at a healthy clip – a
trend it is likely to retain in the near future as well. Keen players
in the market are focused on product development and usually bank
upon a wide array of products to cater to the specific demands of the
client.
Some of the prominent players in the global marine
coatings market are Akzo Nobel N.V., PPG Industries Inc., Jotun A/S,
Hempel A/S, Chugoku Marine Paints Ltd., and Sherwin-Williams Company.
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As per a report by Transparency Market Research,
the global marine coatings market will, in probabilities, expand at a
CAGR of 6.1% between 2017 and 2025. Rising at this pace, the market
which was worth US$8.53 bn in 2015, is predicted to reach a value of
US$14.52 bn by 2025.
Some of the key products in the global marine
coatings market are anti-fouling coatings, foul release coatings,
anti-corrosion coatings, etc. The anti-fouling coatings, among them,
which provide protection to vessels and ships from fouling organisms
and slime, accounted for a leading share in the market in 2016. Rise
in ship repair and maintenance activities that require anti-fouling
coatings is expected to stoke their demand in the near future.
Asia Pacific, Latin America, North America,
Europe, and the Middle East and Africa are some of the key regions in
the global marine coatings market. Of them, Asia Pacific dominates
the global marine coating market in terms of volume and value. In
2016, it held over 60% value share of the market. Powered by
shipbuilding activities in China, Japan, and South Korea, the market
in the region is predicted to maintain its leading position in the
years ahead too.
Deep-sea Applications Drive Demand
At the forefront of driving demand in the global
marine coatings application, is their deep-sea application which
protects ships from harsh weather conditions and improves their
appearance. “The marine industry comprises of bulk tankers and
carriers, cargo ships, cruise ships and container ships. Marine
coatings play a crucial role in increasing fuel efficiency of vessels
and hence bring down fallout on the environment. The new shipbuilding
industry has been experiencing sluggish growth of late. However,
rising demand for marine coatings during ship repair and maintenance
activities is likely to boost market growth during the forecast
period,” explains the lead analyst of the TMR report.
Focus of Product Development Positively
Influence Market
The ever expanding oil and gas industry, more
extensive usage of coatings to make sure the long-term security of
the marine assets, and the enforcing of the IMO ballast tank coating
norms, have all contributed significantly to the global marine
coatings market. Further, customer preference and strict government
policies regarding eco-friendly products is lending a considerable
hand in boosting product innovation. Researchers and manufacturers
are now focusing on developing anti-fouling metal-free coating which
will not negatively impact the marine life. However, slow growth of
the ship building industry is expected to be a restraining factor for
the growth of the overall market.
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This review is based on the findings of a TMR
report, titled, “Marine Coatings Market (Product - Anti-Fouling
Coatings, Anti-Corrosion Coatings, and Foul Release Coatings; Resin -
Epoxy, Silicone, and Acrylate; Marine Segment - Dry Docking and New
Shipbuilding; Application - Coastal, Containers, Deep Sea, Leisure
Boats, and Offshore Vessels) – Global Industry Analysis, Size,
Share, Growth, Trends, and Forecast 2017–2025.”
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