Global Marine Coatings Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2027
MarketResearch.biz delivers in-depth insights on the global marine coatings market in its upcoming report titled, “Global Marine Coatings Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2027”. The global marine coatings market is estimated to register a CAGR of X.X% in terms of value during forecast period 2018–2027. The report offers in-depth insights, revenue details, and other vital information regarding the global marine coatings market, and the various trends, drivers, restraints, opportunities, and threats in the target market till 2027. The report offers insightful and detailed information regarding the various key players operating in the global marine coatings market, their financials, supply chain trends, technological innovations, key developments, apart from future strategies, acquisitions & mergers, and market footprint. The global marine coatings market report has been segmented on the basis of resin, product type, application, and region.
Coatings applied on cruises, ships, boats, yachts, and other structures that are offshore and exposed to sea water, such as oil rigs, bridges, etc. are referred to as marine coatings. Marine coatings are primarily used in the above structures to protect them from corrosion, and advanced marine coatings also protect structures from fouling, smiles, etc. thereby increasing life of the structure and marine vessels. Moreover, marine coatings are also used to enhance aesthetic appeal of a vessel, and protect surfaces of vessels by preventing marine organisms to stick to it.
Innovations in ship building methods, rising demand for advanced marine coatings that can provide better protection against corrosion, and increasing number of offshore drilling activities are major factors driving growth of the global marine coatings market. In addition, increasing use of sea routes for international trade has led to rise in demand for container ships, bulk carriers, and cargo ships which is another major factor boosting growth of the global marine coatings market.
Moreover, rising demand for marine coatings from the maintenance and ship repair industries are other factors expected to aid in growth of the global marine coatings market over the forecast period to a significant extent.
However, high cost of marine coatings and stringent environmental regulations for use of coatings containing volatile organic compounds (VOCs) are major factors restraining growth of the global marine coatings market. Additionally, problems in application of coatings caused due to human or machine errors and fluctuating raw material prices are other major factors anticipated to hamper growth of the global marine coatings market over the forecast period.
Currently, the market in Asia Pacific dominates the global marine coatings market in revenue terms owing to high use of marine coatings and increasing number of shipbuilding activities in emerging economies such as China, South Korea, Japan. The market in Europe accounted for second-highest revenue share in the global marine coatings market, followed by markets in North America, Latin America, and Middle East & Africa respectively. Moreover, the market in Asia Pacific is projected to witness fastest growth in terms of revenue over the forecast period.
Global marine coatings market segmentation by resin:
Global marine coatings market segmentation by product type:
- Anti-Corrosion Coatings
- Antifouling Coatings
- Foul Release
Global marine coatings market segmentation by application:
- Cargo Ships
- Passenger Ships
- Others (Offshore Vessels, Service Ships, and Tugs)
Global marine coatings market segmentation by region:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Particular Scope Region
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
Actual Year 2019 Estimated Year 2020 Forecast Period 2020–2029 Revenue in US$
- Akzo Nobel N.V.
- PPG Industries Inc.
- Jotun A/S
- Hempel A/S
- Chugoku Marine Paints Ltd.
- Sherwin-Williams Company
- SigmaKalon Group BV
- BASF SE
- Kansai Paint Co. Ltd.
- Nippon Paint Marine Coatings Co., Ltd.
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