Marine Coatings Market to value US$15 Bn by 2024 | AkzoNobel, PPG, Jotun, Hempel, and 12 Other Companies Profiled

“Leisure Boats application in marine coatings market will witness gains around 7% to 2024 driven by growing consumer purchase parity in the U.S., Canada, and Western European countries.”
Global Marine Coatings Market By Application (Coastal, Containers, Deep Sea, Leisure Boats, Offshore Vessels), By Product (Anti-Fouling, Anti-Corrosion, Foul Release), Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecasts to 2024

Worldwide report says, “Marine Coatings Market share will reach a revenue of over USD 15 billion by the end of 2024.” One of the primary factors driving the global marine coatings market is the shipbuilding industry. With government financial backing and support, shipbuilding industry is foreseeing extensive growth in the Asia Pacific region. India, China and other southeast Asian countries such as Philippines, Malaysia, Singapore and Vietnam have emerged as major markets in the shipbuilding industry. Compulsive product use for further enhance the quality, performance and life of the vessel will further catalyze the marine coatings market growth.

The marine coatings market is also driven by the increasing needs for low fuel consumption which will further fuel the regular coatings demand. Consumption of fuel covers approximately a half of the ship’s total operating cost and hence needs to be looked after efficiently to boost the marine coatings industry in the future years.

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Raw material price fluctuations such as copper, titanium dioxide, and oil derivatives will further slowdown the marine coatings market growth. Also, gap in demand and supply may further create hindrance for the market.

Based on the product, marine coatings market is segmented into anti-corrosion, anti-fouling, and foul release coatings as major categories. Used extensively in the overhauling and repairing activity, anti-fouling is also used during the building of new ships to resist the attachment and growth of marine organisms over the hull of the vessel as they end up hampering the performance and weakening body of the vessel. This segment holds a significant share in the marine coatings market and is likely to grow with a lucrative rate.

In 2015, the anti-corrosion coatings accounted in excess of USD 3 billion of the total marine coatings market and is likely to grow with a CAGR of over 6%. Continuous contact with saline water results in lower body corrosion of the vessel. Constant anti-corrosion coatings application helps prevent rusting and further enhances the life and productivity of the vessel.

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On the basis of application, marine coatings market is segmented into containers, coastal, off shore vessels, leisure boats and deep-sea vessels. The containers segment is likely to grow with a 7% CAGR and surpass USD 2.5 billion till the end of the forecast span. The coastal applications include coasters, defense ships, offshore supplies, passenger & cargo ferries, and fishing vessels mainly. In 2015, this segment accounted for over USD 3 billion and is likely to grow with a decent CAGR.

Asia Pacific is one of the most lucrative market for shipbuilding led by countries such as China, Japan and South Korea. Being a global leader in this sector, China accounts for over a third of the global shipbuilding industry. Asia Pacific region is likely to hold a significant share in the global marine coatings market owing to countries such as China, Philippines, South Korea, Taiwan and Japan. The market in Europe and North America will also showcase healthy gains owing to huge demand for leisure boats and naval ships.

Key players operating in the global marine coatings market include BASF, DuPont, AkzoNobel, Kansai Paint, Hempel, Jotun, PPG, RPM International, Nippon Paint, Chugoku, KCC Corp, and Sherwin-Williams to name some.

Buy this industry insights spread across 120 pages with 152 market data tables & 16 figures & charts from the report, “Marine Coatings Market Size By Product (Anti-Fouling, Anti-Corrosion, Foul Release), By Application (Coastal, Containers, Deep Sea, Leisure Boats, Offshore Vessels), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, China, India, Japan, Australia, Indonesia, Malaysia, Brazil, Mexico, South Africa, GCC), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2024” in detail along with the table of contents:

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Table of Contents (ToC) of the report:

Chapter 3   Marine Coatings Industry Insights

3.1   Marine coatings industry segmentation

3.2   Marine coatings industry size and forecast, 2013 – 2024

3.3   Industry ecosystem analysis

3.3.1   Vendor matrix

3.3.2   Distributor matrix

3.4   Marine coatings industry impact forces

3.4.1   Growth drivers

3.4.1.1   Rising Asia Pacific shipbuilding industry

3.4.1.2   Increasing ship reparing and overhaul demand

3.4.1.3   Growing need for low fuel consumption and low emission coatings

3.4.2   Industry pitfalls and challenges

3.4.2.1   Inconsistent raw material prices

3.4.2.2   Strict environmental regulations pertaining to marine coatings

3.5   Growth potential analysis

3.6   Regulatory trends

3.6.1   U.S.

3.6.2   Europe

3.6.3   China

3.7   Porter’s analysis

3.8   Company market share analysis, 2015

3.7.1   Strategic landscape

3.9   PESTEL analysis

3.10   Regional price trends

3.10.1    Cost structure analysis

3.10.2    Raw material trends

Browse Full Table of Contents (ToC) @ https://www.gminsights.com/toc/detail/marine-coatings-market

 

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