Growing consumption of marine coatings in the major sectors is estimated to drive the market growth during the forecast period, 2017-2023
The extensive use of marine coatings from the oil and gas industries is projected to drive the market growth during the forecast period, 2017-2023
The marine coatings are widely used owing to its enhanced durability, UV & corrosion resistance, and impact strength which has wide applications in the vessels, yachts, oil rigs, and other offshore structures. Marine coatings are extensively used in the offshore ultra-deepwater and deepwater rigs & bridges, and other offshore structures owing to the advantages such as high tensile strength, and abrasion and corrosion resistance.
Marine coatings are primarily used as protective coatings that are applied on the surface of vessels, cruises, yachts, oil rigs and bridges among others. These coatings are applied to protect against corrosion and fouling to enhance the shelf life of the offshore structures and marine vessels.
Marine coatings protect the surfaces from damage caused by UV radiation above the waterline along with corrosion and fouling below the waterline. The price incurred during the treatment of corrosion in marine vessels are relatively much higher than the price of preventing it, hence the demand for marine coatings has been augmenting in the shipping and shipbuilding industries. Moreover, the ability of marine coatings in the prevention of corrosion also helps in the reduction of fuel consumption which is another factor contributing to the growth of the market.
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Global Key Players of Marine Coatings are:
PPG Industries (US), AkzoNobel (Netherlands), Hempel (Denmark), Sherwin-Williams (US), Jotun (Norway), Chugoku Marine Paints (Japan), Nippon Paint (Japan), Kansai Paint (Japan), Axalta (US), and BASF SE (Germany) among others.
The global marine coatings market is segmented into resin type, product type, application. On the basis of the product type, the market is segregated into anti-corrosion marine coatings, antifouling coatings, and others. On the basis of resin type, the market is bifurcated into epoxy, alkyd, polyurethane, and others. The market by application industry is further categorized into cargo ships, passenger ships, boats, and others.
The global marine coatings market is spanned across five regions of the world namely Asia Pacific, Europe, North America, Latin America, and the Middle East & Africa. Among these, Asia Pacific holds the major share of the global market and is projected to be the fastest growing market, owing to the increasing demand for marine coatings from the growing oil gas industry. Moreover, the developing economy in the region has augmented the shipping trade which is further adding to the market growth. It is estimated that the polyurethane resin segment is set to observe the highest CAGR in the market during the forecast years.
The North American market is expected to grow at a steady CAGR due to the developed oil & gas and shipping industry. The U.S. and Canada are the major countries contributing to this growth. The growing tourism in the region has augmented the demand for cruise lines and yachts which in turn will fuel the growth of the market. In addition to this, the shale gas boom has augmented the market growth owing to the use of marine coatings in the offshore rigs, bridges, and others.
The Middle East marine coatings market is expected to witness a steady growth due to the growing oil and gas activities in the region. Moreover, the growing export of crude has boosted the shipping industry which is the major driving factor of the region.
The European region is expected to exhibit an encouraging CAGR during the forecast period. The growing tourism in this region has increased the demand for cruise liners and yachts which in turn is adding to the growth of the market. The development of low VOC marine coatings coupled the growing use of vessels in international trade from this region are other factors positively affecting the market
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The report covers brief analysis of the major geographic regions namely Asia Pacific, Europe, North America, Latin America, and the Middle East & Africa.
- Marine coatings market manufacturers
- Traders and Distributors of marine coatings market
- Production process industries
- Potential investors
- Raw material suppliers
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