Pune, 13, Dec, 2022: The report published by Maximize Market research, on Marine Coatings Market, covers an extensive regional analysis and competitive landscape. Over the forecast period, Maximize Market research expects, the market to growth from USD 5.25 Bn in 2021 to USD 8.53 Bn in 2029 at a CAGR of 6.24% with APAC to grow at a high rate.
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Marine Coatings Market Scope and Research Methodology
The MMR report provides all the technologies and trends that play a major role in the growth of the marine coatings market over the projected period. It covers all the major aspects with the drivers, restraints, challenges and opportunities that are expected to affect the market growth during the forecast period. It also presents an in-depth analysis of the factors affecting the marine coatings market. In the report the growth rate fluctuations are analysed at a local, regional and global level. The competitive landscape is presented by listing top market leaders and new entrants in the market by goods and services, financial status, revenue, growth strategies, portfolio and geographical presence.
The marine coatings market is segmented by Product, application and end-user to get a picture of the market dynamics. These segments are further divided into sub-segments. A blend of primary research method and secondary research method was employed to collect data for determining the marine coating market size in value and volume. Through various methods such as surveys, administering questionnaires and telephonic interviews with industry specialists, market leaders, entrepreneurs and marketing professionals the primary data was collected whereas the secondary data was collected through official databases of various organisations and government sites, industry journals, white papers, annual reports, releases of product manufacturers and suppliers in the industry along with paid databases. Secondary data was meticulously collected from a curated selection of sources for maximum reliability of the inferences. Therefore the report is a guide for market leaders, new entrants, followers and investors which provides a clear picture of the future of the marine coatings market.
Marine Coatings Market Overview
Marine coating which is used in marine vehicles that include ships, general cargo, tankers, passenger ships and bulk carriers protects their surfaces and parts of them against corrosion, abrasion and harm brought by UV radiation above the waterline. Due to increasing competition and low demand for new shipbuilding have resulted in negative growth over the past few years which is the major challenge for the marine coatings market. According to the research, weak market for new ships has resulted to shrink the marine coatings market even more.
Marine Coatings Market Dynamics
Repair and maintenance of the old ships and production of new ships are the two key factors for growth of the global marine coatings market. Since anti-corrosion coating protects metal components from oxidation, moisture and salt-spray. As per the report, anti-corrosion market segment holds around 40% of total marine coatings sales. The offshore vessels industry is expected to rise with a high CAGR during the forecast period which is anticipated to rise product demand.
The extreme weather conditions that ships endure results in strong demand for maintenance and repair activities. During the forecast period, the availability of inexpensive labour in China, Vietnam and India will boost the market growth. The expansion in the gas and oil sector which will result in rise in crude oil output is expected to help marine coatings market for growth.
Marine Coatings Market Regional Insights
During the forecast period, North America region is anticipated to witness a significant growth. It is expected to retain its lead through 2029.
APAC marine coating industry is expected to dominate the global marine market during the projected period. It is also expected to grow at a high rate over the coming years. In APAC region the consumption of marine coatings has increased, in which the China is leading the APEJ region and the world due to the growth in maintenance, shipbuilding and dry-docking operations.
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Marine Coatings Market Segmentation
- Anti-fouling coatings
- Anti-corrosion coatings
- Foul release coatings
- Deep sea
- Leisure boats
- Offshore vessels
By End Users
- New Ships
- Repair Work
Marine Coatings Market Key Competitors Include:
- PPG Industries, Inc.
- Akzo Nobel N.V.
- Axalta Coating Systems, LLC
- Cabot Corporation.
- Carboline Company
- Delta T & Protective Products.
- EXCEL India Protective Paints Pvt. Ltd
- General Coatings
- Jotun; Kansai Paint Co.,Ltd.
- Lincoln Industries
- Mathur Corr Tech Private Limited.
- Nippon Paint Holdings Co., Ltd.
- Sharpshell Engineering
- The Sherwin-Williams Company
- Chugoku Marine Paints, Ltd.
- BASF SE
- Hempel A/S
Key questions answered in the Marine Coatings Market are:
- What is Marine Coatings?
- What is the growth rate of Marine Coatings Market?
- Who are the key players in the Marine Coatings Market?
- Who are the market leaders in Marine Coatings industry in Europe
- Who are the market leaders in Marine Coatings industry in USA and Canada
- Who are the market leaders in Marine Coatings Market in India, China, Japan and South Korea?
- What are the factors affecting growth in the Marine Coatings Market?
- Who held the largest market share in Marine Coatings Market?
- What are the factors for the growth of Asia-Pacific region in Marine Coatings Market?
- Market Share, Size & Forecast by Revenue | 2022−2029
- Market Dynamics – Growth Drivers, Restraints, Investment Opportunities, and Key Trends
- Market Segmentation – A detailed analysis by Product, Application and End-User
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
Maximize Market Research is leading Material & Chemical research firm, has also published the following reports:
Coating Resins Market – The Global Coating Resins Market is expected to reach USD 79.45 billion by 2029 at a CAGR of 5.7 percent during the forecast period. The Coating Resins Market is expected to be driven by Increase in construction activities across Middle East & Africa Region
Coating Additives Market – The Global Coating Additives Market is expected to reach USD 15.07 billion by 2029 at a CAGR of 5.8 percent during the forecast period. The Coating Additives Market is expected to be driven by growing demand from the Construction Industry for Water-Based Coatings
Corrosion Under Insulation and Spray-on Insulation Coatings Market – The Global Corrosion Under Insulation and Spray-on Insulation Coatings Market is expected to reach USD 5.85 billion by 2029 at a CAGR of 12.4 percent during the forecast period. The Corrosion Under Insulation and Spray-on Insulation Coatings Market is expected to be driven by Rising demand for Polysiloxane Based Spray-on Insulative Coating in petroleum refineries and chemical industries
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Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.
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