Marine Coatings Market Will Reach at a Highest CAGR of 8.0% by 2028

Posted by ojasdbmr on May 5th, 2021

Marine coatings market will reach an estimated valuation of USD 7.92 billion by 2028, while registering this growth at a rate of 8.0% for the forecast period of 2021 to 2028.To protect the ships, tankers, vessels and others from the saline water or fresh water, a type of protective coating is used which is called marine coatings.

Key Market Competitors:

Few of the major competitors currently working in marine coating market are PPG Industries, Inc., Akzo Nobel N.V., Axalta Coatings Systems, Cabot Corporation, Carboline Company, Coolshield International Pty., Ltd, Delta T & Protective Products, Excel Enterprise, General Coatings Corporation, Jotun, Kansai Paint Co., Ltd., Lincoln Industries, Mascoat, Mathur Corr-Tech Private. Limited., Nippon Paint Holdings Co., Ltd., NPP Engineering, Sharpshell Industrial Solutions.

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They are waterproof and are corrosion resistant and abrasion resistant. Film drying and air setting, laser fusing and laser marking, reactive and moisture curing, UV radiation are some of the technologies which are included in the marine coatings. They are used in the substrate made of aluminium, steel, fibres or fabrics, asphalt, bitumen, plastics and others depending on the technology.

Segmentation: Global Marine Coatings Market

•          By Resin (Epoxy, Alkyd, Polyurethane, Acrylic, Polyester, Fluoropolymer)
•          By Product Type (Anti- Corrosion Coating, Antifouling Coating)
•          By Applications (Cargo Ships, Passenger Ship, Boat)
•          By Marine Segment (Dry Docking, New Shipbuilding)
•          By End- Use (Marine, Oil & Gas, Industrial, Construction, Energy and Power, Transportation),
•          By Geography (North America, South America, Europe, Asia-Pacific, Middle East and Africa)

Competitive Analysis:

Global marine coating market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of marine coating market for global, Europe, North America, Asia Pacific, South America and Middle East & Africa.

Market Drivers:

•          Requirement for the repairing and maintenance of the ship is driving the growth of the market
•          They are excellent oil, water, chemical and weather resistance.

Market Restraints:

•          The strict environmental regulation on the production of the protective coating is restraining the growth of this market.
•          Increasing cost of the raw materials is restraining market growth