Marine Coatings Market to Register a Healthy CAGR Throughout 2022
Posted by ashutosh sable on January 4th, 2018
Marine coatings are the protective coatings applied on the surface of the ships, cruises, vessels, yachts and other offshore structures (oil rigs, bridges) exposed to the sea water and corrosive conditions. The marine coatings are applied on the above mentioned surfaces to protect against corrosion, fouling and slimes thus increasing the durability and life of the marine vessels and offshore structures. The need for dry-docking of vessels subsequently, new ship building activities and the growth in offshore drilling is propelling the growth of global marine coatings market.
The shipping trade is also growing globally, which is one positive factor for the growth of global marine coatings market. The demand for VOC free and environment friendly marine coatings among the customers are gaining popularity, hence new trends are being employed by marine coatings manufacture to achieve this specifications of consumers and to comply with government norms. The global marine coatings market is expected to project a healthy CAGR over the period of forecast.
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The global marine coatings market is expected to show a healthy growth, and the key driving factors responsible for the growth of marine coatings market are, the growth in the world trade, awareness among the consumers about hull protection, fuel efficiency of the vessel and the expansion of oil and gas sector in the off shore regions, new ship building facilities and the dry-docking activities tends to drive the market for marine coatings globally.
The popularity of yacht and cruise ships among the people for leisure time is also contributing to the growth of marine coatings market. Somehow, the regulatory norms applied by the government for the use of VOC’s based marine coatings might pose as a restraint for the growth of global marine coatings market. To overcome the environmental restrains new technologies are being adopted by the manufacturers like more water based and less VOC’s content in the marine coatings which are trending in the global marine coatings market among the consumers. Faster drying marine coatings are also finding its popularity in the market.
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The global marine coatings market has been divided into seven key geographical regions which includes North America, Latin America, Western Europe, Eastern Europe, APEJ, Japan, and Middle East & Africa. The North American market for marine coatings is showing a slow-moving growth because of the small size of the marine industry in the region. The market for marine coatings in the Europe region is just above North American market in terms of market growth but with a slower rate. The APEJ marine coatings market is currently dominating in the global marine market and will pose a healthy growth rate over the forecast period. In the APEJ region, the consumption of marine coatings has shown an incredible growth with China on the top of the list in terms of consumption in the APEJ region and globally which is mainly because of the growth in new ship building activities, maintenance and dry-docking activities in the region. South Korea marine coatings market is trailing behind China. Japan marine coatings market is in the third position in terms of market share. There has been an increase in the number of ship owners in Singapore which is expected to propel the market for marine coatings in the APEJ region. The Indian market is also expected to emerge as a strong contender in the marine coatings market in the forecast period. Overall, the global marine coatings market is foreseen to register a healthy single digit CAGR.
Some of the major players identified in the global marine coatings market include Akzo Nobel N.V, PPG Industries, Inc., The Sherwin-Williams Company, Axalta Coating Systems, LLC, BASF, KANSAI PAINT CO.,Ltd, Nippon Paint Marine Coatings Co. Ltd, PPG Asian Paints Private Limited, Jotun, Hempel Foundation, Mascoat, Comex, KCC corporation, Chugoku Marine Paints, Ltd, National Paints Factories Co. Ltd
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About the Authorashutosh sable
Joined: August 9th, 2017
Articles Posted: 358
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