Rising demand for marine coatings during ship mending and maintenance activities will lead to an upsurge in Marine Coatings Market. These coatings offer a defense against the corrosive marine environment. Along with increasing hull performance, these coatings are as well preferred for enhancing the aesthetics. Marine coatings are also important in enhancing the fuel efficiency of a vessel by minimizing the contact of the metal body with the environment. As per Global Market Insights, Inc., “Marine Coatings Market is estimated to witness a CAGR of 7% over the period of 2016-2024.” —
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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.
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.
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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.
Growing consumer purchase parity in the U.S., Canada, and Western European countries will enhance the leisure boats demand in the coming years, making this application for marine coatings market a high growing segment with close to 7% CAGR.
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.
Browse key 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:
Table of Contents (ToC) of the report:
Chapter 4 Marine Coatings Industry Product Insights
4.1 Marine coatings market share by product, 2015 & 2024
4.2 Anti-fouling coatings
4.2.1 Global market estimates and forecast, 2013 - 2024
4.2.2 Global market estimates and forecast, by region, 2013 - 2024
4.3 Anti-corrosion coatings
4.3.1 Global market estimates and forecast, 2013 - 2024
4.3.2 Global market estimates and forecast, by region, 2013 – 2024
4.4 Foul release coatings
4.4.1 Global market estimates and forecast, 2013 - 2024
4.4.2 Global market estimates and forecast, by region, 2013 – 2024
4.5.1 Global market estimates and forecast, 2013 - 2024
4.5.2 Global market estimates and forecast, by region, 2013 – 2024
Browse Full Table of Contents (ToC) @ https://www.gminsights.com/toc/detail/marine-coatings-market
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