Marine Coatings Market by Product Type (Anti-Fouling Coatings, Anti-Corrosive Coatings, and Others) and by Source Type (Epoxy-Based Marine Coatings, Polyurethane-Based Marine Coatings and Others): Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 - 2024

Global marine coatings market expected to generate revenue of around USD 4.40 billion by the end of 2024, growing at a CAGR of around 3.74% between 2018 and 2024. The ascent in the international worldwide exchange and trade has brought about expanding utilization of sea and ocean routes for doing the different exchange and trade activities across the world.

26-Jul-2018 | Number of pages: 110 | Report Code: ZMR-1495 | Report Format : | Status : Published

Analysis

A coating is a kind of layer of any substance that is spread over a surface to shield the substance from external damage and furthermore it used to enhance its appearance. Coatings contrast in their shape, measure, use, application, and functionalities as their assembling and creation strategies are not the same. Marine coatings are the exceptional sort of defensive coatings which are connected on the surface of the boats, travels, vessels, yachts, and other seaward structures, for example, oil apparatuses and spans that are generally presented to the ocean water conditions. The marine coatings assist the articles with protecting against consumption, fouling, and oozes. By applying marine coatings, the durability of object increases. The coatings hold fast to all intents and purposes any surface and make them impenetrable to water. Marine coatings likewise help in averting UV radiation harm for the items over the waterline. There are a couple of parameters influencing covering applications, for example, film thickness, strategy for an application, and natural controls, among others.
 
Marine coatings are encountering the most noteworthy development rate in developed and developing nations. The increasing requirement for dry-docking of load and ship vessels followed by new shipbuilding exercises and the development in offshore drilling is fueling the development of marine coatings market. As the shipping over the area is developing gradually, this lays a positive effect in the development of worldwide marine coatings market. The rising need and requirement for low fuel utilization will improve the interest for anti-fouling and anti-corrosive agents which additionally boosts the market development. Fuel utilization represents half of the general working expenses of the ship. Due to the essence of fouling development on the vessel body because of the settling of a few marine life forms and microscopic organisms, the general fuel utilization and carbon dioxide discharge may climb by up to 40%. With the advancement of technology and innovation, over the period the protective coatings can be said as a vital contributor to safeguarding the capital investment in the structure of a vessel. Also, rising customer preference for green, eco-friendly, and sustainable items is a vital driver in the growth of the marine market. The changing client inclination for sustainability is because of rising environmental norms and regulations. Consequently, the manufacturers ought to take part in the production of marine covering in such a way along these lines, to the point that they accomplish the needs of buyers and in compliance to government standards and controls. Based on product type, the marine coatings market is categorized into anti-corrosive coatings, anti-fouling coatings, and others. Based on chemistry, the market is categorized into polyurethane-based marine coatings, epoxy-based marine coatings, and others. 

In 2017, Asia Pacific held substantial revenue share in the marine coatings market and the region is anticipated to continue with its regional supremacy over the forecast period. The development of the market in the Asia Pacific geographic area can be accounted for the growing interest and demand for marine coatings from different countries such as China, India, and South Korea. New technological innovations will boost the development of the market. The expansion of global trade through sea and ocean courses has expanded the number of bulk carriers, container ships, and general freight ships. This has enlarged the extent of the marine coatings market in the Asia Pacific. Additionally, rising concern to maintain those vessels subjected to harsh external and environmental conditions, repairs at sea, and new shipbuilding activities are the elements that are impacting the development of the marine coatings market in Asia Pacific region. 

Global Marine Coatings Market

Some of the industry players operating in the marine coatings market include AkzoNobel, Jotun, Kansai Paint, KCC Corp., RPM International, Chugoku, BASF, PPG, Hempel, Nippon Paint, Sherwin-Williams, and DuPont. 


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