Global Marine Coatings Market Set For Rapid Growth, To Reach Value Around USD 4.40 Billion By 2024

26-Jul-2018 | Zion Market Research

Zion Market Research has published a new report titled “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”. According to the report, global marine coatings market was valued at approximately USD 3.40 billion in 2017 and is 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. This has fueled the increase in the number of bulk carriers, compartment ships, and cargo ships which is being manufactured over the globe, thereby augmenting the extent of the marine coatings market. Moreover, the expanding interest in marine coatings from countries will fuel the development of the marine coatings market. Additionally, the production of leisure boats, ship repairs & maintenance activities has been growing. Besides, the effective utilization of business vessels, passenger ships, yachts, load & cargo, and customary offshore drilling rigs is expected to extend industry development.

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There has been a rising concern for the preservation of widely varied vegetation in the marine shipment industry. The use of marine covering has caused tainting of ocean water, thus the administrations of separate areas or countries are detailing laws and directions to resolve this issue. The green condition inviting coatings offer an opportunity to the end clients to be socially dependable by dealing with the ship vessels. Therefore, interest in VOC free and environment-friendly marine coatings among the clients over the globe are expanding day by day. Subsequently, new patterns are being utilized by marine coatings to accomplish the particulars of customers and to consent to government standards. 

Global Marine Coatings Market

The marine coatings market is categorized on the basis of product type into anti-fouling coatings, anti-corrosive coatings, and others. Anti-fouling coatings held major revenue share in 2017. The growth is attributed because of its usage and differing application in marine industry as it makes the surface of materials smooth, low erosion and slippery consequently avoiding fouling organisms to attach to the surface. 

Based on chemistry, marine coatings market has been categorized as polyurethane-based marine coatings, epoxy-based marine coatings, and others. Epoxy-based marine coatings are expected to hold the largest market share in the upcoming years. Epoxy marine coatings are generally utilized as a part of the shipbuilding business because of their anti-corrosive features and properties. These coatings help in averting corrosion specifically parts of boats that are constantly present in seawater and ultraviolet (UV) beam. This has created interest for epoxy marine coatings from the transportation business.

North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa are territorial sections of the global marine coatings market. The Asia Pacific held huge revenue share in 2017 and is anticipated that it would proceed with its local matchless quality over the gauge time frame. The development is ascribed because of the increasing number of shipbuilding exercises generated in the region. As per Citibank, diversification beyond shipbuilding is assumed to be a key part for some regions such as Japan and Korea. Heavy industries are extending its production of steel structures and are currently promoting an air lubrication framework for bodies and counterweight water treatment framework making it maintainable. South Korea, Japan, and China are dominating with around 80% of orders for shipbuilding across the globe. 

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. 

This report segments the global marine coatings market as follows:

Global Marine Coatings Market: Product Type Segment Analysis

  • Anti-Fouling Coatings
  • Anti-Corrosive Coatings
  • Others  

Global Marine Coatings Market: Chemistry Segment Analysis

  • Epoxy-Based Marine Coatings
  • Polyurethane-Based Marine Coatings
  • Others  

Global Marine Coatings Market: Regional Segment Analysis

  • North America
    • The U.S.
  • Europe
    • UK
    • France
    • Germany
  • Asia Pacific
    • China
    • Japan
    • India
  • Latin America
    • Brazil
  • The Middle East and Africa

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