The market report on the Marine Coatings Market published by Stratview Research indicates lucrative growth opportunities in the Marine Coatings industry during the next five-year period and ensures more information regarding the market trends. The following summary will give an overview of the challenges, trends, market dynamics, and key players.
Marine Coatings Market Forecast:
The Marine Coatings Market is likely to witness a healthy CAGR of 4.5% during the forecast period. The major factor influencing the demand for marine coatings is mainly its increasing demand from the shipbuilding & repair industry. Marine coatings possess various properties, such as protecting the surfaces and parts of ships from corrosion and abrasion. Further, they improve the visual appearance and aesthetic appeal of surfaces, which in turn, is driving the growth of the market.
Here are the key players in the market –
- PPG Industries
- AkzoNobel
- Hempel
- Sherwin-Williams
- Jotun
- Chugoku Marine Paints
- Nippon Paint.
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Marine Coatings Market Segmentation:
Based on the resin type, the market is segmented as epoxy, alkyd, polyurethane, and others. The epoxy resin held the largest share of the market in 2019 and is expected to remain dominant during the forecast period. It possesses various properties, such as water and chemical resistance, high durability, and owns excellent adhesive properties on a variety of substrates.
Based on the product type, the marine coatings market is segmented as anti-corrosion marine coatings, antifouling coatings, primer coatings, varnish coatings, chemical resistant coatings, anti-slip coatings, and others. The antifouling coatings segment is expected to be dominant during the forecast period. These coatings are applied to a ship’s hull to prevent marine growth and improve vessel performance and durability. They protect the components of ships and surfaces from marine biofouling. This coating develops smooth and non-sticky surfaces on the parts of the ship, due to which it becomes extremely hard for fouling organisms to get attached to these parts.
Based on the application type, the market is segmented into cargo ships, passenger ships, boats, and others. The passenger ships segment is expected to remain the fastest-growing application during the foreseen duration. The growth in coastal and maritime tourism across the globe is contributing to the growth of the shipping industry in the market.
In terms of regions, Asia-Pacific is estimated to be the largest marine coatings market during the forecast period, with China, Japan, South Korea, Vietnam, Indonesia, and India, being the major countries with promising growth opportunities. The growth of the market is driven by the growth of various end-use industries, such as industrial, transportation, electronics, and medical, which is generating substantial demand for marine coatings, an increase in new shipbuilding projects and programs, and the presence of a large number of marine coatings manufacturers in the Asia-Pacific region. North America and Europe are also expected to offer lucrative growth opportunities during the forecast period.
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