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.”
U.S. Marine Coatings Market size, by application, 2013 – 2024 (USD Million)
Stringent norms filed by the regulatory bodies will set agenda for R&D and the coating manufactures to develop biodegradable coatings giving rise to the increasing number of consumers preferring environment friendly coatings. Need for low emission and fuel saving coatings will augment the marine coatings industry.
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Based on type of marine coatings available in the market the industry is segmented into anti-corrosion, foul release, anti-fouling, and other coatings. Anti-fouling coatings market accounted for more than 40% of the overall marine coatings industry in 2015. This product is extensively used to prevent fouling growth on the outer layer of the vessel. This segment will also witness healthy growth, owing to a large number of ships which require maintenance down the line.
Anti-corrosion coatings market is another lucrative segment anticipated to grow at a rate of 6% CAGR over 2016-2024. These coatings prevent the hull body from rusts and corrosion, in turn enhancing the performance of the vessels. These properties will boost the demand for preventive coatings thereby, stimulating marine coatings industry.
Marine coatings industry find wide set of application in coastal, containers, deep sea, leisure boats, and offshore vessels. The coastal application generated over USD 3 billion in 2015, and will witness significant gains over the coming years. Coastal application includes fishing vessels, cargo ferries, tugs, dredgers, offshore supply vessels, coasters, and defense ships.
Growing consumer spending and purchase of leisure boats in Canada, US, and Western European countries will thrive the leisure boats application in the marine coating market. This segment is expected to register a CAGR of 7% over the period of 2016-2024.
Asia Pacific marine coatings market is poised to witness healthy growth prospects in the coming years. APAC region, being a large-scale harbor for the shipbuilding industries is witnessing lucrative growth from China, followed by other countries including Japan, Philippines, Taiwan and South Korea. Extensive use of marine coatings to improve longevity and performance of the ship will propel marine coatings industry in this region. China dominated the shipbuilding industry with demand generated over 20 million gross tons in 2015. Europe and North America marine coatings market together accounted for combined share of over 25% in 2015. Asia Pacific market is racing ahead of the others by holding nearly two-third of the overall share.
The marine coatings industry is consolidated with top four market players holding major share in the market. These players are indulged in new product developments to keep their hold on the market. The notable participants include AkzoNobel, Hempel, Jotun, PPG, DuPont, BASF, RPM International, and Chugoku.
Author Name : Ojaswita Kutepatil