Global Marine Coatings Market: Companies Focus of Product Diversification to Stay Ahead of Curve
The
global marine coatings market, which is consolidated on account
of a handful of top players accounting for a significant share in it,
has been growing at a healthy clip – a trend it is likely to retain
in the near future as well. Keen players in the market are focused on
product development and usually bank upon a wide array of products to
cater to the specific demands of the client.
Some of the prominent players in the global marine coatings market
are Akzo Nobel N.V., PPG Industries Inc., Jotun A/S, Hempel A/S,
Chugoku Marine Paints Ltd., and Sherwin-Williams Company.
As per a report by Transparency Market Research, the global marine
coatings market will, in probabilities, expand at a CAGR of 6.1%
between 2017 and 2025. Rising at this pace, the market which was
worth US$8.53 bn in 2015, is predicted to reach a value of US$14.52
bn by 2025.
Some of the key products in the global marine coatings market are
anti-fouling coatings, foul release coatings, anti-corrosion
coatings, etc. The anti-fouling coatings, among them, which provide
protection to vessels and ships from fouling organisms and slime,
accounted for a leading share in the market in 2016. Rise in ship
repair and maintenance activities that require anti-fouling coatings
is expected to stoke their demand in the near future.
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Asia Pacific, Latin America, North America, Europe, and the Middle
East and Africa are some of the key regions in the global marine
coatings market. Of them, Asia Pacific dominates the global marine
coating market in terms of volume and value. In 2016, it held over
60% value share of the market. Powered by shipbuilding activities in
China, Japan, and South Korea, the market in the region is predicted
to maintain its leading position in the years ahead too.
Deep-sea
Applications Drive Demand
At the forefront of driving demand in the global marine coatings
application, is their deep-sea application which protects ships from
harsh weather conditions and improves their appearance. “The marine
industry comprises of bulk tankers and carriers, cargo ships, cruise
ships and container ships. Marine coatings play a crucial role in
increasing fuel efficiency of vessels and hence bring down fallout on
the environment. The new shipbuilding industry has been experiencing
sluggish growth of late. However, rising demand for marine coatings
during ship repair and maintenance activities is likely to boost
market growth during the forecast period,” explains the lead
analyst of the TMR report.
Focus of Product
Development Positively Influence Market
The ever expanding oil and gas industry, more extensive usage of
coatings to make sure the long-term security of the marine assets,
and the enforcing of the IMO ballast tank coating norms, have all
contributed significantly to the global marine coatings market.
Further, customer preference and strict government policies regarding
eco-friendly products is lending a considerable hand in boosting
product innovation. Researchers and manufacturers are now focusing on
developing anti-fouling metal-free coating which will not negatively
impact the marine life. However, slow growth of the ship building
industry is expected to be a restraining factor for the growth of the
overall market.
This review is based on the findings of a TMR report, titled, “Marine
Coatings Market (Product - Anti-Fouling Coatings, Anti-Corrosion
Coatings, and Foul Release Coatings; Resin - Epoxy, Silicone, and
Acrylate; Marine Segment - Dry Docking and New Shipbuilding;
Application - Coastal, Containers, Deep Sea, Leisure Boats, and
Offshore Vessels) – Global Industry Analysis, Size, Share, Growth,
Trends, and Forecast 2017–2025.”
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