Published on : Nov 16, 2017
Albany, New York, November 16, 2017: The market for marine coatings has continued to show signs of improvement. According to a new study, Rise in ship repair and maintenance activities that require anti-fouling coatings is expected to stoke their demand in the near future. Market Research Hub (MRH) has freshly publicized a new study to its broad repository, which is titled as “Marine Coatings Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 – 2025”, and analyzes opportunities in the marine coatings market on the global and regional level. This 296-pages research study provides a holistic perspective on market growth throughout the forecast period of 2017 to 2022 in terms of revenue estimates (in US$ Million) across different geographies, including North America, APAC, Latin America, MEA and Europe.
As the name suggests, marine coatings are mainly applied on marine vessels, ships, cargo ships, tugs, tanks and containers, offshore vessels, yacht, super yacht, bulk carriers, chemical tankers, and military vessels for efficient purposes such as prevention of corrosion, fouling due to microorganisms, aquatic shelled animals such as mollusks, mussels etc. These coatings are manufactured using various bases or resins such as epoxy, silicone, acrylate, alkyd, urethane etc.
In the beginning, the executive summary of the report provides a snapshot of the marine coatings market with information on leading segments, country wise market information with respect to market size, growth rate and factors. As per the study key findings, the global marine coatings market to attain a value of US$14.52 bn by 2025 from US$8.53 bn in 2015 by rising at a CAGR of 6.1% between 2017 and 2025. Some of the prime factors behind this growth include the deep-sea application of marine coatings, which protects ships from harsh weather conditions and improves their appearance, fuel efficiency of the vessel and the expansion of oil and gas sector in the off shore regions, new ship building facilities and the dry-docking activities.
Market Segmentation & Key Highlights
The report broadly segments the global marine coatings market based on product, resin, marine segment, application and geography. The section highlights key aspects of the global marine coatings, which includes-
• 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 shield to vessels and ships from fouling organisms and slime, accounted for a leading share in the market in 2016. On the other hand, demand for other marine coatings such as self-cleaning and self-polishing coatings is likely to surpass that of other products in the near future.
• In terms of geography, Asia Pacific dominates the global marine coating market, with over 60% value share of the market.
• Marine coatings market players present a huge product portfolio depending on the requirement and indulge in new product developments to maintain their hold on the market.
At last, the study concludes with an important section of the competitive landscape which highlights the key players active in the market. Major players profiled in the report are Akzo Nobel N.V., Chugoku Marine Paints Ltd., PPG Industries Inc., Jotun A/S, Hempel A/S, and Sherwin-Williams Company.
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