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The need to protect the ship hulls and other marine assets from corrosion, osmotic blistering, and fouling are major determinants for the lucrative growth of the marine coatings market. As per the recent findings from IndustryARC report, it has assessed that the global marine coatings market size was worth $5,463 million in 2018. Moreover, the market is foreseen to be growing at a compound annual growth rate (CAGR) of 3% during the forecast period of 2019 to 2025.The report is titled “Marine Coatings Market: By Type (Anti-corrosion, Anti-fouling, Chemical Resistant, Others) By Type of Resins (Epoxy, Polyurethane, Others) By Technology (Water & Solvent borne) Application (Containers, Cargo Ships, Tankers, Others) & Geography - Forecast (2019 – 2025).” It provides the key market participants with the necessary business intelligence and helps to understand the future of the marine coatings market. This report covers marine coatings market size by type and technology, marine coatings market share by top 5 companies and also the market share by start-ups during the forecast period.
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Global Marine Coatings Market: Demand Analysis
Marine coating is a category of antifouling paints that are formulated with cuprous oxide. Demand for marine coatings is increasing due to ship repair and maintenance activities that are the significant reason for the upsurge demand for marine coatings market. Biomimetic antifouling coatings are special coatings that prevent the ship hull from a microorganism. Due to its low environmental impact, the are highly lucrative in the marine coatings market.
Global Marine Coatings Market: Leading Segments
Due to the increase in the adaptation of ship manufacturing and product trading, APAC has contributed the largest demand share in the global marine coatings market, at 36% in 2018. Also, the inclination of consumers towards water sports activities and ship vacations in APAC is anticipated to register the significant growth in the market.
As per the findings by an analyst of IndustryARC, the major application of marine coatings market is epoxy coatings and it is projected to grow at CAGR of 4.56% through to 2025. The epoxy resin paint demand is increasing due to its properties such as strength, durability, and chemical resistance. Also, the waterborne type of epoxy paints is considered to be the determinants for market progress.
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Global Marine Coatings Market: Trends
The silicon-based hull coatings with hydrogel technology provide higher fleet efficiency and better fouling control. Hydrogel has the capability to absorb 99% of the water, minimize protein, and bacteria adhesion. Resultantly, hull seems as the liquid to the fouling organisms and hence, they never attach with it. The use of hydrogel in coatings is one of the trends in marine coating market.
A recent development by AkzoNobel in the marine coatings is made up of bio-renewable materials and known as elastomeric fouling control with lanion technology. The features of the coating such as smooth, low levels of hull roughness, and its outstanding resistance to fouling are gaining traction from various consumers in the marine coatings market.
The harmful substances in the coatings constitute the potential risk for aquatic life. The development of the biocides and enzymes based coatings in the marine coatings market is an effective solution to protect the hull from undesirable accumulations and organisms without impacting the marine environment and have lucrative properties. The increased demand for biocide free antifouling paints and gel is expected to enhance the marine coatings market.
Increasing demand for cruise ships and yacht among millennial is one of the factors for the growth of the marine coatings market.
The trend in faster drying marine coatings along with reduced VOC’s content coatings are gaining traction from various industries.
Growing ship repair and maintenance to control the surface and hull of ships from corrosion as well as increasing in offshore activities from oil & gas sector is influencing the demand for marine coatings.
Global Marine Coatings Market: Competitive Landscape
Some of the major players in the marine coatings market are Jotun, AkzoNobel, PPG Industries, Hempel, Chugoku Marine Paints Ltd., and Nippon Paint Marine Coatings Co. Ltd., Kansai Paint, Chugoku Marine Paints, BASF Coatings, Vermont Natural Coatings Inc.
Related Reports:
A. Latam Marine Coatings Market
https://www.industryarc.com/Report/19068/latam-marine-coatings-market
B. Architectural Coatings Market
https://www.industryarc.com/Report/18384/architectural-coatings-market.html
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