LONDON, April 16, 2018 /PRNewswire/ -- Increasing
shipbuilding activities in emerging economies such as China, South
Korea, and India are
driving the growth of the marine coatings market across the
globe.
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The marine coatings market is estimated to be USD 4.45 billion in 2017 and is projected to
reach USD 5.29 billion by 2022, at a
CAGR of 3.50% from 2017 to 2022. The growth of the marine coatings
market can be attributed to the continuous growth of the
shipbuilding and offshore engineering industries in emerging
economies. However, fluctuating prices of raw materials used for
manufacturing marine coatings and increasing environmental
regulations are the challenges for the growth of the marine
coatings market.
Among product types, the anti-corrosion coatings segment is
expected to lead the marine coatings market between 2017 and 2022,
in terms of value.
Anti-corrosion coatings are the most widely used type of marine
coatings as they enhance the life as well as quality of structures
or surfaces, wherein they are applied.Anti-corrosion coatings are
passive corrosion-resistant products.
These coatings isolate surfaces from aggressive corrosive agents
such as moisture, salts, and acids.
Among resins, the epoxy segment is expected to lead the marine
coatings market during the forecast period, in terms of value.
Epoxy marine coatings are widely used in the shipbuilding industry
due to their anti-corrosion properties.These coatings prevent
corrosion in those parts of ships that are continuously exposed to
seawater and ultraviolet (UV) rays.
This results in an increased demand for epoxy marine coatings from
the shipping industry, thereby leading to the growth of the epoxy
segment of the marine coatings market.
The Asia Pacific region is
expected to account for the largest share of the marine coatings
market in 2016 and the marine coatings market in the region is also
projected to grow at the highest CAGR between 2017 and 2022, in
terms of both, value as well as volume.
The marine coatings market has been studied in North America, Europe, Asia
Pacific, South America, and
the Middle East & Africa. The Asia
Pacific region is expected to lead the marine coatings
market during the forecast period, owing to the increased
consumption of marine coatings in emerging economies such as
China, India, and South
Korea.
The Asia Pacific marine coatings
market is also projected to grow at the highest CAGR between 2017
and 2022, in terms of value.The demand for oil & gas is
increasing in tandem with the ongoing urbanization and
industrialization in the region.
This, in turn, has fueled the demand for large cargo vessels from
the region, thereby increasing the demand for marine coatings in
the Asia Pacific region.
Breakdown of Primaries:
Primary interviews have been conducted with a number of industry
experts to collect information related to the marine coatings
market. The breakdown of primary interviews has been depicted
below:
• By Company: Tier 1 - 30%, Tier 2 - 43%, and Tier 3 - 27%
• By Designation: C-Level Executives - 21%, Directors - 23%, and
Others - 56%
• By Region: North America – 30%,
Europe - 18%, Asia Pacific - 41%, and RoW - 11%
Key companies supplying marine coatings are:
• PPG Industries (US)
• AkzoNobel (Netherlands)
• Hempel (Denmark)
• Sherwin-Williams (US)
• Jotun (Norway)
• Chugoku Marine Paints (Japan)
• Nippon Paint (Japan)
• Kansai Paint (Japan)
• Axalta (US)
• BASF Coatings (Germany)
Research Coverage
This report segments the marine coatings market based on resin,
product type, application, and region.It provides estimations for
the overall value of the marine coatings market and its subsegments
across various regions.
A detailed analysis of the key players operating in the marine
coatings market has been conducted to provide insights into their
businesses, products & services offered by them, key growth
strategies adopted by them, and recent developments such as
expansions, new product launches, acquisitions, and partnerships
undertaken by them.
Reasons to Buy the Report:
This report is expected to help leaders/new entrants in the
marine coatings market in the following ways:
• Have an improved understanding of the marine coatings market
• Provide information on drivers, challenges, and opportunities
influencing the growth of the marine coatings market
• Gain insights regarding competitors and their positions in the
marine coatings market
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