CHICAGO, Feb. 14, 2020 /PRNewswire/ -- According to the
new market research report "Marine Coatings
Market by Resin (Epoxy, Alkyd, Polyurethane), Product
Type (Anti-Corrosion Coatings, Antifouling Coatings), Application
(Cargo Ships, Passenger Ships, Boats), Region - Global Forecast to
2022", published by MarketsandMarkets™, the Marine
Coatings Market is projected to grow from USD 3.31 billion in 2017 to USD 3.93 billion by 2022, at a CAGR of 3.50%
during the forecast period from 2017 to 2022.
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125 – Tables
28 – Figures
142 – Pages
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Increasing demand for marine coatings from the shipbuilding
industry in emerging economies such as China, India,
and Brazil, is expected to fuel
the growth of the marine coatings market across the globe.
Among resins, the polyurethane segment of the marine coatings
market is projected to grow at the highest CAGR during the forecast
period, in terms of value.
Among resins, the polyurethane segment of the marine coatings
market is projected to grow at the highest CAGR from 2017 to 2022,
in terms of value. Polyurethane resins are versatile and
environment-friendly. They are available with different degrees of
rigidity and solid content. Polyurethane resins offer superior
properties such as high corrosion resistance, abrasion resistance,
impact strength, and low-temperature flexibility, which make them
suitable for various marine coating applications.
Among applications, the cargo ships segment accounted for the
largest share of the marine coatings market in 2016, in terms of
value.
Based on application, the cargo ships segment accounted for the
largest share of the marine coatings market in 2016, in terms of
value. The cargo ships are specifically structured to carry large
quantities of cargoes compressed in different types of containers.
In addition, the cost of transportation through water is
substantially lesser as compared to other modes of transportation.
These factors are expected to increase the demand for cargo ships,
thereby leading to increased demand for marine coatings.
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The Asia Pacific marine
coatings market is projected to grow at the highest CAGR during the
forecast period, in terms of value.
The marine coatings market has been studied in North America, Europe, Asia
Pacific, South America, and
the Middle East & Africa. The Asia
Pacific marine coatings market is projected to grow at the
highest CAGR during the forecast period, in terms of value. The
growth of the market in the Asia
Pacific region can be attributed to increased demand for
marine coatings from various countries such as China, India,
and South Korea. Various countries
of the Asia Pacific region have
expanded their ship manufacturing base, which, in turn, has led to
the growth of the Asia Pacific
marine coatings market.
Key players operating in the Marine Coatings Market include
PPG Industries (US), AkzoNobel (Netherlands), Hempel (Denmark), Sherwin-Williams (US), Jotun
(Norway), Chugoku Marine Paints
(Japan), Nippon Paint
(Japan), Kansai Paint
(Japan), Axalta (US), and BASF
Coatings (Germany).
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Browse Adjacent Markets: Coatings Adhesives Sealants and
Elastomers Market Research Reports &
Consulting
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