Global Marine Coatings Market 2017-2021
About Marine Coatings
A coating is a layer of a substance that is spread over a surface to protect it from damaging elements in its environment as well as to improve its appearance. Coatings differ in their production methods, applications, and functionalities. The conventional functions of protection and aesthetics are often integrated and extended to meet additional and more specific demands. On the basis of end-use, the coatings are segmented into three major categories: architectural and decorative coatings, industrial coatings, and special purpose coatings. Within these categories, there is a wide variety not only in terms of the properties that the coatings themselves possess but also in terms of the purposes they serve, the technologies used to manufacture them, and the methods used to apply them.
Technavio’s analysts forecast the global marine coatings market to grow at a CAGR of 7.46% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global marine coatings market for 2017-2021. To calculate the market size, the report considers the revenue generated from the sales of marine coatings from various derivative types.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Marine Coatings Market 2017-2021
Technavio recognizes the following companies as the key players in the global marine coatings market: Akzo Nobel, Chugoku Marine Paints, Hempel, Jotun, and PPG Industries
Other Prominent Vendors in the market are: BASF, KANSAI PAINT, KCC CORPORATION, NIPPON PAINT MARINE COATING, RPM International, and The Sherwin-Williams Company.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Shift toward green marine coatings. A number of environmental regulations have been reinforced recently, and shipping companies are showing more interest in increasing sailing efficiency. Marine coatings not only need to maintain existing quality and efficiency but also need to include environment-friendly effects in order to survive in the market. A number of marine coatings contain chemicals that are harmful to the marine flora and fauna. Anti-corrosion coatings that contain benzene and zinc introduce chemicals in the marine environment. Strict regulations have been implemented specifically for the use of harmful chemicals to safeguard the marine environment. A number of R&D activities are being carried out to find environment-friendly alternatives to these harmful chemicals. It is expected that in the coming years, no biocide anti-fouling coatings will enter the market.”
According to the report, one of the major drivers for this market is Growth of shipbuilding industry. The shipbuilding industry is a major consumer of the global marine coatings market. The growth of shipbuilding industry was very low till 2010. After 2010, it has shown rapid growth mainly because of the growth in increasing global foreign direct investment (FDI) flows, seaborne trade, and expanding multinational companies' businesses. New ship manufacturing and an increase in the repair and maintenance of old ships are the major growth drivers for the global marine coatings market.
Further, the report states that one of the major factors hindering the growth of this market is Fluctuating raw material prices. Fluctuating prices of raw materials used to manufacture marine coatings pose a major challenge to marine coatings manufacturers. Benzene, toluene, ethylene, and naphthalene are the major raw materials used to produce anti-corrosion coatings. These raw materials are extracted from crude oil, and the prices of these raw materials are dependent on the prices of natural gas and crude oil. Owing to the demand-supply instabilities and the unpredictable political situation in the Middle East, there has always been a higher volatility in the prices of crude oil in the foreign markets. These instabilities, in turn, increase the prices of these petrochemical derivatives. The manufacturers of anti-corrosion coatings, therefore, cannot plan and produce accordingly due to the fluctuating raw material prices.
Akzo Nobel, Chugoku Marine Paints, Hempel, Jotun, PPG Industries, BASF, KANSAI PAINT, KCC CORPORATION, NIPPON PAINT MARINE COATING, RPM International, and The Sherwin-Williams Company.