Marine Coatings Market by Resin (Epoxy, Alkyd, Polyurethane, Acrylic, Polyester, and Fluoropolymer), Product Type (Anti-corrosion Coating, Antifouling Coating), Applications (Cargo Ship, Passenger Ship, Boat), and Region - Global Forecast to 2022
“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.”
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)
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