Global Marine Deck Coatings Market - Segmented by Type, Technology, and Geography - Growth, Trends, and Forecast (2018 - 2023)
The Global Marine Deck Coatings market is estimated to experience significant growth during the forecast period. Asia-Pacific is expected to hold the largest share of the market, owing to rising number of ship building activities in the region. Water Borne is expected to be the fastest growing technology.
Strong Ship Building Centers in Asia-Pacific Set to Propel Growth
Asia is the home to the largest shipbuilding nations in the world and accounts for approx. 80% of the total ship building market worldwide. China in Asia is the largest market and is followed by South Korea and Japan.
Some of the major factors that put china in the driver’s seat include friendly government policies supporting the industry, availability of skilled laborers and joint ventures among the major companies in the Asia-Pacific region.
South Korea is the home to some of the major ship building companies in the world, such as Hyundai Heavy Industries Group, STX Group, DSME, and many others. Apart from this, the country also has a supportive government that invites investment from various foreign markets for the betterment of the shipping industry
Water Borne account for the largest share of the technology segment during the forecast period
Water-borne paints and coatings market is estimated to witness the fastest growth during the forecast period. The major reason for its gain over solvent-borne is because of its environment friendly nature, as it is generally lower in volatile organic compounds (VOC’s), which degrade the environment. Also, other properties, like low odor, more durability, and block resistance make water-borne paints more preferable. The increasing environment-friendly nature and the versatile properties of water-borne coatings are increasing the demand for water-borne coatings across Europe and Asia-Pacific.
Asia-Pacific is set to Dominate the Market During the Forecast Period
Asia-Pacific is expected to hold the major share of more than 70% in terms of revenue in 2017, with China dominating the market. China is expected to hold the largest share of the market in Asia-Pacific The major reason for the same being the friendly policies related to the market by the government and also the availability of skilled labor at a cheap rate. China is followed by South Korea and Japan.
Notable Developments in the Market
Key Players: PPG Industries, Akzo Nobel NV, Hempel A/S, and Jotun A/S, among others.
Reasons to Purchase this Report
To understand the impact of increasing impact of VOC regulations on the market
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
To understand the dominating technology in the market
Countries expected to witness the fastest growth during the forecast period
Identifying the latest developments, market shares, and strategies employed by the major market players
3-month analyst support, along with the Market Estimate sheet (in excel)
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