According to Data Bridge Market Research new Market report, global marine coatings market will account to an estimated USD 8.29 billion in 2017 growing at a CAGR of 5.4% during the forecast period of 2018 to 2025.
Global Marine Coatings Market
Marine coatings are a protective layer applied on the marine ships and vessels so that they are protected against corrosion, and they also result in improved fuel efficiency as well as enhanced aesthetic appeal of the vessels. These coatings have special characteristics and features to protect the vessels from the harsh nature of fresh and salt water has on metals and wood. The demand for marine coatings is on the rise due to the increase in demand for ships and vessels, as well as increase in repair and maintenance activities of these vessels.
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Global marine coatings market is segmented on the basis of resin, product type, applications and geography.
By Resin (Epoxy, Alkyd, Polyurethane, Others), Product Type (Anti-Corrosion Coatings, Antifouling Coatings), Applications (Cargo Ships, Passenger Ships, Boats, Others) and Geography (North America, South America, Europe, Asia-Pacific, Middle East and Africa).
FACTORS DRIVING GROWTH IN MARINE COATINGS MARKET
Increased levels of ships worldwide
According to United Nations, there have been an ever increasing number of ships worldwide, with around 4 thousand new ships being registered worldwide from the time period of 2015-2018. This increasing number of ships being registered is expected to be one of the major factors for the growth of the market, as this rising number of marine vehicles requires the need for paints & coatings for protection against corrosion, and increasing the durability and appeal of the vessels.
Few of the major competitors currently working in the marine coatings market are PPG Industries Inc., Akzo Nobel N.V., Hempel Group, The Sherwin-Williams Company, Jotun, Chugoku Marine Paints Ltd., Nippon Paint Holdings Co. Ltd., Kansai Paint Co.Ltd., Axalta Coating Systems LLC, BASF SE, and Netherlands Maritime Technology.
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