Marine Coatings Market: Snapshot
Marine coatings are securing coating layers applied on surfaces of cruises, ships, yachts, vessels, and other structures such as bridges and oil rigs that are heavily exposed to the corrosive circumstances and the sea water. Marine coatings are used on the aforementioned surfaces to secure them against fouling, slimes, and corrosion and thus improve the life and durability of the offshore structures and marine vessels. The requirement for the subsequent dry-docking marine vessels, new ship construction activities, and the development of offshore drilling activities is fuelling the growth of the global market for marine coatings.
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The growth of the shipping trade across the globe is also positively influencing the overall development of the marine coatings market. Demand for marine coatings with low VOCs content as they are environment friendly is gaining increasing popularity among customers. Consequently, new trends are deployed by the manufacturers of marine coatings to cater the specific needs of customers. The global market for marine coatings is expected to show a sturdy growth, and the chief driving factors influencing the growth of the market are the development in world trade, rising awareness amongst the customers about the hull protection, need for increased fuel efficacy of the vessel, and the development of the gas and oil segment in the key off shore regions. The increasing popularity of cruise and yacht ships among people to spend leisure time is also impacting the overall development of the global marine coatings market.
Global Marine Coatings Market: Overview
The demand for marine coatings has been skyrocketing due to the increasing need to protect the marine vessels from corrosion, fouling, and weathering. Increasing sea trade and use of vessels for entertainment and leisure have spiked the demand for marine coatings to a significant extent. Today, a wide range of coatings are used for maintaining yachts, boats, sub-marines, ships, and kayak among others. The emerging interest in building waterways for trade, commerce, and transportation is projected to favor the global market’s growth in the near future.
Global Marine Coatings Market: Drivers and Trends
The demand for marine coatings is anticipated to remain the coming years due to increasing emphasis on the impact of corrosion on ships and the subsequent rise in fuel consumption. Furthermore, the need to preserve and prevent flora and fauna of a certain habitat from getting disturbed is also expected to augment the sales of various types of marine coatings available in the global market. In addition, a flurry of environment-friendly coatings in the global market has offered the end users a chance to be socially responsible while taking are of vessels.
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The various types of marine coatings available in the global market are anti-fouling, anti-corrosion, foul release, and other coatings. Anti-fouling coatings are projected to dominate the global market in the near future as the ship repairing, overhauling, and building activities continue to be on the rise.
Global Marine Coatings Market: Market Potential
The latest discovery of marine benthos organisms has led to the development of non-toxic anti-fouling coatings. This revolutionary discovery has not only offered a green solution but also resulted in reducing fuel consumption of the shipping industry. The pioneering study has focuses on how biofilm acts as a bridge between the benthic life and the environment. The benthic marine life responds to the chemical stimuli released by the biofilm. Thus, by controlling these chemical signals, one can settle marine organisms in less polluted areas. In effect, this method is being used for saving endangered corals and shells and ensuring their healthy growth. Innovation and development of products such as biofilms that serve both the purposes are expected to overturn perspectives of several manufacturers and end users in the global market.
Global Marine Coatings Market: Regional Outlook
In terms of geography, the global marine coatings market is divided into the Middle East and Africa, Europe, North America, Latin America, and Asia Pacific. The strengthening shipbuilding industry in China, Japan, and South Korea is anticipated to keep the Asia Pacific marine coatings market at the forefront, estimate analysts. Furthermore, the burgeoning logistics market in the region is also expected to support the regional market in the coming years.
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North America and Europe will also be important regional players in the global market as countries in both the regions have shown a keen interest in upgrading their cargo and naval fleets. Additionally, inroads made by yachts and personal leisure boats in the overall marine transportation market is also expected to favor the uptake of marine coatings.
Key Players Mentioned in this Report are:
The leading players operating in the global marine coatings market are BASF, AkzoNobel, PPG, Jotun, and Hempel, Kansai Paint, Nippon Paint, KCC Corp., Sherwin-Williams, RPM International, DuPont, and Chugoku. The players ahead of the curve in the highly consolidated market are PPG, AkzoNobel, Hempel, and Jotun. Companies in the global market are constantly trying to launch products that are estimated to improve the performance of the ships and reduce the carbon emissions at the same time.