Market Definition:-
Marine coatings are used in a wide range of applications owing to their excellent properties such as chemical resistance, corrosion resistance, and UV resistance, among others. The rising growth of the oil and gas and tourism industry across the globe is substantially affecting the growth of the marine coatings market.
The global marine coatings market has been driven by a range of application such as vessels, yachts, cruise liners, oil rigs, bridges, and other offshore structures. Moreover, it is estimated that the polyurethane resin segment is set to witness the highest growth due to its low VOC content, low-temperature flexibility, and high corrosion & abrasion resistance among others which makes it ideal for various marine coatings applications.
Competitive Analysis:-
Some of the prominent players operating in the global marine coatings market PPG Industries (US), AkzoNobel (Netherlands), Hempel (Denmark), Sherwin-Williams (US), Jotun (Norway), Chugoku Marine Paints (Japan), Nippon Paint (Japan), Kansai Paint (Japan), Axalta (US), and BASF SE (Germany) among others.
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Market Scenario:-
The cargo ship application segment is anticipated to observe a higher CAGR during the forecast period. The growing international trade has augmented the demand for cargo ships which in turn is the major factor positively affecting the market growth.
Market Segmentation:-
The global marine coatings market is segmented into resin type, product type, and application. On the basis of the product type, the market is segregated into anti-corrosion marine coatings, antifouling coatings, and others. On the basis of resin type, the market is bifurcated into epoxy, alkyd, polyurethane, and others. The market by application industry is further categorized into cargo ships, passenger ships, boats, and others.
Regional Analysis:
Marine coatings market is segmented into five regions: Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa. Among these, Asia Pacific holds the major share of the market and is expected to be the fastest growing region with an encouraging CAGR. The growing international trade from the region has augmented the demand for marine coatings which is a major factor driving the market growth in the region. Moreover, the emergence of China and India as a major shipping hub is further expected to add to the growth of the market. In addition to this, the growing energy requirement in the developing economies of the region has increased the oil and gas activities which in turn is augmenting the demand for marine coatings in the oil rigs and other offshore structures.
North America is another dominant region in the global market, exhibiting an expanding CAGR. The presence of the developed marine and oil & gas sector has augmented the demand for marine coatings in the region. Moreover, the shale gas boom coupled with the growing exports and imports in the region are other factors significantly contributing to the market growth. In addition to this, North America is one of the largest market for boats, cruise liners and yachts, hence, adding to the demand of marine coatings.
The European region is a lucrative market and is mainly driven by the growing international trade and oil and gas industry. The demand for vessels in the region is set to witness a significant growth owing to the growing international trade mainly in the U.K, Germany, and Italy which is also adding to the market growth. Moreover, the developed tourism industry in the region has surged the demand for cruise liners and yachts which in turn is expected to positively affect the market growth.
Latin America is expected to witness a moderate growth owing to the growing marine and energy sector. However, poor port infrastructure and complex trade laws are some of the major restraints of the Latin American market of marine coatings.
Geographical Analysis:-
The report covers brief analysis of the major geographic regions namely Asia Pacific, Europe, North America, Latin America, and the Middle East & Africa.
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Intended Audience:-
- Marine coatings market manufacturers
- Traders and Distributors of marine coatings market
- Production process industries
- Potential investors
- Raw material suppliers
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