Selbyville, Delaware, March 17, 2020 (GLOBE NEWSWIRE) -- According to the report published by Global Market insights Inc., global Silyl Acrylate Polymer Market size was estimated at $2.7 billion in 2019 and is estimated to reach $5.4 billion by 2026, registering a CAGR of 8.9% from 2029 to 2026. The report offers an in-depth understanding of the market size & estimations, top investment pockets, best winning strategies, growth drivers & opportunities, competitive outlook, and latest market trends.
Surging demand for fuel-saving coatings such as silyl acrylate polymer in shipping applications is anticipated to fuel the market size. The shipping industry consumes over 350 million tons of fuel per year. Ships that are not coated with antifouling coatings consume up to 40% more fuel and emit higher carbon emissions. These factors will undeniably accelerate the silyl acrylate polymer market demand and its derivatives in the near future.
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Considering the type of landscape, a metal-free silyl acrylate polymer segment witnessed a CAGR of 9% through 2018. This growth can be attributed to excellent anti-fouling characteristics and lower emission of toxic biocides. Additionally, the product is more ecofriendly, exhibits better self-polishing features, and can sustain in high-speed conditions.
With respect to the end-use sector, the new shipbuilding segment captured a substantial revenue share in 2018 on account of rapid newbuilding activities in the Asia Pacific. China, which accounts for over 40% of the shipbuilding industry, is the leading country in newbuilding. Future growth will be driven by the increasing production of bulk carriers.
In terms of the applications, the deep-sea application segment will record an 8.5% CAGR during the forecast period. This can be linked with a strong demand for bulk carriers and chemical tankers. Silyl acrylate coatings are widely used in deep-sea applications as these vessels are extremely prone to biofouling considering they spend a significant amount of time in the sea.
Key Reasons for Silyl Acrylate Polymer Market Growth:
- Surging demand for fuel-saving coatings in the shipping industry
- Growing shipbuilding activities in the Asia Pacific
- Widespread use in a deep-sea application
- Rising tourism and recreational boating activities in Europe
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From a geographical perspective, Europe is estimated to account for a 16% revenue share of the global silyl acrylate polymer market by 2026. A sharp rise in tourism and recreational boating activities will fuel regional demand.
Leading market players analyzed in the silyl acrylate polymer industry research include Kansai Paint, Jotun A/S, AkzoNobel N.V., Nippon Paint Holdings, Yuki Gosei Kogyo, Chugoku Marine Paints, Ltd, Arkema SA., Geochem Solutions, Inc. (Geochem), Hempel A/S, BASF SE, and KCC Corporation, among others.
About Global Market Insights, Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
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