New York, NY, Aug. 03, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Marine Coatings Market by Product Type (Anti-Fouling Coatings, Anti-Corrosive Coatings, and Others) and by Source Type (Epoxy-Based Marine Coatings, Polyurethane-Based Marine Coatings, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017 - 2024”. According to the report, global marine coatings market was valued at approximately USD 3.40 billion in 2017 and is expected to generate revenue of around USD 4.40 billion by the end of 2024, growing at a CAGR of around 3.74% between 2018 and 2024.
The ascent in the international worldwide exchange and trade has brought about expanding utilization of sea and ocean routes for doing the different exchange and trade activities across the world. This has fueled the increase in the number of bulk carriers, compartment ships, and cargo ships which is being manufactured over the globe, thereby augmenting the extent of the marine coatings market. Moreover, the expanding interest in marine coatings from countries will fuel the development of the marine coatings market. Additionally, the production of leisure boats, ship repairs & maintenance activities has been growing. Besides, the effective utilization of business vessels, passenger ships, yachts, load & cargo, and customary offshore drilling rigs is expected to extend industry development.
Browse through 49 Tables & 16 Figures spread over 110 Pages and in-depth TOC on "Global Marine Coatings Market Size & Share 2017: Industry Type, Applications, Analysis and Forecast, 2024”.
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There has been a rising concern for the preservation of widely varied vegetation in the marine shipment industry. The use of marine covering has caused tainting of ocean water, thus the administrations of separate areas or countries are detailing laws and directions to resolve this issue. The green condition inviting coatings offer an opportunity to the end clients to be socially dependable by dealing with the ship vessels. Therefore, interest in VOC free and environment-friendly marine coatings among the clients over the globe is expanding day by day. Subsequently, new patterns are being utilized by marine coatings to accomplish the particulars of customers and to consent to government standards.
The marine coatings market is categorized on the basis of product type into anti-fouling coatings, anti-corrosive coatings, and others. Anti-fouling coatings held major revenue share in 2017. The growth is attributed because of its usage and differing application in marine industry as it makes the surface of materials smooth, low erosion and slippery consequently avoiding fouling organisms to attach to the surface.
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Based on chemistry, marine coatings market has been categorized as polyurethane-based marine coatings, epoxy-based marine coatings, and others. Epoxy-based marine coatings are expected to hold the largest market share in the upcoming years. Epoxy marine coatings are generally utilized as a part of the shipbuilding business because of their anti-corrosive features and properties. These coatings help in averting corrosion specifically parts of boats that are constantly present in seawater and ultraviolet (UV) beam. This has created interest for epoxy marine coatings from the transportation business.
Europe seems to be advantageous and gainful as it is driven by the growing worldwide exchanges and trade activities and the presence of oil and gas industry. The demand for vessels in the region is set to witness an essential development of the marine coatings market. In addition, the developed tourism industry in the area has helped the interest for luxury ships and yachts, which will positively influence the market growth and development.
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In 2017, Asia Pacific held substantial revenue share in the marine coatings market and the region is anticipated to continue with its regional supremacy over the forecast period. The development of the market in the Asia Pacific can be accounted to the growing interest and demand for marine coatings from different countries such as China, India, and South Korea. New technological innovations will boost the development of the market. Additionally, rising concern to maintain the vessels subjected to harsh external and environmental conditions, repairs at sea, and new shipbuilding activities are the elements that are impacting the development of the market in the Asia Pacific region.
Latin America is expected to witness a moderate growth with respect to the growing marine and energy sector. Moreover, port infrastructure and trade laws are some of the major factors are expected to drive industry growth in the Latin America over the forecast period.
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Some of the industry players operating in the marine coatings market include AkzoNobel, Jotun, Kansai Paint, KCC Corp., RPM International, Chugoku, BASF, PPG, Hempel, Nippon Paint, Sherwin-Williams, and DuPont.
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This report segments the global marine coatings market as follows:
Global Marine Coatings Market: Product Type Segment Analysis
- Anti-Fouling Coatings
- Anti-Corrosive Coatings
- Others
Global Marine Coatings Market: Chemistry Segment Analysis
- Epoxy-Based Marine Coatings
- Polyurethane-Based Marine Coatings
- Others
Global Marine Coatings Market: Regional Segment Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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