Luton, Bedfordshire, United Kingdom, Sept. 14, 2022 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Hull Coatings Market.
The global hull coatings market is anticipated to gain exponential industry growth over the given forecast period of 2022-2029, with a projected value of USD 11.1 billion by 2029, from USD 6.1 billion in 2021, indexing a CAGR of 7.8 by the end of the aforementioned timeline.
The coating reduces the ship's hull's resistance to water while also acting as a corrosion barrier for metal hulls. Furthermore, the expansion of maritime transportation and infrastructure operations in both developed and developing countries is expected to drive the Hull Coatings market size higher during the forecast period.
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Eco-awareness and environmental regulations in developed and developing countries are driving demand for green coatings. Around the world, governing bodies have been concentrating on adopting greener alternatives, for lowering chemical's influence on marine life as well as humans and the environment.
- April 12th 2022, Boero YachtCoatings will participate in the Sea You – Talks, an event that will consist of a series of conferences that will take place simultaneously with the SEA YOU-YACHT SALES & CHARTERS DAY (12-13 April 2022), at the Marina di Genova.
- October 7, 2021- AkzoNobel’s hull management system sets new standards for marine industry
- Ship owners can now make unrivalled fuel and emission savings after AkzoNobel’s International brand launched the marine industry’s most environmentally sustainable hull management package.
- Hempel, for example, offers Hempaguard X7 hull marine coating, which provides improved water resistance while still providing a smooth surface below the waterline.
The expansion of maritime transportation and infrastructure operations is also expected to boost the demand of hull coatings treatment market.
The coating reduces the resistance of the ship’s hull to water while simultaneously acting as a corrosion barrier for metal hulls. In addition, the expansion of maritime transportation and infrastructure operations in both established and developing nations is expected to drive the Hull Coatings market size higher over the forecast period.
The Asia Pacific countries are expected to present good opportunities for market players to market hull coatings products in these regions.
Asia Pacific is expected to hold the largest share of the worldwide hull coatings market. APAC dominated the Hull Coatings industry, with a market share of more than 35%, followed by North America and Europe. During the study period, the presence of emerging countries with large customer bases, such as China and India, as well as low-cost labour, a thriving manufacturing sector, and expanding Hull construction projects in China, Japan, and India, all contributed to the growth of the Hull coating market share in APAC.
Report Scope:
| Report Attribute/Metric | Details |
| Market Size | USD 6.1 billion in 2021 USD 11.1 billion by 2029 |
| CAGR | 7.8% (2022 - 2029) |
| Base Year | 2021 |
| Forecast Period | 2022 - 2029 |
| Historical Data | 2017 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Material Type, End-Use Industry and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Vendors | Akzo Nobel N.V, BASF SE, Boero Bartolomeo SpA, GLS Coatings Ltd, The Sherwin-Williams Company, Henkel, Hemple A/S, PPG Industries, Inc., The Valspar Corporation, Axalta Coating Systems, LLC, Nippon Paint Holdings Co., Ltd., and Chugoku Marine Paints, Ltd. |
| Key Market Opportunities | The expansion of maritime transportation and infrastructure operations in both developed and developing economies would propel the Hull Coatings industry size upwards over the forecast period |
| Key Market Drivers |
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Key Highlights
- Vessels segment dominated the market in 2022 and is likely to grow during the forecast period, with the growing ship building industry in the Asia-Pacific region, along with the increasing production rates of leisure boats and cruise ships around the world.
- Innovation & development of eco-friendly hull coatings is likely to provide opportunities for the studied market during the forecast period.
- Asia-Pacific dominated the market across the globe, where the growth is majorly driven by the growing demand from the ship-building industry.
Competitive Landscape of the Hull Coatings Market Share Analysis:
The hull coatings market’s competitive landscape will include market competition examination, by company, its respective overview, business description, product portfolio, key financials, etc. We also include market probability scenarios, a PEST analysis, Porter’s Five Forces analysis, supply-chain analysis, as well as market expansion strategies.
Key players in Global hull coatings market include Akzo Nobel N.V, BASF SE, Boero Bartolomeo SpA, GLS Coatings Ltd, The Sherwin-Williams Company, Henkel, Hemple A/S, PPG Industries, Inc., The Valspar Corporation, Axalta Coating Systems, LLC, Nippon Paint Holdings Co., Ltd., and Chugoku Marine Paints, Ltd.
Key Market Segments: Hull coatings Market
Hull Coatings Market by Type, 2022-2029, (USD Million)
- Self-Polishing Coatings
- Biocide-Free Fouling Release Coatings
Hull Coatings Market by Application, 2022-2029, (USD Million)
- Vessels
- Liquefied Natural Gas Carriers
- Bulk Carriers
- Crude Oil Tankers
- Cruise Vessels
- Rigs
Hull Coatings Market by Regions, 2022-2029, (USD Million)
- North America
- Europe
- Asia Pacific
- South America
- Middle East and Africa
Key Market Trends
Vessels Segment to Dominate the Market Demand
Anti-fouling hull coating applications dominate the market studied, due to the increasing production of offshore ships, including passenger and cargo, along with offshore drilling activities.
- Anti-fouling hull coatings are primarily applied to the under-water parts of a ship or yacht, to reduce the growth of the organisms and microbes in the parts attached to the hull. The coatings provide enhancement and durability, along with providing benefits, such as self-cleaning and graffiti resistance.
- Its self-polishing resin and biocide, such as cuprous oxide, along with a booster biocide, help prevent bio-fouling organisms.
- Hull coatings, owing to their excellent adhesion and anti-corrosive properties (which help increase the durability of hulls), as well as their aesthetic properties, have become an integral part of the marine industry.
- With the recovery of prices in the oil and gas industry, the exploration and production processes have started increasing across the world. The major increase in oil and gas offshore exploration activities is noticed in North Sea, North America, and the Middle Eastern region. Additionally, the demand for vessels is also increasing in these regions.
- Besides, the demand for passenger, bulk containers, and container vessels is also increasing, with growing population and trade between nations.
- Such global trends have been leading to the growth of production in the shipbuilding industry, which is further expected to drive the demand for anti-fouling hull coatings in the coming years.
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