According to a new research report by the market research and strategy consulting firm, Global Market Insights, Inc, Marine Coatings Market size estimated over USD 11 billion in 2017 and to reach USD 19 billion by 2024.
Asia Pacific shipbuilding industry, led by China, will be the principal driver for the global marine coatings market in the forecast spell. In 2015, China shipbuilding industry registered over 20 gross tons, followed by other countries of the region including Japan, South Korea, Philippines, and Taiwan. Mandatory use of the products to enhance the performance and longevity of the ship will promote the application of good quality and environment friendly coatings, hence boosting the overall industry in the coming years.
In addition to the new orders, there is also a significant amount of drydocking activities, increasing the anti-fouling marine coatings mark et demand in the forecast span. Though, there may be a decline in the new shipbuilding demand, several vessels manufactured in the past decade will require maintenance in the recent future. Maintenance and overhauling activities will likely account for the majority of the market in the next few years.
Fluctuating raw material prices such as crude oil derivatives, copper, and titanium dioxide will restrain the global marine coatings market in the coming years. Multiple applications of the raw materials, coupled with political and regulatory pressures regarding raw material mining activities, may intensify the bargaining power of the suppliers, increasing the overall product manufacturing cost for industry participants.
Also, the volatile organic compounds (VOC) limit for marine coatings, set by the EPA, may curb the overall marine coatings market. Paints and coatings use several toxic and high VOC content additives for manufacturing. Rising environmental concerns, resulting into several government initiatives may have a negative impact on the industry development in the coming years.
Anti-fouling coatings will be a significant product segment owing to extensive application to prevent fouling growth on the ship hull that may damage the physical and chemical properties of the vessel body. This product segment accounted for more than 40% share of the global marine coatings market size in 2015.
Anti-corrosion coatings, used to prevent rusts on the hull body, garnered a significant market share in 2015, registering a revenue beyond USD 3 billion and will witness a healthy growth at over 6% CAGR up to 2024.
Marine coatings in coastal applications generated over USD 3 billion in 2015. Manufacturing and overhauling activities of tugs, dredgers, offshore supply boats, passenger boats, cargo ferries, defense ships, fishing vessels, and coasters signify the application segment.
Growing consumer purchase parity in the U.S., Canada, and Western European countries will enhance the leisure boats demand in the coming years, making this application for marine coatings market a high growing segment with close to 7% CAGR.
Asia pacific will hold sway the global marine coatings market with nearly two-third of the overall share in 2015. This heavily active shipbuilding industry in countries such as China, South Korea, Japan, and Philippines signify the growing demand in this region.
AkzoNobel N.V., Jotun, PPG Industries, and Hempel are the top marine coatings industry players along with Kansai Paint, Nippon Paint, DuPont, Sherwin-Williams, BASF, KCC Corporation, Chugoku, RPM International, and several other important manufacturers.
(Source: Global Market Insights)
Sea News Feature, March 20