Vital Insights Into the Global Marine Coatings Market | Technavio

LONDON–(BUSINESS WIRE)–#Research–The latest market research report by Technavio
on the global
marine coatings market predicts a CAGR of more than 7% during
the period 2017-2021.

The report segments the global marine coatings market by type
(anti-corrosion and anti-fouling marine coatings), by chemistry (epoxy
and polyurethane), by application (coastal, deepsea, containers,
offshore house, and leisure boats), and by geography (the Americas,
EMEA, and APAC). It provides a detailed illustration of the major
factors influencing the market, including drivers, opportunities,
trends, and industry-specific challenges.

Here are some key findings of the global marine coatings market,
according to Technavio chemicals
and materials researchers:

• Growth of shipbuilding industry: a major market driver
• The anti-corrosion segment accounted for more than half the market
  share of the global marine coatings market in 2016.
• In 2016, APAC held the highest market share of the global marine
  coatings market
• Akzo Nobel, Chugoku Marine Paints, Hempel, Jotun, and PPG Industries
  are the leading players in the market

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Market growth analysis

Growth of the shipbuilding industry is one of the major factors driving
the global marine
coatings market. Post 2010, the shipbuilding industry has shown
rapid growth mainly because of the growth in increasing global foreign
direct investment (FDI) flows, seaborne trade, and expanding the
business of multinational companies. New ship manufacturing and an
increase in the repair and maintenance of old ships are the major growth
drivers for the global marine coatings market.

The demand for marine paints for vessels that operate in harsh weather
conditions is increasing, which is boosting the growth rate of the
global marine coatings market. New shipping hubs in Vietnam,
Philippines, and India will further drive the growth of the shipbuilding
industry in the future. Thus, the growth of the global marine coatings
market is directly related to the growth of the shipbuilding industry.

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Geographical analysis

Technavio researchers anticipate high growth in the global marine
coatings market in APAC. The high growth of the shipbuilding
industry and offshore engineering are likely to boost the consumption of
marine coatings and enhance the marine coatings market in APAC.

According to Kshama Upadhyay, a lead analyst at Technavio for research
on paints,
coatings, and pigments, “China, South Korea, India, and Japan are
the leading consumers in APAC. These four countries contributed to more
than 80% of the overall consumption of marine coatings in APAC in 2016.
Singapore and Thailand are also emerging markets in the marine coatings
market.”

Competitive vendor landscape

The global marine coatings market is concentrated with a few big players
such as Akzo Nobel, Chugoku Marine Paints, Jotun, Hempel, and PPG
Industries dominating the market. The major players in this market
invest in the R&D of new products to sustain and hold their market
shares. For instance, Akzo Nobel has launched two biocide-free
anti-fouling agents, which will help to improve the ship’s performance
and reduce the CO2 emissions. Similarly, PPG Industries has developed a
specialty coating for hulls, which has properties like abrasion and
impact resistance.

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marine coatings market report free of cost

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