June 15, 2021/IndustryNewsGlobal/ The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Marine Coatings Market.
It was estimated prior to this unanticipated outbreak that the Marine Coatings Market is likely to witness a healthy CAGR of 4.5% during the forecast period. The major factor influencing the demand for marine coatings is mainly its increasing demand from the shipbuilding & repair industry. Marine coatings possess various properties, such as providing protection to the surfaces and parts of ships from corrosion and abrasion. Further, they improve the visual appearance and aesthetic appeal of surfaces, which in turn, is driving the growth of the market.
Marine coatings are the coatings that are applied on the ship’s surface, cruises, vessels, yachts, and other offshore structures i.e. oil rigs and bridges to protect them against corrosion, fouling and slimes, as they are exposed to the sea water and corrosive conditions.
These coatings increase the durability and life of the vessels of marine and offshore structures.
This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
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Segment Analysis
Based on the resin type, the market is segmented as epoxy, alkyd, polyurethane, and others. The epoxy resin held the largest share of the market in 2019, and is expected to remain dominant during the forecast period. It possesses various properties, such as water and chemical resistance, high durability, and owns excellent adhesive property to a variety of substrates.
Based on the product type, the marine coatings market is segmented as anti-corrosion marine coatings, antifouling coatings, primer coatings, varnish coatings, chemical resistant coatings, anti-slip coatings, and others. The antifouling coatings segment is expected to be dominant during the forecast period. These coatings are applied to a ship’s hull to prevent marine growth and improve vessel performance and durability. They protect the components of ships and surfaces from marine biofouling. This coating develops smooth and non-sticky surface on the parts of the ship, due to which it becomes extremely hard for fouling organisms to get attached to these parts.
Based on the application type, the market is segmented as cargo ships, passenger ships, boats, and others. The passenger ships segment is expected to remain the fastest-growing application during the foreseen duration. The growth in the coastal and maritime tourism across the globe is contributing to the growth of the shipping industry in the market.
In terms of regions, Asia-Pacific is estimated to be the largest marine coatings market during the forecast period, with China, Japan, South Korea, Vietnam, Indonesia, and India, being the major countries with promising growth opportunities. The growth of the market is driven by the growth of various end-use industries, such as industrial, transportation, electronics, and medical, which is generating substantial demand for marine coatings, increase in new shipbuilding projects and programs, and the presence of a large number of marine coatings manufacturers in the Asia-Pacific region. North America and Europe are also expected to offer lucrative growth opportunities during the forecast period.
Key Players:
Key players operating in the global Marine Coatings market are-
- PPG Industries
- AkzoNobel
- Hempel
- Sherwin-Williams
- Jotun
- Chugoku Marine Paints
- Nippon Paint.
Features of the Report
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.
The Marine Coatings analysis report discusses the following heads in great detail:
· Market structure: Overview, industry life cycle analysis, supply chain analysis
· COVID-19 Impact Assessment
· Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
· Market trend and forecast analysis
· Market segment trend and forecast
· Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
· Attractive market segments and associated growth opportunities
· Emerging trends
· Strategic growth opportunities for the existing and new players
· Key success factors
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