Marine coatings market revenue till 2024: anti-fouling coatings are expected to account for a major share of the industry
Selbyville, Delaware, United States, September 12 2020 (Wiredrelease) Global Market Insights, Inc –:Owing to extensive an application landscape, anti-fouling coatings are expected to account for a major share of the marine coatings market revenue over 2016-2024. Since ships are prone to damage caused by growth of subaquatic organisms on its hull, it is mandatory to use anti-fouling agents on ships and to regularly re-apply coats of anti-fouling paints and coatings to make sure that the ship remains protected from physical and chemical damage. Remarkably, in 2015 anti-fouling coatings accounted for 40% share of the global marine coatings market.
Anti-corrosion coatings that essentially prevent the hull from being vulnerable to rust will also garner a significant market share. Indeed, it is anticipated the after being pegged at $3 billion in 2015, anti-corrosion marine coatings market will register a 6% CAGR over 2016-2024.
In 2015, marine coatings market size from coastal vessels was pegged at over $3 billion. Continuous manufacturing and overhauling procedures of tugs, offshore supply boats, dredgers, cargo ferries, passenger boats, defense ships, coasters and fishing vessels will help augment the marine coatings industry from coastal applications, claim sources.
The demand for leisure boats is expected to witness a surge in North American and Western European countries as the economy returns to pre-recession levels and consumer purchase parity in these countries begins to increase significantly.
Almost two-third of the overall share of the global marine coatings market has however been garnered from Asia Pacific in 2015 as the shipbuilding industry in countries like Japan, China, South Korea and Philippines has augmented the demand for marine coatings in this region.
Some of the biggest players in the marine coatings industry are also some of the biggest companies in the chemical industry such as AkzoNobel, BASF and DuPont. Other than these there are companies like PPG Industries which generates the largest revenue in the paints and coatings industry right after AkzoNobel. Companies like Jotun, Hempel, Sherwin-Williams, KCC Corporation, RPM International etc. also account for a large part of the revenue in the marine coatings market.
Factors like outstanding antifouling and anticorrosion protection as well as growing demand for environmentally friendly coating alternatives are supplementing marine coating industry outlook. Eco-friendly marine coatings along with boat bottom paints are revolutionizing the market lately. Moreover, demands like friction reduction, foul-release, non-stick coatings, water-based coatings, low VOC, non-toxic formulation and more are also driving marine coatings market trends.
Rapid rise in product demand and increasing implementation of strategic programs and acquisition between industry partakers is further boosting marine coating industry size. Numerous market contenders look to acquire companies that focus on offering value-based coatings for marine markets, eventually pushing the marine coatings market outlook.
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