Marine coatings market is expected to derive commendable gains by 2024, driven by the fact that maritime transportation remains one of the chief means of bulk transportation around the world after air transportation. Cruise ships are also becoming more common as more people around the world are investing on adventurous activities, increasing the demand for luxury cruises. These trends are consequently expected to augment marine coatings market, slated to surpass $15 billion by 2024.
What are the chief driving factors that are expected to help the marine coatings market grow over 2016-2024?
Asia Pacific has one the most robust ship building industries in the world and countries like China, Japan, South Korea, Taiwan and Philippines are essentially the leaders in the regional shipbuilding industry. Significantly in 2015, 20 gross tons of marine coatings material had been consumed by the China shipbuilding industry. Marine coatings are used to increase the longevity of vessels and since it is a mandate to use marine coatings in ship manufacturing, the production of ships in the Asia Pacific region has created a potent growth avenue for the marine coatings market in this region.
Drydocking activities are also one of the driving factors for the marine coatings industry as many older vessels require regular maintenance to keep them functional. Therefore, even if the current ship building activities might decline, already operational ships require fresh layers of marine coatings to remain functional. Experts opine that maintenance and overhauling activities will be mainly accountable for garnering a significant part of the marine coatings market revenue over the ensuing years.
What types of coating will gain prominence in marine coatings market?
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.
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What kind of vessels will most actively use marine coatings?
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.
How is APAC expected to fare in the global marine coatings market?
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.
Which are the most notable participants responsible for the growth of the marine coatings market?
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 industry.