Global Marine Coatings Market Growth will be driven by increasing demand for efficient fuel consumption across the marine industry. The rise in the number of shipbuilding firms by the day bears evidence to this fact. The occurrence of fouling over the hull and underwater body of ships may result in the degradation of their performance and durability, which may significantly impact the fuel consumption rate. To efficiently utilize the fuel and improve the performance of ships, it is essential to avoid the occurrence of fouling, which can be achieved by means of marine coatings. Also, the changing preferences toward marine transportation over other modes of transport will propel marine coatings market share.
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Based on the product, marine coatings market is segmented into anti-corrosion, anti-fouling, and foul release coatings as major categories. Used extensively in the overhauling and repairing activity, anti-fouling is also used during the building of new ships to resist the attachment and growth of marine organisms over the hull of the vessel as they end up hampering the performance and weakening body of the vessel. This segment holds a significant share in the marine coatings market and is likely to grow with a lucrative rate.
In 2015, the anti-corrosion coatings accounted in excess of USD 3 billion of the total marine coatings market and is likely to grow with a CAGR of over 6%. Continuous contact with saline water results in lower body corrosion of the vessel. Constant anti-corrosion coatings application helps prevent rusting and further enhances the life and productivity of the vessel.
On the basis of application, marine coatings market is segmented into containers, coastal, off shore vessels, leisure boats and deep sea vessels. The containers segment is likely to grow with a 7% CAGR and surpass USD 2.5 billion till the end of the forecast span. The coastal applications include coasters, defense ships, offshore supplies, passenger & cargo ferries, and fishing vessels mainly. In 2015, this segment accounted for over USD 3 billion and is likely to grow with a decent CAGR.
Rising demand for marine coatings during ship mending and maintenance activities will lead to an upsurge in Marine Coatings Market. These coatings offer a defense against the corrosive marine environment. Along with increasing hull performance, these coatings are as well preferred for enhancing the aesthetics. Marine coatings are also important in enhancing the fuel efficiency of a vessel by minimizing the contact of the metal body with the environment. As per Global Market Insights, Inc., “Marine Coatings Market is estimated to witness a CAGR of 7% over the period till 2024.”
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Asia Pacific Marine Coatings Market is poised to witness healthy growth prospects in the coming years. APAC region, being a large-scale harbor for the shipbuilding industries is witnessing lucrative growth from China, followed by other countries including Japan, Philippines, Taiwan and South Korea. Extensive use of marine coatings to improve longevity and performance of the ship will propel marine coatings industry in this region. China dominated the shipbuilding industry with demand generated over 20 million gross tons in 2015. Europe and North America marine coatings market together accounted for combined share of over 25% in 2015. Asia Pacific market is racing ahead of the others by holding nearly two-third of the overall share.
Major Point From Table Of Content:
Chapter 3 Marine Coatings Industry Insights
3.1 Marine coatings market segmentation
3.2 Marine coatings market size and growth prospects, 2013 – 2024
3.3 Industry ecosystem analysis
3.3.1 Vendor matrix
3.3.2 Distributor matrix
3.4 Marine coatings market dynamics
3.4.1 Growth drivers
188.8.131.52 Rising Asia Pacific shipbuilding industry
184.108.40.206 Increasing ship reparing and overhaul demand
220.127.116.11 Growing need for low fuel consumption and low emission coatings
3.4.2 Industry pitfalls and challenges
18.104.22.168 Inconsistent raw material prices
22.214.171.124 Strict environmental regulations pertaining to marine coatings
3.5 Key growth opportunities
3.6 Regulatory trends
3.7 Porter’s analysis
3.8 Company market share analysis, 2016
3.7.1 Strategic landscape
3.9 PESTEL analysis
3.10 Regional price trends
3.10.1 Cost structure analysis
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