Market Overview:
Marine Coatings are used in a wide range of applications owing to their excellent properties such as chemical resistance, corrosion resistance, and UV resistance, among others. The rising growth of the oil and gas and tourism industry across the globe is substantially affecting the growth of the marine coatings market.
The global Marine Coatings Market has been driven by a range of applications such as vessels, yachts, cruise liners, oil rigs, bridges, and other offshore structures. Moreover, it is estimated that the polyurethane resin segment is set to witness the highest growth due to its low VOC content, low-temperature flexibility, and high corrosion & abrasion resistance among others which makes it ideal for various marine coatings applications.
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Competitive Analysis:
Some of the prominent players operating in the global marine coatings market PPG Industries (US), AkzoNobel (Netherlands), Hempel (Denmark), Sherwin-Williams (US), Jotun (Norway), Chugoku Marine Paints (Japan), Nippon Paint (Japan), Kansai Paint (Japan), Axalta (US), and BASF SE (Germany) among others.
Market Segmentation:
The global marine coatings market is segmented into resin type, product type, and application. On the basis of the product type, the market is segregated into anti-corrosion marine coatings, antifouling coatings, and others. On the basis of resin type, the market is bifurcated into epoxy, alkyd, polyurethane, and others. The market by application industry is further categorized into cargo ships, passenger ships, boats, and others.
Market Scenario:
The cargo ship application segment is anticipated to observe a higher CAGR during the forecast period. The growing international trade has augmented the demand for cargo ships which in turn is the major factor positively affecting the market growth.
Regional Analysis:
The global marine coatings market is spanned across five key regions: Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa. Among these, Asia Pacific holds a major share of the market and is expected to be the fastest-growing region at an exponential CAGR. The presence of the most populated countries in the world such as India and China has augmented the demand for energy which, in turn, has boosted the use of marine coatings in the oil and gas industry. Moreover, the development of Chabahar in Afghanistan is expected to increase the inflow and outflow of goods from India which in turn will substantially contribute to the growth of the marine coatings market during the forecast years. Furthermore, the emergence of China has a major shipping hub coupled with the development of ports in the region are other factors contributing to the market growth.
The European region is estimated to witness significant growth in the countries owing to the burgeoning oil & gas and tourism industry. The growing shipping industry coupled with the increasing demand for cruise liners and yachts are other factors adding to the market growth.
The North American marine coatings market is mainly driven by the U.S. and Canada. The developed industries in the U.S have contributed to substantially to the inflow and outflow of goods from the region, in turn propelling the shipping trade which is another factor driving the market growth of marine coatings.
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TABLE OF CONTENTS
1 Executive Summary
2 Scope Of The Report
2.1 Market Definition
2.2 Scope Of The Study
2.2.1 Research Objectives
2.2.2 Assumptions & Limitations
2.3 Markets Structure
3 Market Research Methodology
3.1 Research Resin Type
3.2 Secondary Research
3.3 Primary Research
3.4 Forecast Model
4 Market Landscape
4.1 Porter’s Five Forces Analysis
4.1.1 Threat Of New Entrants
4.1.2 Bargaining Power Of Buyers
4.1.3 Threat Of Substitutes
4.1.4 Segment Rivalry
4.2 Value Chain/Supply Chain Of Global Marine Coatings Market
5 Industry Overview Of Global Marine Coatings Market
5.1 Introduction
5.2 Growth Drivers
5.3 Impact Analysis
5.4 Market Challenges
6 Market Trends
6.1 Introduction
6.2 Growth Trends
6.3 Impact Analysis
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