HOME Top Market Reports Marine Coatings Market by Resin (Epoxy, Alkyd, Polyurethane, Acrylic, Polyester, and Fluoropolymer), Product Type (Anti-corrosion Coating, Antifouling Coating), Applications (Cargo Ship, Passenger Ship, Boat), and Region - Global Forecast to 2022

Marine Coatings Market by Resin (Epoxy, Alkyd, Polyurethane, Acrylic, Polyester, and Fluoropolymer), Product Type (Anti-corrosion Coating, Antifouling Coating), Applications (Cargo Ship, Passenger Ship, Boat), and Region - Global Forecast to 2022

By: marketsandmarkets.com
Publishing Date: January 2018
Report Code: CH 2732

 

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The marine coatings market was valued at USD 3.19 Billion in 2016 and is projected to reach USD 3.93 Billion by 2022, at a CAGR of 3.50% during the forecast period from 2017 to 2022. The base year that has been considered for the study of the marine coatings market is 2016 while the forecast period is from 2017 to 2022.

The objectives of the report are as follows:

  • To estimate and forecast the size of the marine coatings market, in terms of value and volume
  • To define, describe, and forecast the size of the marine coatings market based on resin, product type, application, and region
  • To forecast the size of the marine coatings market with respect to five main regions, namely, North America, Europe, Asia Pacific (APAC), South America, and the Middle East & Africa, along with their respective key countries
  • To provide detailed information regarding the major factors such as drivers, opportunities, and challenges influencing the growth of the marine coatings market
  • To strategically analyze micromarkets with respect to individual growth trends, prospects, and their contribution to the overall marine coatings market
  • To analyze opportunities in the marine coatings market for stakeholders and provide a competitive landscape of the market leaders
  • To track and analyze recent developments such as new product launches, expansions, partnerships, and acquisitions undertaken in the marine coatings market
  • To strategically profile the key players in the marine coatings market and comprehensively analyze their core competencies

Both, top-down and bottom-up approaches have been utilized to estimate and project the size of the marine coatings market during the forecast period. The size of the marine coatings market has been calculated, and weightages have been assigned to various market segments. This has been performed based on the extensive primary interviews and secondary research of the information available on websites of various associations such as the American Coatings Association, the Society for Protective Coatings, and the Canadian Paints and Coatings Association. Primary research that has been carried out included extensive interviews with key personnel such as chief executive officers, vice presidents, directors, and executives of the leading players operating in the marine coatings market. After arriving at the overall market size, the total market has been split into several segments and subsegments. The data triangulation and market breakdown procedures have been employed to complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments. The breakdown of profiles of primary respondents has been depicted in the figure below.

Marine Coatings Market

To know about the assumptions considered for the study, download the pdf brochure

The ecosystem of the marine coatings market comprises manufacturers of marine coatings such as 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 Coatings (Germany); and ship building industries such as Mitsubishi Heavy Industries (Japan), Hyundai Samho (South Korea), Samsung Heavy Industries (South Korea), Daewoo Shipbuilding (South Korea), and Hyundai Heavy Industries (South Korea).

Target Audience:

  • Manufacturers of Marine Coatings
  • Chemical Suppliers
  • Raw Material Suppliers
  • Manufacturers of Coatings
  • Government and Research Organizations
  • Traders, Distributors, and Suppliers of Marine Coatings
  • Industry Associations
  • Research and Consulting Firms

The study answers several questions for the stakeholders, primarily, which market segments they need to focus upon during the next two to five years to prioritize their efforts and investments.

Scope of the Report

The research report categorizes the marine coatings market into the following segments:

Marine Coatings Market, by Resin:

  • Epoxy
  • Alkyd
  • Polyurethane
  • Others (Acrylic, Polyester, and Fluoropolymer)

Marine Coatings Market, by Product Type

  • Anti-Corrosion Coatings
  • Antifouling Coatings
  • Others (Foul Release and Moisture Cure)

Marine Coatings Market, by Application

  • Cargo Ships
  • Passenger Ships
  • Boats
  • Others (Offshore Vessels, Service Ships, and Tugs)

Marine Coatings Market, by Region:

  • North America
  • Europe
  • Asia Pacific
  • South America
  • Middle East & Africa

Available Customizations

With the given market data, MarketsandMarkets offers customizations according to client-specific needs.

  • Further breakdown of the Rest of Asia Pacific, Rest of Europe, Rest of South America, and Rest of the Middle East & Africa marine coatings markets
  • Further breakdown of subsegments of the marine coatings market
  • Detailed analysis and profiles of additional market players (up to five)

Table of Contents

1 Introduction (Page No. - 14)
    1.1 Objectives of the Study
    1.2 Market Definition
    1.3 Market Scope
           1.3.1 Years Considered for the Study
    1.4 Currency
    1.5 Unit Considered
    1.6 Limitations
    1.7 Stakeholders

2 Research Methodology (Page No. - 18)
    2.1 Research Data
           2.1.1 Secondary Data
                    2.1.1.1 Key Data From Secondary Sources
           2.1.2 Primary Data
                    2.1.2.1 Key Data From Primary Sources
                    2.1.2.2 Breakdown of Primary Interviews
    2.2 Market Size Estimation
           2.2.1 Bottom-Up Approach
           2.2.2 Top-Down Approach
    2.3 Data Triangulation
    2.4 Assumptions

3 Executive Summary (Page No. - 26)

4 Premium Insights (Page No. - 32)
    4.1 Attractive Opportunities In Marine Coatings Market
    4.2 APAC Marine Coatings Market, By Resin and Country
    4.3 Marine Coatings Market, By Application
    4.4 Marine Coatings Market, By Product Type

5 Market Overview (Page No. - 34)
    5.1 Introduction
    5.2 Market Dynamics
           5.2.1 Drivers
                    5.2.1.1 Increasing Shipbuilding Activities In APAC
                    5.2.1.2 Upcoming Shipbuilding Projects and Plans
                    5.2.1.3 Reduction In Fuel Consumption
           5.2.2 Opportunities
                    5.2.2.1 Increasing Demand From the Oil & Gas Industry
                    5.2.2.2 Advancements In Marine Coating Technologies
           5.2.3 Challenges
                    5.2.3.1 Fluctuating Raw Material Prices
                    5.2.3.2 Environmental Regulations
    5.3 Porter’s Five Forces Analysis
           5.3.1 Threat of Substitutes
           5.3.2 Threat of New Entrants
           5.3.3 Bargaining Power of Suppliers
           5.3.4 Bargaining Power of Buyers
           5.3.5 Intensity of Competitive Rivalry
    5.4 Macroeconomic Indicators
           5.4.1 Gdp Forecast of Major Economies
           5.4.2 Trends and Forecast of Oil & Gas Industry and Its Impact on the Marine Coatings Market
           5.4.3 Trends and Forecast of Shipping Industry and Its Impact on the Marine Coatings Market

6 Marine Coatings Market, By Resin (Page No. - 45)
    6.1 Introduction
    6.2 Epoxy
    6.3 Alkyd
    6.4 Polyurethane
    6.5 Others

7 Marine Coatings Market, By Product Type (Page No. - 52)
    7.1 Introduction
    7.2 Anti-Corrosion Marine Coatings
    7.3 Antifouling Coatings
    7.4 Others

8 Marine Coatings Market, By Application (Page No. - 58)
    8.1 Introduction
    8.2 Cargo Ships
    8.3 Passenger Ships
    8.4 Boats
    8.5 Others

9 Marine Coatings Market, By Region (Page No. - 65)
    9.1 Introduction
    9.2 North America
           9.2.1 US
           9.2.2 Canada
           9.2.3 Mexico
    9.3 Europe
           9.3.1 Germany
           9.3.2 Turkey
           9.3.3 Netherlands
           9.3.4 Romania
           9.3.5 Italy
           9.3.6 Spain
           9.3.7 Norway
           9.3.8 UK
           9.3.9 Russia
           9.3.10 France
    9.4 APAC
           9.4.1 China
           9.4.2 South Korea
           9.4.3 Japan
           9.4.4 Singapore
           9.4.5 Indonesia
           9.4.6 Malaysia
           9.4.7 India
    9.5 Middle East & Africa
           9.5.1 UAE
           9.5.2 South Africa
    9.6 South America
           9.6.1 Brazil

10 Competitive Landscape (Page No. - 107)
     10.1 Introduction
     10.2 Market Ranking
     10.3 Competitive Scenario
             10.3.1 New Product Launches
             10.3.2 Expansions
             10.3.3 Mergers & Acquisitions
             10.3.4 Partnerships

11 Company Profiles (Page No. - 112)
     11.1 Ppg Industries
     11.2 Akzonobel
     11.3 Sherwin-Williams
     11.4 Hempel
     11.5 Jotun
     11.6 Chugoku Marine Paints
     11.7 Nippon Paint
     11.8 Axalta
     11.9 BASF Coatings
     11.10 Kansai Paint
     11.11 Other Key Market Players
             11.11.1 Rpm International
             11.11.2 Asian Paints
             11.11.3 Berger Paints
             11.11.4 Shalimar Paints
             11.11.5 Dupont
             11.11.6 Tohpe
             11.11.7 Cloverdale Paint
             11.11.8 Tiger Coatings
             11.11.9 Brunel Marine Coating Systems
             11.11.10 Epifanes

12 Appendix (Page No. - 134)
     12.1 Insights From Industry Experts
     12.2 Discussion Guide
     12.3 Knowledge Store: Marketsandmarkets’ Subscription Portal
     12.4 Introducing RT: Real-Time Market Intelligence
     12.5 Available Customizations
     12.6 Related Reports
     12.7 Author Details


List of Tables (125 Tables)

Table 1 Trends and Forecast of Real Gdp, 2017—2022 (USD Billion)
Table 2 Global Oil Production vs. Consumption (Mbpd), 2012—2016
Table 3 Global Crude Oil Production, 2015—2018 (Mbpd)
Table 4 Merchandise Trade By Group of Economies, 2016
Table 5 Marine Coatings Market Size, By Resin, 2015—2022 (USD Million)
Table 6 Marine Coatings Market Size, By Resin, 2015—2022 (Million Liter)
Table 7 Epoxy-Based Marine Coatings Market Size, By Region,2015—2022 (USD Million)
Table 8 Epoxy-Based Marine Coatings Market Size, By Region,2015—2022 (Million Liter)
Table 9 Alkyd-Based Marine Coatings Market Size, By Region,2015—2022 (USD Million)
Table 10 Alkyd-Based Marine Coatings Market Size, By Region,2015—2022 (Million Liter)
Table 11 Polyurethane-Based Marine Coatings Market Size, By Region,2015—2022 (USD Million)
Table 12 Polyurethane-Based Marine Coatings Market Size, By Region,2015—2022 (Million Liter)
Table 13 Other Resins-Based Marine Coatings Market Size, By Region,2015—2022 (USD Million)
Table 14 Other Resins-Based Marine Coatings Market Size, By Region,2015—2022 (Million Liter)
Table 15 Marine Coatings Market Size, By Product Type, 2015—2022 (USD Million)
Table 16 Marine Coatings Market Size, By Product Type,2015—2022 (Million Liter)
Table 17 Anti-Corrosion Marine Coatings Market Size, By Region,2015—2022 (USD Million)
Table 18 Anti-Corrosion Coatings Market Size, By Region,2015—2022 (Million Liter)
Table 19 Antifouling Coatings Market Size, By Region, 2015—2022 (USD Million)
Table 20 Antifouling Coatings Market Size, By Region, 2015—2022 (Million Liter)
Table 21 Other Marine Coatings Market Size, By Region, 2015—2022 (USD Million)
Table 22 Other Marine Coatings Market Size, By Region,2015—2022 (Million Liter)
Table 23 Marine Coatings Market Size, By Application, 2015—2022 (USD Million)
Table 24 Marine Coatings Market Size, By Application, 2015—2022 (Million Liter)
Table 25 Marine Coatings Market Size In Cargo Ships, By Region,2015—2022 (USD Million)
Table 26 Marine Coatings Market Size In Cargo Ships, By Region,2015—2022 (Million Liter)
Table 27 Marine Coatings Market Size In Passenger Ships, By Region,2015—2022 (USD Million)
Table 28 Marine Coatings Market Size In Passenger Ships, By Region,2015—2022 (Million Liter)
Table 29 Marine Coatings Market Size In Boats, By Region,2015—2022 (USD Million)
Table 30 Marine Coatings Market Size In Boats, By Region,2015—2022 (Million Liter)
Table 31 Marine Coatings Market Size In Other Applications, By Region,2015—2022 (USD Million)
Table 32 Marine Coatings Market Size In Other Applications, By Region,2015—2022 (Million Liter)
Table 33 Marine Coatings Market Size, By Region, 2015—2022 (USD Million)
Table 34 Marine Coatings Market Size, By Region, 2015—2022 (Million Liter)
Table 35 North America: Marine Coatings Market Size, By Country,2015—2022 (USD Million)
Table 36 North America: Marine Coatings Market Size, By Country,2015—2022 (Million Liter)
Table 37 North America: Marine Coatings Market Size, By Product Type,2015—2022 (USD Million)
Table 38 North America: Marine Coatings Market Size, By Product Type,2015—2022 (Million Liter)
Table 39 North America: Marine Coatings Market Size, By Application,2015—2022 (USD Million)
Table 40 North America: Marine Coatings Market Size, By Application,2015—2022 (Million Liter)
Table 41 North America: Marine Coatings Market Size, By Resin,2015—2022 (USD Million)
Table 42 North America: Marine Coatings Market Size, By Resin,2015—2022 (Million Liter)
Table 43 US: Marine Coatings Market Size, By Resin, 2015—2022 (USD Million)
Table 44 US: Marine Coatings Market Size, By Resin, 2015—2022 (Million Liter)
Table 45 Canada: Marine Coatings Market Size, By Resin, 2015—2022 (USD Million)
Table 46 Canada: Marine Coatings Market Size, By Resin,2015—2022 (Million Liter)
Table 47 Mexico: Marine Coatings Market Size, By Resin, 2015—2022 (USD Million)
Table 48 Mexico: Marine Coatings Market Size, By Resin,2015—2022 (Million Liter)
Table 49 Europe: Marine Coatings Market Size, By Country,2015—2022 (USD Million)
Table 50 Europe: Marine Coatings Market Size, By Country,2015—2022 (Million Liter)
Table 51 Europe: Marine Coatings Market Size, By Product Type,2015—2022 (USD Million)
Table 52 Europe: Marine Coatings Market Size, By Product Type,2015—2022 (Million Liter)
Table 53 Europe: Marine Coatings Market Size, By Application,2015—2022 (USD Million)
Table 54 Europe: Marine Coatings Market Size, By Application,2015—2022 (Million Liter)
Table 55 Europe: Marine Coatings Market Size, By Resin, 2015—2022 (USD Million)
Table 56 Europe: Marine Coatings Market Size, By Resin,2015—2022 (Million Liter)
Table 57 Germany: Marine Coatings Market Size, By Resin,2015—2022 (USD Million)
Table 58 Germany: Marine Coatings Market Size, By Resin,2015—2022 (Million Liter)
Table 59 Turkey: Marine Coatings Market Size, By Resin, 2015—2022 (USD Million)
Table 60 Turkey: Marine Coatings Market Size, By Resin,2015—2022 (Million Liter)
Table 61 Netherlands: Marine Coatings Market Size, By Resin,2015—2022 (USD Million)
Table 62 Netherlands: Marine Coatings Market Size, By Resin,2015—2022 (Million Liter)
Table 63 Romania: Marine Coatings Market Size, By Resin,2015—2022 (USD Million)
Table 64 Romania: Marine Coatings Market Size, By Resin,2015—2022 (Million Liter)
Table 65 Italy: Marine Coatings Market Size, By Resin, 2015—2022 (USD Million)
Table 66 Italy: Marine Coatings Market Size, By Resin, 2015—2022 (Million Liter)
Table 67 Spain: Marine Coatings Market Size, By Resin, 2015—2022 (USD Million)
Table 68 Spain: Marine Coatings Market Size, By Resin, 2015—2022 (Million Liter)
Table 69 Norway: Marine Coatings Market Size, By Resin,2015—2022 (USD Million)
Table 70 Norway: Marine Coatings Market Size, By Resin,2015—2022 (Million Liter)
Table 71 UK: Marine Coatings Market Size, By Resin, 2015—2022 (USD Million)
Table 72 UK: Marine Coatings Market Size, By Resin, 2015—2022 (Million Liter)
Table 73 Russia: Marine Coatings Market Size, By Resin, 2015—2022 (USD Million)
Table 74 Russia: Marine Coatings Market Size, By Resin,2015—2022 (Million Liter)
Table 75 France: Marine Coatings Market Size, By Resin, 2015—2022 (USD Million)
Table 76 France: Marine Coatings Market Size, By Resin,2015—2022 (Million Liter)
Table 77 APAC: Marine Coatings Market Size, By Country, 2015—2022 (USD Million)
Table 78 APAC: Marine Coatings Market Size, By Country,2015—2022 (Million Liter)
Table 79 APAC: Marine Coatings Market Size, By Product Type,2015—2022 (USD Million)
Table 80 APAC: Marine Coatings Market Size, By Product Type,2015—2022 (Million Liter)
Table 81 APAC: Marine Coatings Market Size, By Application,2015—2022 (USD Million)
Table 82 APAC: Marine Coatings Market Size, By Application,2015—2022 (Million Liter)
Table 83 APAC: Marine Coatings Market Size, By Resin, 2015—2022 (USD Million)
Table 84 APAC: Marine Coatings Market Size, By Resin, 2015—2022 (Million Liter)
Table 85 China: Marine Coatings Market Size, By Resin, 2015—2022 (USD Million)
Table 86 China: Marine Coatings Market Size, By Resin, 2015—2022 (Million Liter)
Table 87 South Korea: Marine Coatings Market Size, By Resin,2015—2022 (USD Million)
Table 88 South Korea: Marine Coatings Market Size, By Resin,2015—2022 (Million Liter)
Table 89 Japan: Marine Coatings Market Size, By Resin, 2015—2022 (USD Million)
Table 90 Japan: Marine Coatings Market Size, By Resin, 2015—2022 (Million Liter)
Table 91 Singapore: Marine Coatings Market Size, By Resin,2015—2022 (USD Million)
Table 92 Singapore: Marine Coatings Market Size, By Resin,2015—2022 (Million Liter)
Table 93 Indonesia: Marine Coatings Market Size, By Resin,2015—2022 (USD Million)
Table 94 Indonesia: Marine Coatings Market Size, By Resin,2015—2022 (Million Liter)
Table 95 Malaysia: Marine Coatings Market Size, By Resin,2015—2022 (USD Million)
Table 96 Malaysia: Marine Coatings Market Size, By Resin,2015—2022 (Million Liter)
Table 97 India: Marine Coatings Market Size, By Resin, 2015—2022 (USD Million)
Table 98 India: Marine Coatings Market Size, By Resin, 2015—2022 (Million Liter)
Table 99 Middle East & Africa: Marine Coatings Market Size, By Country,2015—2022 (USD Million)
Table 100 Middle East & Africa: Marine Coatings Market Size, By Country, 2015—2022 (Million Liter)
Table 101 Middle East & Africa: Marine Coatings Market Size, By Product Type, 2015—2022 (USD Million)
Table 102 Middle East & Africa: Marine Coatings Market Size, By Product Type, 2015—2022 (Million Liter)
Table 103 Middle East & Africa: Marine Coatings Market Size, By Application, 2015—2022 (USD Million)
Table 104 Middle East & Africa: Marine Coatings Market Size, By Application, 2015—2022 (Million Liter)
Table 105 Middle East & Africa: Marine Coatings Market Size, By Resin,2015—2022 (USD Million)
Table 106 Middle East & Africa: Marine Coatings Market Size, By Resin,2015—2022 (Million Liter)
Table 107 UAE: Marine Coatings Market Size, By Resin, 2015—2022 (USD Million)
Table 108 UAE: Marine Coatings Market Size, By Resin, 2015—2022 (Million Liter)
Table 109 South Africa: Marine Coatings Market Size, By Resin,2015—2022 (USD Million)
Table 110 South Africa: Marine Coatings Market Size, By Resin,2015—2022 (Million Liter)
Table 111 South America: Marine Coatings Market Size, By Country,2015—2022 (USD Million)
Table 112 South America: Marine Coatings Market Size, By Country,2015—2022 (Million Liter)
Table 113 South America: Marine Coatings Market Size, By Product Type,2015—2022 (USD Million)
Table 114 South America: Marine Coatings Market Size, By Product Type,2015—2022 (Million Liter)
Table 115 South America: Marine Coatings Market Size, By Application,2015—2022 (USD Million)
Table 116 South America: Marine Coatings Market Size, By Application,2015—2022 (Million Liter)
Table 117 South America: Marine Coatings Market Size, By Resin,2015—2022 (USD Million)
Table 118 South America: Marine Coatings Market Size, By Resin,2015—2022 (Million Liter)
Table 119 Brazil: Marine Coatings Market Size, By Resin, 2015—2022 (USD Million)
Table 120 Brazil: Marine Coatings Market Size, By Resin, 2015—2022 (Million Liter)
Table 121 Market Ranking of Key Players, 2016
Table 122 New Product Launches, 2013—2017
Table 123 Expansions, 2013—2017
Table 124 Mergers & Acquisitions, 2013–2017
Table 125 Partnerships, 2013—2017


List of Figures (28 Figures)

Figure 1 Marine Coatings Market: Research Design
Figure 2 Marine Coatings Market: Data Triangulation
Figure 3 Epoxy to Be the Leading Resin Segment of Marine Coatings
Figure 4 Cargo Ships to Be the Dominant Application of Marine Coatings
Figure 5 Antifouling to Be the Fastest-Growing Product Type of Marine Coatings
Figure 6 India to Be the Fastest-Growing Marine Coatings Market
Figure 7 APAC Dominated the Marine Coatings Market In 2016
Figure 8 Growth Opportunities In Marine Coatings Market
Figure 9 China Led the Market In APAC
Figure 10 Cargo Ships Was the Largest Application of Marine Coatings In 2016
Figure 11 Anti-Corrosion to Be the Largest Product Type of Marine Coatings
Figure 12 Factors Governing the Marine Coatings Market
Figure 13 Marine Coatings Market: Porter’s Five Forces Analysis
Figure 14 Polyurethane-Based Marine Coatings to Register the Highest Cagr
Figure 15 Antifouling Coatings to Register the Highest Cagr
Figure 16 Passenger Ships to Be the Fastest-Growing Application of Marine Coatings
Figure 17 APAC to Be the Fastest-Growing Marine Coatings Market
Figure 18 Companies Adopted New Product Launches as the Key Growth Strategy Between 2013 and 2017
Figure 19 Ppg Industries Corporation: Company Snapshot
Figure 20 Akzonobel.: Company Snapshot
Figure 21 Sherwin-Williams: Company Snapshot
Figure 22 Hempel: Company Snapshot
Figure 23 Jotun: Company Snapshot
Figure 24 Chugoku Marine Paints: Company Snapshot
Figure 25 Nippon Paint: Company Snapshot
Figure 26 Axalta: Company Snapshot
Figure 27 BASF Coatings: Company Snapshot
Figure 28 Kansai Paint: Company Snapshot

The marine coatings market is projected to grow from USD 3.31 Billion in 2017 to USD 3.93 Billion by 2022, at a CAGR of 3.50% during the forecast period from 2017 to 2022. The increase in the overall international trade has resulted in the increased use of sea routes for carrying out trade activities across the globe. This has led to rise in the number of bulk carriers, container ships, and general cargo ships being manufactured across the globe, thereby widening the scope of the marine coatings market. In addition, the increasing demand for marine coatings from emerging economies such as China and South Korea is expected to fuel the growth of the marine coatings market across the globe.

The marine coatings market has been segmented based on resin, product type, application, and region. Among resins, the epoxy segment is expected to lead the marine coatings market during the forecast period, in terms of value. The growth of this segment of the market can be attributed to the outstanding chemical and water resistance offered by epoxy marine coatings. Moreover, these coatings are also extremely durable and have excellent adhesion to a variety of substrates.

Based on product type, the marine coatings market has been segmented into anti-corrosion coatings, antifouling coatings, and others. The antifouling coatings segment of the market is projected to grow at the highest CAGR between 2017 and 2022, in terms of value. The growth of the antifouling coatings segment of the marine coatings market can be attributed to the capability of these coatings to reduce the growth of organisms on the underwater hull of the marine vessels. These antifouling coatings also help in reducing the fuel consumption by marine vessels, which subsequently results in reducing harmful emissions.

Based on application, the marine coatings market has been classified into cargo ships, passenger ships, boats, and others. The passenger ships segment of the marine coatings market is projected to grow at the highest CAGR between 2017 and 2022, in terms of value. The growing coastal and maritime tourism across the globe is contributing significantly to the growth of the shipping industry in the North American and European regions.

The marine coatings market has been studied in North America, Europe, Asia Pacific, South America, and the Middle East & Africa. The Asia Pacific region is the largest market for marine coatings and is expected to continue leading the market till 2022. The growth of the Asia Pacific marine coatings market can be attributed to the recognition of countries such as China, Japan, South Korea, India, Vietnam, and Indonesia as ship manufacturing hubs.

Marine Coatings Market

The requirement of making significant investments in R&D activities for developing new marine coatings due to the ongoing developments and modifications in technologies employed for manufacturing marine coatings make the entry of new players in the market difficult. Fluctuating prices of raw materials adversely impact the overall cost of production incurred by the manufacturers of marine coatings. Increasing environmental regulations also pose a challenge for the growth of the marine coatings market across the globe.

New product launches and expansions have been the major developmental strategies adopted by the key players operating in the marine coatings market between 2013 and 2017. Companies such as PPG Industries (US), AkzoNobel (Netherlands), Hempel (Denmark), Sherwin-Williams (US), Jotun (Norway), have adopted these strategies to enhance their product offerings and customer base as well as gain a competitive edge over their peers in the market. These companies are also focusing on investing in R&D activities to introduce new and cost-effective materials to keep up with the changing consumer needs.

To speak to our analyst for a discussion on the above findings, click Speak to Analyst

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