The report "Marine Coatings Market by Resin (Epoxy, Alkyd, Polyurethane), Product Type (Anti-Corrosion Coatings, Antifouling Coatings), Application (Cargo Ships, Passenger Ships, Boats), Region - Global Forecast to 2022", is projected to reach USD 3.93 billion by 2022, at a CAGR of 3.50% from 2017 to 2022.
Browse 125 market data Tables and 28 Figures spread through 142 Pages and in-depth TOC on "Marine Coatings Market by Resin (Epoxy, Alkyd, Polyurethane), Product Type (Anti-Corrosion Coatings, Antifouling Coatings), Application (Cargo Ships, Passenger Ships, Boats), Region - Global Forecast to 2022"
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The marine coatings market has been propelled primarily by huge demand in APAC supported by the liberalization of foreign trade and investments and rapid industrialization (such as in China over the past three decades) triggered by changes in industrial policies. Other factors such as mounting losses due to corrosion and modernization of infrastructure are also expected to drive the market. On the other hand, increasing saturation in key markets such as Europe and North America, and stringent environmental regulations are the challenges for the market.
Among resins, the polyurethane segment of the marine coatings market is projected to grow at the highest CAGR during the forecast period, in terms of value.
Among resins, the polyurethane segment of the marine coatings market is projected to grow at the highest CAGR from 2017 to 2022, in terms of value. Polyurethane is versatile and environment-friendly, available in a wide range with different degrees of rigidity and solid content; it also provides superior properties such as corrosion resistance, abrasion resistance, impact strength, and low-temperature flexibility that influence their use in many applications. Polyurethane can be formulated into a compliant coating for many different substrates due to its zero-to-low VOC content.
Among product type, the antifouling coatings segment of the marine coatings market is projected to grow at the highest CAGR during the forecast period, in terms of value.
Antifouling marine coatings are applied to boats, yachts, shipping vessels, drilling rigs, and other onshore vessels to reduce the growth of organisms on the underwater hull of the vessels. These coatings prevent the corrosion of the metal hull and improve the durability and performance of the vessel. Antifouling paints & coatings provide lifetime benefits to the ship. Antifouling coatings are also being widely used for their ability to prevent the build-up of organic matter on ship hulls, improve fuel efficiency, and decrease emissions.
Among applications, the cargo ships segment accounted for the largest share of the marine coatings market in 2016, in terms of value.
Based on application, the cargo ships segment accounted for the largest share of the marine coatings market in 2016, in terms of value. Cargo ships have not only led to increased exports but have also resulted in a reduced cost of goods. According to Herald Publications, countries such as China have 47% of their goods and passenger traffic on the water. Korea and Japan have 43% and 44%, respectively, of their goods and passenger traffic on the water. In the European countries, 40% of goods and passenger traffic is on water. The cost of transportation through water is substantially lesser than what it is through other modes.
The Asia Pacific marine coatings market is projected to grow at the highest CAGR during the forecast period, in terms of value.
The marine coatings market has been studied in North America, Europe, Asia Pacific, South America, and the Middle East & Africa. APAC is the largest and the fastest-growing marine coatings market. It is projected to register the highest CAGR during the forecast period and offer significant growth opportunities to the marine coatings market players. The demand for oil and gas has increased in tandem with the rapid urbanization and industrialization. This has, in turn, fueled the demand for large cargo vessels, thereby, increasing the demand for marine coatings in the region.
Key players operating in the marine coatings market include 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).
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