DUBLIN, Nov. 20, 2014 /PRNewswire/ -- Research and Markets has announced the addition of the "Marine Coatings Market by Type and Based on Chemistry - Global Trends & Forecasts to 2019" report to their offering.
The marine coatings market is projected to register a CAGR of 8.9% between 2014 and 2019 to reach $10.4 billion in terms of value.
Marine coatings are specifically formulated to protect and restore all surfaces of marine craft from salt water and air as well as UV degradation from the sun. They protect metals, such as stainless steel, brass, copper, and chrome from oxidization, corrosion, and staining, above and below deck. They also protect marine ships, vessels, and structures from fouling. Without anti-fouling coatings, it takes about 60 seconds until unwanted organisms begin to settle on the ship hull. Consequently, marine coatings have to be highly corrosion-resistant and must prevent the fouling of ship structure especially below the waterline. Legislation, environment-friendliness, and costumer demands challenge the coatings formulator these days.
The global market by type is broadly segmented into anti-corrosive, anti-fouling, and other marine coatings. The anti-corrosive segment accounted for the largest size of the market and is projected to grow at the highest CAGR between 2014 and 2019, in terms of volume. Anti-corrosive marine coatings are slated for high growth due to their favorable cost and enhanced performance. The global anti-fouling market is witnessing a CAGR of more than 6% during the period of study. The need to lower fuel consumption is a strong market driver for anti-fouling marine coatings and applied to ships' hulls offer a way to combat emissions and reduce fuel consumption.
The marine coatings based on chemistry are epoxy, polyurethane, and others. Epoxy accounted for the largest share of the market in 2013, in terms of volume; while the market share for polyurethane-based marine coatings in 2013, in terms of volume, was 19%.
Asia-Pacific dominated the marine coatings market followed by EMEA (Europe and Middle East & Africa). Robust growth in the ship building industry and offshore engineering are likely to boost the consumption of marine coatings and fuel its market in Asia-Pacific. The increasing maintenance of vessels and repair at sea from wear and tear, as well as new ship manufacturing are expected to be primary drivers for this market. China, South Korea, and Japan are the leading consumers in the Asia-Pacific region. These three countries accounted for more than 80% of the overall consumption in Asia-Pacific in 2013. Thailand and Singapore are also emerging markets in the industry. However, the strict environmental regulations could pose a challenge to the growth of this market.
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Industry Trends
6 Market Overview
7 Marine Coatings Market, By Type
8 Marine Coatings Market, Based On Chemistry
9 Regional Analysis
10 Competitive Landscape
11 Company Profiles
- Akzonobel N.V.
- BASF Se
- Chugoku Marine Paints Ltd.
- Hempel A/S
- Jotun A/S
- Kansai Paint Co. Ltd
- Nippon Paint Holdings Co. Ltd
- PPG Industries Inc.
- The Sherwin-Williams Company
For more information visit http://www.researchandmarkets.com/research/j9bmhc/marine_coatings
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SOURCE Research and Markets