ALBANY, New York, June 3, 2019 /PRNewswire/ -- The global marine coatings market features a highly consolidated market landscape with a small number of players holding a major share, reports Transparency Market Research. Prominent players in the global marine coatings market comprise Akzo Nobel N.V., Chugoku Marine Paints Ltd., Hempel A/S, PPG Industries Inc. These companies are emphasizing on increasing the range of their products and are advancing the product applications to gain a strong hold in the market. Moreover, they are engaging in strategic collaborations to increase their revenue share in the market.
According to expert analysts, the global marine coatings market is poised to rise at 6.1% CAGR during the forecast period of 2017 to 2025. The market is expected to gain increment from its initial valuation of US$8.53 bn to attain the value of US$14.52 bn in 2025.
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On the basis of products, the global marine coatings market is segmented into anti-corrosion, anti-fouling, and foul release products. Of them, the anti-fouling agents segments presents the highest growth opportunities for the market's expansion. The growth of this segment is attributable to high demand from the marine sector as the use of these agents reduces the expenses of dry docking.
On the regional front, the global marine coatings market is divided into Europe, North America, Asia Pacific, Latin America, and the Middle East and Africa. Among these, Asia Pacific is anticipated to hold dominance over the market accounting for more than 60% of the market's share in 2016. The high demand for shipbuilding activities from emerging economies such as India and China.
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Increase in Need for Maintenance of Ships to Fuel Growth
There is an increase in demand for high-performance coatings due to a rise in the construction activities. Moreover, there is an incessant need for the repair of boats and ships. These factors have impacted the global marine coatings market positively, thus expanding its growth. Yet another factor promoting the market's growth in the development of environment-friendly protective coatings.
Furthermore, deterioration of weather conditions has created a need to protect the ships from harsh weather. This is one of the prominent factors fortifying the marine coatings market's growth. In addition to this, development of advanced protective coatings that offer enhanced fuel efficiency may enhance the growth prospects of the market.
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In addition to the aforementioned drivers, rise in offshore drilling activities and the need for dry docking of vessels has have presented lucrative opportunities for the market's growth. Moreover, there is a rise in federal funding which has led to an increase in the shipping trade. Besides, manufacturers are emphasizing on maintaining the aesthetic appearance of the ship, thereby encouraging the market's growth.
On the downside, there are a few bottlenecks that may confine the global marine coatings market's growth. Factors such as sluggish growth in the shipbuilding industry and environmental concerns may hamper the market's growth. Nonetheless, favorable government policies and development of eco-friendly coatings may offset the effects of the restraints.
Development of New Marine Fouling Technologies to Create Avenues
AkzoNobel has recently developed a pioneering marine fouling technology that uses UV light emitting diodes. This technology allows for the UV light to be emitted from the coating surface, thus preventing biofouling accumulation. Moreover, it uses a completely biocide-free solution that offers splendid performance and complete prevention from fouling without any environmental hazards. The development of this technology has presented numerous growth opportunities for the marine coatings market's growth.
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The study presented here is based on a report by Transparency Market Research (TMR) titled "Marine Coatings Market (Product - Anti-Fouling Coatings, Anti-Corrosion Coatings, and Foul Release Coatings; Resin - Epoxy, Silicone, and Acrylate; Marine Segment - Dry Docking and New Shipbuilding; Application - Coastal, Containers, Deep Sea, Leisure Boats, and Offshore Vessels) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017–2025."
The global marine coatings market is segmented as below:
- Foul Release
- Dry Docking
- New Shipbuilding
- Deep Sea
- Leisure Boats
- Offshore Vessels
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
- Latin America
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