ALBANY, New York, October 23, 2017 /PRNewswire/ --
At the forefront of driving demand in the global marine coatings application, is their deep-sea application which protects ships from harsh weather conditions and improves their appearance. "The marine industry comprises of bulk tankers and carriers, cargo ships, cruise ships and container ships. Marine coatings play a crucial role in increasing fuel efficiency of vessels and hence bring down fallout on the environment. The new shipbuilding industry has been experiencing sluggish growth of late. However, rising demand for marine coatings during ship repair and maintenance activities is likely to boost market growth during the forecast period," explains the lead analyst of the TMR report.
As per a report by Transparency Market Research, the global marine coatings market will, in probabilities, expand at a CAGR of 6.1% between 2017 and 2025. Rising at this pace, the market which was worth US$8.53 bn in 2015, is predicted to reach a value of US$14.52 bn by 2025.
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Focus of Product Development Positively Influence Market
The ever expanding oil and gas industry, more extensive usage of coatings to make sure the long-term security of the marine assets, and the enforcing of the IMO ballast tank coating norms, have all contributed significantly to the global marine coatings market. Further, customer preference and strict government policies regarding eco-friendly products is lending a considerable hand in boosting product innovation. Researchers and manufacturers are now focusing on developing anti-fouling metal-free coating which will not negatively impact the marine life. However, slow growth of the ship building industry is expected to be a restraining factor for the growth of the overall market.
Some of the key products in the global marine coatings market are anti-fouling coatings, foul release coatings, anti-corrosion coatings, etc. The anti-fouling coatings, among them, which provide protection to vessels and ships from fouling organisms and slime, accounted for a leading share in the market in 2016. Rise in ship repair and maintenance activities that require anti-fouling coatings is expected to stoke their demand in the near future.
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Asia Pacific, Latin America, North America, Europe, and the Middle East and Africa are some of the key regions in the global marine coatings market. Of them, Asia Pacific dominates the global marine coating market in terms of volume and value. In 2016, it held over 60% value share of the market. Powered by shipbuilding activities in China, Japan, and South Korea, the market in the region is predicted to maintain its leading position in the years ahead too.
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The global marine coatings market, which is consolidated on account of a handful of top players accounting for a significant share in it, has been growing at a healthy clip - a trend it is likely to retain in the near future as well. Keen players in the market are focused on product development and usually bank upon a wide array of products to cater to the specific demands of the client.
Some of the prominent players in the global marine coatings market are Akzo Nobel N.V., PPG Industries Inc., Jotun A/S, Hempel A/S, Chugoku Marine Paints Ltd., and Sherwin-Williams Company.
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company's exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR's experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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SOURCE Transparency Market Research