Sellbyville, DE -- (SBWire) -- 11/02/2018 --Marine Coatings Market will reach USD 15 billion by the end of 2024 according to this new research report. One of the primary factor driving the global marine coatings market is the shipbuilding industry. With government financial backing and support, shipbuilding industry is foreseeing extensive growth in the Asia Pacific region.
India, China and other southeast Asian countries such as Philippines, Malaysia, Singapore and Vietnam have emerged as major markets in the shipbuilding industry. Compulsive product use for further enhance the quality, performance and life of the vessel will further catalyze the marine coatings market growth.
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The marine coatings market is also driven by the increasing needs for low fuel consumption which will further fuel the regular coatings demand. Consumption of fuel, covers approximately a half of the ship's total operating cost and hence needs to be looked after efficiently to boost the marine coatings industry in the future years.
Raw material price fluctuations such as copper, titanium dioxide, and oil derivatives will further slowdown the marine coatings market growth. Also, gap in demand and supply may further create hindrance for the market.
Based on the product, marine coatings market is segmented into anti-corrosion, anti-fouling, and foul release coatings as major categories. Used extensively in the overhauling and repairing activity, anti-fouling is also used during the building of new ships to resist the attachment and growth of marine organisms over the hull of the vessel as they end up hampering the performance and weakening body of the vessel. This segment holds a significant share in the marine coatings market and is likely to grow with a lucrative rate.
In 2015, the anti-corrosion coatings accounted in excess of USD 3 billion of the total marine coatings market and is likely to grow with a CAGR of over 6%. Continuous contact with saline water results in lower body corrosion of the vessel. Constant anti-corrosion coatings application helps prevent rusting and further enhances the life and productivity of the vessel.
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On the basis of application, marine coatings market is segmented into containers, coastal, off shore vessels, leisure boats and deep sea vessels. The containers segment is likely to grow with a 7% CAGR and surpass USD 2.5 billion till the end of the forecast span. The coastal applications include coasters, defense ships, offshore supplies, passenger & cargo ferries, and fishing vessels mainly. In 2015, this segment accounted for over USD 3 billion and is likely to grow with a decent CAGR.
Asia Pacific is one of the most lucrative market for shipbuilding led by countries such as China, Japan and South Korea. Being a global leader in this sector, China accounts for over a third of the global shipbuilding industry. Asia Pacific region is likely to hold a significant share in the global marine coatings market owing to countries such as China, Philippines, South Korea, Taiwan and Japan. The market in Europe and North America will also showcase healthy gains owing to huge demand for leisure boats and naval ships.
Key players operating in the global marine coatings market include BASF, DuPont, AkzoNobel, Kansai Paint, Hempel, Jotun, PPG, RPM International, Nippon Paint, Chugoku, KCC Corp, and Sherwin-Williams to name some.
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Marine Coatings Market to Surpass US$15bn by 2024 : AkzoNobel, Jotun, KCC Corporation, Hempel A/S, Sherwin Williams and Other 15 Other Companies Profile
North America is the most significant leisure boat marine coatings market and will account for more than a quarter of the overall industry by 2024.