Marine coatings market to garner robust returns by 2024, expanding shipbuilding sector to stimulate the regional industry landscape
Sellbyville, DE -- (SBWIRE) -- 06/16/2020 -- As per the research report by Global Market Insights, Inc. Marine coatings market is slated to surpass $15 billion by 2024. rising shipbuilding sector to stimulate the regional industry landscape.
Owing to extensive an application landscape, anti-fouling coatings are expected to account for a major share of the marine coatings market revenue over 2016-2024. Since ships are prone to damage caused by growth of subaquatic organisms on its hull, it is mandatory to use anti-fouling agents on ships and to regularly re-apply coats of anti-fouling paints and coatings to make sure that the ship remains protected from physical and chemical damage. Remarkably, in 2015 anti-fouling coatings accounted for 40% share of the global marine coatings market.
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Anti-corrosion coatings that essentially prevent the hull from being vulnerable to rust will also garner a significant market share. Indeed, it is anticipated the after being pegged at $3 billion in 2015, anti-corrosion marine coatings market will register a 6% CAGR over 2016-2024.
In 2015, marine coatings market size from coastal vessels was pegged at over $3 billion. Continuous manufacturing and overhauling procedures of tugs, offshore supply boats, dredgers, cargo ferries, passenger boats, defense ships, coasters and fishing vessels will help augment the marine coatings industry from coastal applications, claim sources.
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
3. KCC Corporation
4. Hempel A/S
5. Chugoku Marine Paints, Ltd
6. Nippon Paint
7. Kansai Paint Co.,Ltd
8. RPM International Inc.
10. PPG Industries
11. MCU Technologies Africa
15. Katradis Marine Ropes Industry SA
16. Baril Coatings
Considering the product landscape, the report offers an overview of the products across the marine coatings market, categorized into Anti-fouling, Anti-corrosion, and, Foul release in terms of market share, segment valuation, current and projected growth rate, development trends, and performance of the segment on the overall market.
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Based on the application spectrum, the research report bifurcates the segment into Coastal, Containers, Deep Sea, Leisure Boats, and, Offshore Vessels. It provides minute details on the growth drivers, current and predicted marine coatings market share, expected segment valuation, individual segmental growth rate, and much more.
The demand for leisure boats is expected to witness a surge in North American and Western European countries as the economy returns to pre-recession levels and consumer purchase parity in these countries begins to increase significantly.
Almost two-third of the overall share of the global marine coatings market has however been garnered from Asia Pacific in 2015 as the shipbuilding industry in countries like Japan, China, South Korea and Philippines has augmented the demand for marine coatings in this region.
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