The report “Marine Coatings Market by Resin (Epoxy, Alkyd, Polyurethane), Product Type (Anti-Corrosion Coatings, Antifouling Coatings), Application (Cargo Ships, Passenger Ships, Boats), Region – Global Forecast to 2022”, is projected to reach USD 3.93 billion by 2022, at a CAGR of 3.50% from 2017 to 2022. The marine coatings market has been propelled primarily by huge demand in APAC supported by the liberalization of foreign trade and investments and rapid industrialization (such as in China over the past three decades) triggered by changes in industrial policies. Other factors such as mounting losses due to corrosion and modernization of infrastructure are also expected to drive the market. On the other hand, increasing saturation in key markets such as Europe and North America, and stringent environmental regulations are the challenges for the market.
Some of the prominent key players are:
· PPG Industries (US)
· AkzoNobel (Netherlands)
· Hempel (Denmark)
· Sherwin-Williams (US)
· Jotun (Norway)
· Chugoku Marine Paints (Japan)
· Nippon Paint (Japan)
· Kansai Paint (Japan)
· Axalta (US)
· BASF Coatings (Germany)
Opportunities: Increasing demand from the oil & gas industry
The oil & gas industry is steadily growing as it is continuously redefining the production possibilities. Technological innovation has made it possible to extract fossil fuels that were not accessible just a decade or two ago. Oil & gas companies are moving to deep water and ultra-deep water for finding new oil & gas reserves. The Gulf countries, however, have the largest crude oil reserves. There are opportunities for rising import and export of crude oil, LNG, and chemicals between countries involving the usage of large ships and vessels, such as crude, LNG, LPG, and chemical, and other carriers. This growth will automatically lead to an increase in the demand for marine coatings in the construction of large ships and vessels during the forecast period.
Among resins, the polyurethane segment of the marine coatings market is projected to grow at the highest CAGR during the forecast period, in terms of value.
Among resins, the polyurethane segment of the marine coatings market is projected to grow at the highest CAGR from 2017 to 2022, in terms of value. Polyurethane is versatile and environment-friendly, available in a wide range with different degrees of rigidity and solid content; it also provides superior properties such as corrosion resistance, abrasion resistance, impact strength, and low-temperature flexibility that influence their use in many applications. Polyurethane can be formulated into a compliant coating for many different substrates due to its zero-to-low VOC content.
The Asia Pacific marine coatings market is projected to grow at the highest CAGR during the forecast period, in terms of value.
The marine coatings market has been studied in North America, Europe, Asia Pacific, South America, and the Middle East & Africa. APAC is the largest and the fastest-growing marine coatings market. It is projected to register the highest CAGR during the forecast period and offer significant growth opportunities to the marine coatings market players. The demand for oil and gas has increased in tandem with the rapid urbanization and industrialization. This has, in turn, fueled the demand for large cargo vessels, thereby, increasing the demand for marine coatings in the region.
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