The global marine coatings market size is expected to gain momentum owing to the increasing demand for the shipbuilding industry during the forecast period. This information is published by Fortune Business Insights™ in an upcoming report, titled, “Marine Coatings Market, 2021-2028.” With the expansion in infrastructure and building projects in emerging nations, the increasing need for elevated coating is driving the market growth. Furthermore, marine coating reduces friction and increases the life of maritime equipment, and the continuous need for repair and maintenance is propelling the market forward. For instance, in August 2021, Jotun Paints UAE attended the World Sustainable Business Forum, which was co-hosted by Gulf News and the International Federation of the Indo-Israel Chambers of Commerce (IFIICC). According to Corporate Knights, a Toronto-based sustainable business journal, the world’s most sustainable firms are often Nordic, according to the Global 100 Index in 2020.
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Supply Chain Disruption to Hamper Growth
COVID-19 has also altered supply chains and raw material procurement throughout the epidemic. Nations and individual terminals inside countries have swiftly closed and reopened, affecting the areas where coatings are required. Furthermore, raw material supply networks have been highlighted throughout this epidemic.
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By product type, the market is segmented into anti-corrosion coatings, anti-fouling coatings, and others. On the basis of application, the market is segregated into cargo ships, passenger ships, boats, submarines, service ships, offshore vessels, and others. Finally, by geography, the market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
What does the Report Offer?
The report includes the recent activities and market situation of the market size to comprehend the existing prospects and possible investment pockets. The report elucidates the major drivers, constraints, and opportunities and their thorough effect evaluations.
Drivers & Restraints-
Increasing Popularity of Eco-Friendly Products to Stimulate Growth
The global marine coatings market growth is expected to grow due to the rising environmental concerns during the projected period. An increase in customer desire for environmentally friendly products is a significant driver in the worldwide marine industry. Customers’ preferences for environmentally friendly products are shifting due to rising environmental legislation and limitations, putting pressure on producers to adopt eco-friendly items. This is projected to fuel growth during the predicted period. The majority of the main players now provide silicone-based foul-release solutions. In big container ships that consume a lot of fuel, foul-release technology leads to long-term fuel savings. The desire to reduce fuel usage is a significant market driver. As a result, businesses are investing in the development of environmentally friendly products.
Increasing Sea Trade Activities to Promote Growth in Asia Pacific
Asia Pacific is expected to hold the largest global marine coatings market share during the forecast period. This is due to rising sea trade and increasing oil & gas exploration activities. The region’s market development may be ascribed to the growing demand for marine coatings from nations such as China, India, and South Korea.
North America is expected to have a sizable share of the market. This is due to the region’s developing maritime and oil and gas sectors and growing exports and imports.
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Increasing Number of Mergers to Create Opportunities for Market Growth
The report examines the market and provides information on the goods supplied by major players. To enhance their market position, manufacturers are creating novel marine coatings with reduced volatile organic compounds. They are collaborating with ship dealers in order to increase their industrial footprint. Mergers are anticipated to be a significant strategy for businesses looking to broaden their brand portfolios and extend their market reach. Furthermore, this marine coatings market study report discusses emerging trends and challenges that will impact market growth.
- September 2019: Hempaguard MaX, a fouling protection hull coating product from Hempel, has been introduced. It is suited for all vessel types and stays fully effective in both warm and cold water and a slow and regular pace – even after up to 120 days of inactivity. An anti-corrosive primer is included in the coating system.
List of Key Players Profiled in the Global Market for Marine Coatings:
- Hempel A/S
- AkzoNobel N.V.
- Nippon Kansai Paint Co.
- Axalta Coating Systems
- Jotun A/S
- KCC Corporation
- Baril Coatings
- MCU Coatings
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