Marine coatings market to depict significant gains globally

11:46 AM, 22nd January 2021
- According to UNCTAD report of 2019, world seaborne trade observed a major volume hike of 11 billion in 2018, and is expected to rise further in the years to come.

The global marine coatings market has been witnessing substantial proceeds over the past few years owing to the mounting seaborne trade worldwide. According to UNCTAD report of 2019, world seaborne trade observed a major volume hike of 11 billion in 2018, and is expected to rise further in the years to come. This prolific rise also demands regular maintenance and monitoring of ships and tanks being used for these trades, thereby driving the adoption of marine coatings.

Marine coatings are protective coating used in the marine industry to shield ships, vessels, tankers, and other materials from being corroded from saline water. Another fundamental factor supporting the growing statistics of marine coatings market is the expanding marine infrastructure and demand for eco-friendly marine coatings globally. The demand for marine coatings is quite high across the APAC region, attributed to the thriving shipbuilding industry. Moreover, feasibility of cheap and skilled labor and robust presence of shipbuilding manufacturers have added to the product adoption across the region.

The expansive demand for these coatings is rather evident from the latest instance of Nippon Paint. Recently, an LNG carrier operator, Gaslog Limited has reportedly announced opting for advanced Nippon Paint Marine hull coating as a part of its recent drydocking program.

Although the industry is unleashing phenomenal gains globally, the current scenario of COVID-19 pandemic has already laid a negative impact on the marine coatings market as manufacturers and contractors face umpteen challenges to suffice the growing demands.

Expansion of marine trade activities

The world is witnessing a substantial rise in seaborne import and export owing to favorable economic conditions and supportive government policies. Various companies are preferring seaborne transportation for the shipment of goods and other products through cargo vessels. These huge cargo vessels not only facilitate cost-effective and safe transportation but carry shipments in large volume. In order to maintain the operational efficiency of these vessels, marine coatings are widely utilized.

Importance of lowering fuel consumption

The importance of fuel efficiency in marine transportation will drive market developments. Marine coating plays a vital role in optimizing fuel efficiency by reducing frictional resistance and subsequently other hand it also helps in lowering CO2 emissions. To encourage companies to produce coatings with low VOC emission levels, stringent regulations have been set by the US Environmental Protection Agency (EPA) and European Union.

Consistent need for antifouling coating

Based on the product, marine coatings are categorized into foul-release, anti-corrosion and antifouling coatings. The anti-corrosion coating sector will experience significant growth at above 6 percent CAGR in the coming years. These coatings area expected to contribute nearly 45 percent of the global volume share by 2024. Anti-fouling facilitates minimizing the harmful effect of marine biofouling.

Robust shipbuilding industry in Asia Pacific

Asia Pacific region is projected to lead the global marine coatings industry by surpassing $12 billion in annual valuation by 2024. Countries such as South Korea, China, and Japan are prominent shipbuilding nations. With the presence of notable manufacturers, huge investments, and ideal economic conditions, the regional market is expected to grow in the coming years.

Prominent companies of the market include KCC Corporation, AkzoNobel, PPG Industries Inc, Hempel A/S, The Sherwin-Williams Company, RPM International Inc, Nippon Paint, DuPont Coatings & Color Technologies, Chugoku Marine Paints Ltd, BASF Coatings GmbH and some others.

Marine Coatings market size by product (anti-fouling, anti-corrosion, foul release), by application (coastal, containers, deep sea, leisure boats, offshore vessels) industry analysis report, regional outlook, growth potential, price trends, competitive market share & forecast, 2017 – 2024 in detail on the link:

© Worldofchemicals News

Contact Info:

Arun Hegde
Corporate Sales, USA
Global Market Insights Inc.
Phone: 1-302-846-7766
Toll Free: 1-888-689-0688



Your Comments (Up to 2000 characters)
Please respect our community and the integrity of its participants. WOC reserves the right to moderate and approve your comment.

Related News

Sustainability quotient in personal care ingredients—surfactants to thrive in the mix

The global personal care ingredients industry is changing robustly and creating a new playing field. Cosmetic preferences have transcended to green pr ...

Read more
Discovering plants' roadblock to specialty oil production

Hundreds of naturally occurring specialty fatty acids (building blocks of oils) have potential for use as raw materials for making lubricants, plastic ...

Read more
Lab on a Chip test can detect COVID-19 antibodies faster than current methods

A new antibody test being developed by SMU researchers has the potential to detect the presence of antibodies generated in response to COVID-19 faster ...

Read more
AkzoNobel supplies powder coatings for large-scale water pipeline in China

AMSTERDAM, THE NETHERLANDS: A major infrastructure project in China which is using powder coatings on the interior of potable water pipes has specifie ...

Read more
Top 3 trends favoring liquid nitrogen market outlook through 2025

The demand for liquid nitrogen is anticipated to touch new high as food & beverage businesses continue to record rapid growth. Liquid nitrogen or ...

Read more
Focus on natural flavor & fragrance additives to foster mesifurane market

Flavour is among the key drivers for food & beverage purchase decisions. The use of myriad flavoring & fragrance additives such as mesifurane, ...

Read more uses cookies to ensure that we give you the best experience on our website. By using this site, you agree to our Privacy Policy and our Terms of Use. X