Vital Insights Into the Global Marine Coatings Market | Technavio

The latest market research report by Technavio on the global marine coatings market predicts a CAGR of more than 7% during the period 2017-2021.

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Technavio has published a new report on the global marine coatings market from 2017-2021. (Graphic:  ...

Technavio has published a new report on the global marine coatings market from 2017-2021. (Graphic: Business Wire)

The report segments the global marine coatings market by type (anti-corrosion and anti-fouling marine coatings), by chemistry (epoxy and polyurethane), by application (coastal, deepsea, containers, offshore house, and leisure boats), and by geography (the Americas, EMEA, and APAC). It provides a detailed illustration of the major factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.

Here are some key findings of the global marine coatings market, according to Technavio chemicals and materials researchers:

  • Growth of shipbuilding industry: a major market driver
  • The anti-corrosion segment accounted for more than half the market share of the global marine coatings market in 2016.
  • In 2016, APAC held the highest market share of the global marine coatings market
  • Akzo Nobel, Chugoku Marine Paints, Hempel, Jotun, and PPG Industries are the leading players in the market

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Market growth analysis

Growth of the shipbuilding industry is one of the major factors driving the global marine coatings market. Post 2010, the shipbuilding industry has shown rapid growth mainly because of the growth in increasing global foreign direct investment (FDI) flows, seaborne trade, and expanding the business of multinational companies. New ship manufacturing and an increase in the repair and maintenance of old ships are the major growth drivers for the global marine coatings market.

The demand for marine paints for vessels that operate in harsh weather conditions is increasing, which is boosting the growth rate of the global marine coatings market. New shipping hubs in Vietnam, Philippines, and India will further drive the growth of the shipbuilding industry in the future. Thus, the growth of the global marine coatings market is directly related to the growth of the shipbuilding industry.

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Geographical analysis

Technavio researchers anticipate high growth in the global marine coatings market in APAC. The high growth of the shipbuilding industry and offshore engineering are likely to boost the consumption of marine coatings and enhance the marine coatings market in APAC.

According to Kshama Upadhyay, a lead analyst at Technavio for research on paints, coatings, and pigments, “China, South Korea, India, and Japan are the leading consumers in APAC. These four countries contributed to more than 80% of the overall consumption of marine coatings in APAC in 2016. Singapore and Thailand are also emerging markets in the marine coatings market.”

Competitive vendor landscape

The global marine coatings market is concentrated with a few big players such as Akzo Nobel, Chugoku Marine Paints, Jotun, Hempel, and PPG Industries dominating the market. The major players in this market invest in the R&D of new products to sustain and hold their market shares. For instance, Akzo Nobel has launched two biocide-free anti-fouling agents, which will help to improve the ship’s performance and reduce the CO2 emissions. Similarly, PPG Industries has developed a specialty coating for hulls, which has properties like abrasion and impact resistance.

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