“Latest Market Overview for Marine Coatings Market Research Report 2018-2023 with CAGR 2.28%
Global Marine Coatings Market Report 2018 provides actionable intelligence on factors that have been driving demand; key trends that are impacting the Marine Coatings market; challenges that affect the market dynamics along with the market size, a SWOT analysis of the key vendors, and various segments.
Competitor Analysis: by product types, market share, applications, sales, and revenue.
- PPG Industries
- Chugoku Marine Paints Ltd.
- Nippon Paint Marine Coatings Co. Ltd.
- and other players include Axalta Coating Systems
- Pettit Marine Coatings
- BASF SE
- Engineered Marine Coatings
- Boero Bartolomeos.P.A
- RPM International Inc.
- Kainsai Paint Marine Co. Ltd.
- Wacker Chemie AG
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Description of Marine Coatings Market: The global marine coatings market is expected to reach a value of USD 5348.89 million, at a CAGR of 2.28% during the forecast period, 2018-2023. The major factor driving the growth of the market is the growing ship building industry in the Asia-Pacific region, along with the increasing production rates of leisure boats and cruise ships around the world.
Increasing Production Activities in the Marine Industry
Coatings are used for both interior and exterior purposes on yachts and other leisure boats. A significant share of demand comes from the coatings used for yachts. Yacht coatings are available in different variants, such as premium topcoats, high-build surfaces, various protective primers, finishing primers, and antifouling paints. Further, interior topcoats and wood coatings are used in yachts and other boats as well. In addition, cruise travelling has outpaced the general leisure travelling segment with the global cruise passengers estimated to be around 25.8 million and projected to grow to 27.2 million in 2018, according to Cruise Lines International Association (CLIA). This growth is anticipated to continue further, which, in turn, is expected to create a surge in the demand for coatings used for repair and maintenance purposes. Also, it is estimated that 27 ships, for river and ocean cruising purposes, would be coming by the end of 2018, thus, increasing the consumption of marine coatings used for OEM purposes as well.
Epoxy Coatings are the Dominant Type
Epoxy coatings have the largest share of all the resin types available in the global marine coatings market. Epoxy coatings are used during shipbuilding, maintenance, and repairs on multiple parts of the ship, such as underwater hulls, ballast tanks, cargo tanks or holds, decks, topsides, and superstructures, among other parts. Epoxy coatings are majorly used as primers and topcoats. Owing to their convenience to recoat, bonding ability with different materials and moisture-resistant nature, these coatings are effectively used for applications involving corrosion-resistivity. In addition, epoxy coatings possess superior properties
China Facing a Slowdown in Demand
China accounts for the largest share of marine coatings in the Asia-Pacific region, with over 35% of the market share. This can be attributed to lower costs and technological advances and workmanship levels in the country. Also, China is witnessing most number of dry dockings. The recent decline in the shipbuilding industry, along with the slowdown of Chinese economy, is a roadblock to the growth of the marine coatings market in the country. Oversupply of ships in the industry has disturbed the ship building industry in China. The government has been trying to cut on subsidizing overcapacity, which, in turn, would have an impact on the marine OEM coatings for new ships. Another key factor is the increasing strictness of regulations in China over the years. These regulations, with short notice times for implementation are giving a tough time to coating manufacturers, due to increasing costs of testing of new products and raw materials involved.
Reason to purchase the Report
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The Global demand for Marine Coatings Market is forecast to report strong development driven by consumption in major evolving markets. More growth opportunities to come up between 2018 and 2025 compared to a few years ago, signifying the rapid pace of change.
Following market aspects are enfolded in Global Marine Coatings Market Report:
- A wide summarization of the Global Marine Coatings Market.
- The present and forecasted regional market size data based on applications, types, and regions.
- Market trends, drivers and challenges for the Global Marine Coatings Market.
- Analysis of company profiles of Top major players functioning in the market.
Marine Coatings Market report passes on a fundamental overview of the Market including its definition, applications, and advancement. Furthermore, the Industry report investigates the ecumenical Major Marine Coatings Market players in detail. Marine Coatings Market report gives key bits of Cautiousness and subsisting status of the Players and is a basic Source obviously and heading for Companies and people energized by the Industry.
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Which are the important factors that are mentioned in the Marine Coatings Market report 2023?
- Key Market Dynamics: The Global Marine Coatings Market research report provides complete forecasts on the latest market trends, development methods, and research methodologies. Some of the factors that are directly in affecting the market including the Strategic Production and Methods, development platforms, and the product model itself, and even a minute change within the product profile would result in huge amount of changes within the mentioned factors. All of these factors are explained in detail in the research study.
- Major Growth Prospects:The report also focuses on some of the Key growth prediction, including new product launches, Mergers and Acquisitions, Research and Development, joint ventures, collaborations, agreements, partnerships, and growth of the key Manufacturers working effectively in the market, both in terms of regional and global scale depending on geography.
- Key Market Highlights: The report gives us an in-depth Market analysis on some of the Marine Coatings Market key factors, including revenue, cost, capacity, capacity utilization rate, production, production rate, consumption, supply, demand, Market share, CAGR, and gross margin. Additionally, the report presents a comprehensive study of the market growth factors and their latest trends, along with related Market sections and subsections.
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The growth of this market worldwide is subjected to various factors; including consumer world-class Marine Coatings Market of many Marine Coatings Market products, inorganic company growth models, price volatility of raw materials, product innovation along with economic prospects in both producer and consumer countries.
Conclusively, this report will provide you a clear view of each fact of the market without a need to refer to any other research report or a data source. Our report will provide you with all the facts about the past, present, and future of the concerned Market.
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