Transparency Market Research (TMR) has recently published a study on the global marine coatings market and projected the market to rise at a healthy CAGR of 6.50% during the period from 2014 and 2020. The market is expected to increase from a value of US$7.7 bn in 2013 to an estimated value of S$11.9 bn by the end of the forecast period.The research report is titled, “Marine Coatings Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020.”
Marine coatings are protective coatings utilized mostly in the aquatic ecosystem to protect ships, yachts, tankers, vessels, and other objects from being corroded and abraded. Due to their specific properties, these coatings are capable of providing superior protection to the surfaces to which they are applied. In recent times, the demand for marine coatings has increased significantly owing to the rapid expansion of the maritime industry across the world.
In this report, the global marine coatings market has been studied on the basis of its regional distribution, the application of marine coatings, and the products available in this market.
On the regional basis, the global market for marine coatings has been segmented into Asia Pacific, Europe, North America, and the Rest of the World. In terms of demand, Asia Pacific led the global market with a share of more than 64% in 2013. The rise in the shipbuilding industry in Asia countries such as Japan, South Korea, and China has propelled the marine coatings market in Asia Pacific.
Europe accounted for the second position in the overall market in 2013. The increasing demand for these coatings in ship repairing and maintenance has boosted the Europe marine coatings market significantly over the past few years.
Over the forecast period, the report expects the North America marine coating market to experience sluggish growth, whereas, the Rest of the World market is likely to register a significant rise owing to the rapid increase in the marine industries in Saudi Arabia, Brazil, and South Africa, notes the research study.
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Based on the products, the report has segmented the global marine coating market into anti-corrosion coatings, antifouling coatings, foul release coatings, and products such as self-cleaning coatings. The antifouling coatings segment has been leading the overall market since last few years and the trend is likely to continue over the forecast period.
By application, the market has been segmented into containers, leisure boats, deep sea, offshore vessels, coastal objects, and other application areas such as icebreakers. The coastal application segment has led the worldwide market in 2013 and is projected to register the fastest growth over the forecast period, states the research report.
The Sherwin-Williams Co., RPM International Inc., PPG Industries Inc., Nippon Paint, KCC Corp., Kansai Paint Co. Ltd., Jotun A/S, Hempel A/S, Chugoku Marine Paints Ltd., and AkzoNobel N.V. are the key participants in the global marine coatings market, profiled in this study.
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