Marine Coatings Market: was valued at USD 5.57 Billion in 2022, and it is expected to reach USD 8.52 Billion by 2029, exhibiting a CAGR of 6.24% during the forecast period (2023-2029)
Marine Coatings Market Overview:
The Marine Coatings Market study may be tailored to incorporate pricing trend analysis of target brands, Market knowledge for additional countries (ask for a list of countries), clinical trial outcomes data, literature research, refurbished Market and product base analysis, and more. Target rival Market analysis can range from technology-based study to Market portfolio strategies. We can add as many rivals as you need data on in the format and data type you like. Our analysts can also supply you with data in raw raw excel files pivot tables or help you create presentations using the data sets included in the report.
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Marine Coatings Market: Marine vehicles are equipped with marine coating. Among its many benefits, this coating improves the ships’ appearance, resilience to weather, resistance to chemicals like water and oils, and impact resistance. Sealed surfaces are protected by marine coatings from UV radiation above the waterline and corrosion and fouling below it.
Segmentation:
by Product
Anti-fouling coatings
Anti-corrosion coatings
Foul release coatings
Others
by Application
Coastal
Containers
Deep sea
Leisure boats
Offshore vessels
Others
With a revenue share of more than 25.7% in 2022, leisure boats dominated the global marine coatings market based on application. The expanding boating and water sports sectors, together with the emergence of several water clubs globally, are driving the value of the marine coatings market. According to U.S. Coast Guard data, 84.5 million Americans, or more than 25% of the population, engaged in boating activities in 2018.
Deep-sea products account for a sizable portion of the marine coatings market. Since rare earth metals are crucial to modern technology, there may be a shortage of these metals due to the world’s strong reliance on crude oil, which has led to an increase in deep sea mining and drilling operations.
by End Users
New Ships
Repair Work
Over the course of the projection period, the new ship sector by end user is anticipated to increase at the highest CAGR of 7.15%. The shipbuilding industry has benefited from increased investment and trade activity in the maritime sector. For instance, India intends to invest more than USD 40 billion by 2030 in the construction of new ports and the refurbishment of existing ports in order to increase the volume of Indian cargo that is transhipped at harbours. Furthermore, several government organisations have created initiatives to promote the exchange of goods via marine means.
by Resin
Epoxy
Alkyd
Polyurethane
Others (Acrylic, Polyester, and Fluoropolymer)
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Key Players:
The Market competitive landscape Marine Coatings gives information by competitor. Business overview, financials, revenue produced, Market potential, investment in RD, new Market efforts, worldwide presence, production sites and facilities, production capacity, company strengths and weaknesses, product launch, product width and breadth, application domination are all mentioned. The data points presented above are only linked to the firms’ concentration on the Marine Coatings sector. These are the main players-
1. PPG Industries, Inc. (US)
2. Axalta Coating Systems, LLC (US)
3. Cabot Corporation. (US)
4. Carboline Company (US)
5. General Coatings (US)
6. Progress Rail Services Corporation (US)
7. Mascoat (US)
8. The Sherwin-Williams Company (US)
9. Kop Coat (US)
10.RPM International, Inc. (US)
11.Delta T & Protective Products (Canada)
12.BASF SE (Germany)
13.Chemco International Ltd (UK)
14.Jotun (Norway)
15.Boero (Italy)
16.Hempel A/S (Denmark)
17.Akzo Nobel N.V. (Netherlands)
18.EXCEL India Protective Paints Pvt. Ltd (India)
19.Mathur Corr Tech Private Limited (India)
20.Chugoku Marine Paints, Ltd. (Japan)
21.Kansai Paint Co.,Ltd. (Japan)
22.Nippon Paint Holdings Co., Ltd. (Japan)
23.KCC Corporation (South Korea)
24.Sharpshell Engineering (South Africa)
25.Cresta Paints (Africa)
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Regional Analysis:
The country portion of the Marine Coatings Market study additionally includes individual Market affecting elements and changes in legislation in the Market that affect present and future Market trends. Consumption volumes, production sites and volumes, import export analysis, price trend analysis, raw material costs, and downstream and upstream value chain analysis are some of the primary indicators utilised to anticipate the Market situation for particular nations. While providing forecast analysis of the nation data, the existence and availability of global brands, as well as the obstacles they face due to significant or scarce competition from local and domestic brands, as well as the impact of domestic tariffs and trade routes, are also taken into account.
COVID-19 Impact Analysis on Marine Coatings Market:
A detailed study of Covid-19 impacts the Marine Coatings Market is provided in the report.
The World Health Organization has declared Covid-19 a global health emergency due to its impact on thousands of people worldwide. The Coronavirus disease, which already affects these groups, had affected Marine Coatings Market segments.
Key Questions answered in the Marine Coatings Market Report are:
- At what growth rate is the Marine Coatings Market evolving?
- Who are the major Market giants operating in the global Marine Coatings Market?
- Which application segment of the Marine Coatings Market is observing the fastest growth?
- What is the primary driving factor of the global Marine Coatings Market?
