Overview and Scope
Marine coating refers to a particular kind of protective coating that acts as a barrier between the water and the substrate to shield it from harm. It is used to shield ships, boats, tankers, and other materials from saltwater or freshwater.
Sizing and Forecast
The marine coatings market size has grown strongly in recent years. It will grow from $4.94 billion in 2023 to $5.28 billion in 2024 at a compound annual growth rate (CAGR) of 6.8%. The growth in the historic period can be attributed to regulatory environment, economic conditions, consumer preferences, competitive landscape, global events have historically influenced the market..
The marine coatings market size is expected to see strong growth in the next few years. It will grow to $6.63 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%. The growth in the forecast period can be attributed to demographic trends, growing environmental concerns, market innovation, growing supply chain optimization, changing consumer values are anticipated drivers.. Major trends in the forecast period include enhanced corrosion protection coatings, rise of silicone-based coatings, antimicrobial coatings for biosecurity, integration of graphene in coatings, coatings for fuel efficiency..
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Segmentation & Regional Insights
The marine coatings market covered in this report is segmented –
1) By Product: Anti-Fouling Coatings, Anti-Corrosion Coatings, Foul Release Coatings, Other Products
2) By Resin: Epoxy, Polyurethane, Acrylic, Alkyd, Other Resins
3) By Technology: Water-Borne, Solvent-Borne, Other Technologies
4) By Application: Coastal, Containers, Deep Sea, Leisure Boats, Offshore Vessels, Other Applications
5) By End-Use: New Ships, Repair Work
Asia-Pacific was the largest region in the marine coatings market in 2023. The regions covered in the marine coatings market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The growing sea trade activities are expected to propel the growth of the marine coatings market going forward. Sea trade refers to the transportation of goods abroad between two countries overseas. Marine coatings are efficient means of preventing ships’ corrosion while submerging in water. They can also fend off moisture and lessen hydrodynamic drag, which helps ships run more efficiently; as a result, the growing sea trade activities increase the demand for marine coatings. For instance, in 2022, according to the United Nations Conference on Trade and Development (UNCTAD), a Switzerland-based intergovernmental body, international maritime trade grew by 3.2 % in 2021, with shipments increasing to 11.0 billion tons. Therefore, the growing sea trade activities are driving the growth of the marine coatings market.
Key Industry Players
Major companies operating in the marine coatings market report are PPG Industries Limited, Akzo Nobel N.V., The Sherwin-Williams Company, Hempel A/S, Jotun, Nippon Paint Marine Coatings Co. Ltd., Axalta Coating Systems, RPM International Inc., Boero YachtCoatings, Kansai Paint Co.Ltd., KCC Corporation, Chugoku Marine Paints Ltd., Pettit Paints, General Coatings Manufacturing Corp., Wacker Chemie AG, International Paint Ltd., Carboline Company, International Marine Coatings, Ameron Protective Coatings, Devoe Marine Coatings, Rust-Oleum Marine Coatings, Sigma Coatings, BASF SE, Hexion Inc, ChromaScape, Baril Coatings, MCU coatings, Tikkurila Oyj
The marine coatings market report table of contents includes:
1. Executive Summary
2. Marine Coatings Market Characteristics
3. Marine Coatings Market Trends And Strategies
4. Marine Coatings Market – Macro Economic Scenario
5. Global Marine Coatings Market Size and Growth
….
31. Global Marine Coatings Market Competitive Benchmarking
32. Global Marine Coatings Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Marine Coatings Market
34. Marine Coatings Market Future Outlook and Potential Analysis
35. Appendix
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