Key Market Competitors:
Few of the major competitors currently working in marine coating market are PPG Industries, Inc., Akzo Nobel N.V., Axalta Coatings Systems, Cabot Corporation, Carboline Company, Coolshield International Pty., Ltd, Delta T & Protective Products, Excel Enterprise, General Coatings Corporation, Jotun, Kansai Paint Co., Ltd., Lincoln Industries, Mascoat, Mathur Corr-Tech Private. Limited., Nippon Paint Holdings Co., Ltd., NPP Engineering, Sharpshell Industrial Solutions.
Market Analysis: Global Marine Coatings Market
Global Marine Coatings Market is expected to rise from its initial estimated value of USD 3.67 billion in 2018 to an estimated value of USD 6.76 billion by 2026, registering a CAGR of 7.95% in the forecast period of 2019-2026. Increase in demand from the shipbuilding industry for marine coating is the major factor driving the market.
Market Definition: Global Marine Coatings Market
To protect the ships, tankers, vessels and others from the saline water or fresh water, a type of protective coating is used which is called marine coatings. They are waterproof and are corrosion resistant and abrasion resistant. Film drying and air setting, laser fusing and laser marking, reactive and moisture curing, UV radiation are some of the technologies which are included in the marine coatings. They are used in the substrate made of aluminium, steel, fibres or fabrics, asphalt, bitumen, plastics and others depending on the technology.
- Requirement for the repairing and maintenance of the ship is driving the growth of the market
- They are excellent oil, water, chemical and weather resistance.
- The strict environmental regulation on the production of the protective coating is restraining the growth of this market.
- Increasing cost of the raw materials is restraining market growth
Segmentation: Global Marine Coatings Market
By Product Type
- Anti- Corrosion Coating
- Antifouling Coating
- Cargo Ships
- Passenger Ship
By Marine Segment
- Dry Docking
- New Shipbuilding
By End- Use
- Oil & Gas
- Energy and Power
- North America
- South America
- Rest of South America
- United Kingdom
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Middle East and Africa
- South Africa
- Saudi Arabia
- United Arab Emirates
- Rest of Middle East and Africa
Key Developments in the Market:
- In May 2017, AkzoNobel announced the launch of their new marine coating app to improve the user experience. The app will help the customers to access Company’s wealth of coating data.
- In November 2018, PPG announced launch of their PPG Novaguard 810 ER coating in U.S. and Canada. It will protect fuel tanks, ballast tanks and internal and external superstructures of tugs and barges. They are solvent- free and amine rapid- cured novolac epoxy coatings.
Global marine coating market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of marine coating market for global, Europe, North America, Asia Pacific, South America and Middle East & Africa.
Key Insights in the report:
- Complete and distinct analysis of the market drivers and restraints
- Key Market players involved in this industry
- Detailed analysis of the Market Segmentation
- Competitive analysis of the key players involved