Marine coatings are applied in military and commercial ships in offshore oil rigs, yachts, and in boats. It is expected that the marine coatings market will witness a double digit growth rate in the next six years owing to higher demand for reducing fuel consumption of ships and the eco-friendly nature of coatings. A specific area of marine yachts and vessels requires specialty marine coatings to prevent fouling above and below the waterline areas. For the last 40 years organotin tributyltin (TBT) compounds were used as active ingredients in antifouling coatings but it is completely banned by the International Maritime Organization from January 2003. After this, copper based coatings replaced TBT compounds but it acted as a biocide and hence its usage was reduced. So there is a need for innovative product development that will prevent fouling.
The marine coatings market can be segmented into deep sea, coastal, leisure crafts, and containers. Some factors which are responsible for the success of marine coatings industry include oil prices, defense spending, and the level of sea borne trade and ship building. Oil prices have a major impact on the demand of marine coatings used on offshore tankers and other facilities. The marine coatings market is primarily driven by expansion of the oil and gas market, implementation of IMO ballast tank coating rules and the extensive use of coatings for long-term protection of marine facilities.
The marine coatings market is dominated by commercial ship building followed by leisure boats and containers. The Asia-Pacific region is the largest consumer of marine coatings. The demand for coatings is increasing in this region owing to new ship builds and dry-docking. Strict environmental regulations and customer preference for eco-friendly products is boosting innovation. Scientists and industrialists are developing metal-free anti-fouling coatings which will not affect marine life. Some challenges faced by the industry are consolidation of shipping companies and the projected decline in shipbuilding production. Consolidation of shipping companies is putting pressure on marine coatings prices for manufacturers.
ACA is a regulatory body which governs the marine coatings industry in various aspects such as technical and legal aspects, and public policies affecting the manufacturing and distribution of marine coatings products on a global scale. The global marine coatings market is highly consolidated since the top four players contribute nearly 80% of the total production. Some of the leading participants in the industry are AkzoNobel, Chugoku Marine Paints, Jotun, and PPG.
This research report analyzes this market depending on its market segments, major geographies, and current market trends. Geographies analyzed under this research report include
- North America
- Asia Pacific
- Rest of the World
This report provides comprehensive analysis of
- Market growth drivers
- Factors limiting market growth
- Current market trends
- Market structure
- Market projections for upcoming years
This report is a complete study of current trends in the market, industry growth drivers, and restraints. It provides market projections for the coming years. It includes analysis of recent developments in technology, Porter’s five force model analysis and detailed profiles of top industry players. The report also includes a review of micro and macro factors essential for the existing market players and new entrants along with detailed value chain analysis.
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